Splintered Nature of Background Music Market to Prevail
The background music market is estimated to remain consolidated, with prominent market players focusing on expanding their presence through acquisitions and mergers which gives them access to additional resources such as copyright management capabilities and extensive music database. Leading market players are focusing their efforts towards developing innovative products to strengthen their position in the background music market. Some of the notable developments in the background music market have been listed below:
- In order to expand its presence in the background music market, SirusXM acquired Pandora, one of the biggest music streaming service in North America, in January 2019 for US$ 3.5 billion. The acquisition gives SiriusXM access to a combined consumer base of over 100 million subscribers.
- Rockbot installed a background music system at Norris University’s renovated cafeteria in January 2019. The background music system allows students to request music via an internet-based application.
- Soundreef, a global leader in the management of music streaming rights, received funding of €3.5 million which the firm plans to use in expanding its services. The company specializes in developing platforms which collect, audit and maximize royalties for music publishers.
- Imagesound, a leading provider of audio for businesses acquired Freedom Music, a firm which specializes in providing “Rights Included” music eliminating the need for its clients to obtain a public performance license.
- Jamendo recently acquired the Independent Management Entity (IME) status in the state of Luxembourg, giving the company the right to manage and distribute music. The company further plans to gain the same status across Europe.
Other players profiled in the report include Brandtrack, Mood Media, Kasimu, Cloud Cover Music, Open Ear Music, Qsic Pty Ltd., Easy on Hold, Jukeboxy, Sunflower Music Company, NSM Music Ltd., Xenox Music Media, Soundtrack your Brand, SoundMachine, Heartbeats International, Express Melody, Almotech, Custom Channels, CSI Music Service, Almotech, TouchTunes, StorePlay, and USEN Holding Corporation Inc.
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Background Music Demand Surges as Sensory Marketing Gains Traction
As competition in the retail market intensifies, brands are focused on offering consumers a profound experience which enhances satisfaction and boosts loyalty. Sensory marketing is one key technique which is increasingly being used to stimulate consumers’ senses for creating a distinct consumer experience. Background music is an integral part of sensory marketing which can be leveraged to create a unique and uplifting consumer experience to bolster sales and enhance customer satisfaction. Customer experience is gradually gaining importance in industries with multiple studies linking an increase in revenue with better consumer experiences. Another set of researches have predicted consumer experience to emerge as the key differentiating factor between brands in the foreseeable future irrespective of their product portfolio and pricing. Background music also provides a medium for brands to build a unique identity with consumers. Playing music that is in line with the brand’s image can potentially aid in creating brand awareness. In addition to having a positive influence on customers, background music also aids in boosting the productivity of the employees working at the store.
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Sales Remain Underpinned by Growing Adoption in Hospitality Industry
Background music plays a vital role in the hospitality industry, providing a medium to draw consumer attention. Online services are offering consumers the convenience to order food from the comfort of their homes, a trend which has caused a substantial reduction in the number of consumers visiting restaurants. To tackle the challenge, restaurants are offering comprehensive menus, in-house entertainment, superior services, and other value-added services to draw in customers with background music systems playing an integral part in adding value to the consumer experience. In addition to creating an immersive experience, fine-tuning playlists can potentially boost sales by influencing human behavior, with studies linking an increase in sales and consumptions of alcoholic drinks when subjecting consumers to uptempo background music. Further, playing slow background music is likely to increase the bill size by over 20% according to researches, with mellow music encouraging longer conversations and influencing consumers into buying additional products such as desserts and coffee, which have higher profit margins. Background music is increasingly being incorporated in hotels for creating greater ambience in line with their brand identity. For instance, Petit Palace Hotels plays different varieties of background music at different locations, to complement the décor of the areas. The staff at the hotel changes the music throughout the day to create ambiances that appeals to consumers.
Technological Advances Providing Better Access and Control over Music
The networking infrastructure has evolved in the last decade providing greater accessibility to internet services at affordable rates and have enabled the development of the cloud infrastructure providing simpler access to a plethora of playlists and songs. The innovations in technology are helping businesses to control the music through handheld devices and change it based on the number of customers, weather, and the overall mood. Machine learning algorithms further aids businesses in finding music that falls in line with their brand image hence saving them time. Other advanced technological features allow businesses to schedule playlists and manage the music being played at multiple locations through a single device enabling them to choose music based on their preference and atmosphere, thus giving them access to tailor the ambiance of the store according to their requirements. Such technological capabilities are likely to aid in bolstering background music market growth.
Ecommerce Proliferation – A Key Sales Impediment
Focus of brands on strengthening their logistics for punctual delivery of goods continue to complement growth of ecommerce worldwide. In addition, convenience and comfort of online shopping has resulted in declined sales prospects in brick & mortar stores. For instance, North America and Europe witnessed a significant surge in the e-commerce sales in the recent past, while the footfall at shopping malls and stores recorded a significant declining. This has been a key growth impediment for sales of background music globally, as brands opt to invest substantially in strengthening their online presence.
Definition
Background music is a form of music which is played which is deliberately played to influence human behavior and elicit emotional responses such as relaxation, excitement, and distraction. The music is played in a way to keep it in the background and not make it the primary focus of the listeners.
About the Report
The report on background music market provides detailed and valuable insights into the background music market. Additionally, the report on background music market highlights and explains all the key factors that influence the growth of the background music market. Further, all the macro and microeconomic facets which have an impact on the background music market performance have been propounded in the report.
An opportunity assessment of the background music market along with a region-wise and segment-wise analysis has been provided. A competitive landscape assessment of the background music market has also been included in the report.
Market Structure
The report on background music market divides the background music market on the basis of end-use application and region.
On the basis of end-use application, the background music market can be segmented into retail stores, leisure and hospitality, public organization, cafes & restaurant, and others.
Additional Questions Answered
In addition to the aforementioned insights about the background music market, the report answers the following vital questions about the background music market:
- What region will account for the bulk of the background music market share in 2019?
- On the basis of end-use application, which segment held a significant share of the background music market in 2018?
- What are the lucrative opportunities on offer in the background music market?
- What are the challenges being faced by the background music market?
- What are the threats to the background music market growth?
Research Methodology
The report on background music market is a consequence of a robust and exhaustive research methodology. A two-step research process was employed to obtain detailed insights into the background music market. Primary research was conducted by interviewing experts from the background music market while secondary research involved a thorough study of background music market trade journals, paid sources, and other publications related to the background music market. Results from both the steps are triangulated to produce an accurate forecast of the background music market.
Research Methodology of this Report.
A recently released report by Fact.MR titled, “Background Music Market Forecast, Trend Analysis & Competition Tracking – Global Market Insights 2018 to 2027” provides invaluable and actionable insights into the background music market. The report on the background music market provides a comprehensive assessment of all the key factors driving the growth of the market along with apt explanations justifying the inclusion of the factors in the report. Additionally, the report presents a detailed analysis of all the macro and microeconomic facets which influence the background music market growth such as restraints, threats, opportunities, and challenges. A detailed assessment of the background music competitive landscape has also been propounded in the report.
Chapter 1 – Global Economic Outlook
The report commences with a chapter presenting an overview of the global economic conditions. Additionally, the chapter sheds light on how the overall economic structure influences the performance of the background music market.
Chapter 2 – Executive Summary
The executive summary provides brief yet affluent information about the background music market highlighting key facts and figures about the market. In addition to this, the chapter sheds light on the lucrative opportunities on offer in the background music market and lists the megatrends prevalent in the industry.
Chapter 3 – Global Background Music Market Overview
Under this chapter, a concrete definition of the global background music has been provided in addition to a detailed market taxonomy which enables readers to develop a holistic understanding of the background music market. Additionally, the ensuing sections of the chapter provide an exclusive and authentic forecast of the background music market.
Chapter 4 – Global Background Music Market Dynamics
Chapter enlists and explains all the key market dynamics that influence the performance of the background music market such as drivers, restraints, trends, opportunities, and challenges.
Chapter 5 – Music Publishing Industry Outlook
The chapter provides a detailed overview of the music publishing industry in terms of consumer choices, favorite genres, the value of music in business, and the total amount spent by businesses on music. The information provided under this chapter helps readers find a direct relationship between the music industry and background music market.
Chapter 6 – Music Streaming Industry Overview
Under this chapter, a detailed assessment of the music streaming industry has been provided. The chapter commences with a detailed historical analysis of the music streaming industry and goes on to provide an authentic forecast. Additionally, a detailed analysis of the music streaming industry on the basis of region, end-user, content type, and type of streaming has been propounded under the chapter.
Chapter 7 – Consumer Survey – Customer Perception
As the name suggests, the chapter provides valuable insights into the consumer psyche with additional details about the other factors that are influencing the background music market proliferation. The chapter links population growth and GDP to music consumption providing in-depth insights into the background music market.
Chapter 8 – Global Background Music Market Analysis and Forecast 2013-2027
The chapter provides a comprehensive analysis of the performance of the background music market in the recent past. It commences with a brief overview of the business environment, electronics and smart devices industry, regulatory framework, and annual expenditure on music. In addition to this, the chapter provides a detailed market breakdown of the background music market on the basis of the end-use application.
Chapter 9 – North America Background Music Market Size and Forecast, 2013-2027
The chapter commences with an introduction of the background music market existent in the North American region. The introduction includes information about the economic, political, and business outlook prevalent in the region and how it impacts the background music market. In addition to this, the chapter provides a detailed assessment of the background music market on the basis of countries and end-use application.
Chapter 10 – Latin America Global Background Music Market Size and Forecast, 2013-2027
Under this chapter, a detailed analysis of the background music market prevalent in the Latin American region has been provided. The chapter presents a detailed historical analysis as well as an exclusive forecast of the background music market performance in the region. A detailed assessment on the basis of countries and end-use applications has been included in the report.
Chapter 11- Europe Background Music Market Size and Forecast, 2013-2027
The chapter provides in-depth insights into the background music market prevalent in Europe. A comprehensive analysis of the background music market on the basis of countries and end-use applications has been propounded under the chapter.
Chapter 12 – Japan Background Music Market Size and Forecast, 2013-2027
The background music market existent in Japan has been thoroughly analyzed under this chapter. A comprehensive analysis of the background music market on the basis of end-use applications has been provided. The chapter also includes a market attractiveness assessment on the basis of countries and end-use applications.
Chapter 13 – APEJ Background Music Market Size and Forecast, 2013-2027
The chapter commences with an introduction to the background music market and goes on to provide a detailed analysis of the market on the basis of end-use applications and countries.
Chapter 14 – MEA Background Music Market Size and Forecast, 2013-2027
The background music market prevalent in the Middle East and African region has been examined under the chapter. It includes a thorough assessment of the background music market on the basis of end-use applications and countries.
Chapter 15 – Global Background Music Market Competitive Assessment
The chapter sheds light on the level of competitiveness prevalent in the global background music market. All the prominent players operating in the background music market have been identified under this chapter. Additionally, a detailed profile of each of the identified leading players has been included under the chapter which provides information about their strengths, weaknesses, product portfolios, notable business developments, revenue share, and market presence. The invaluable information divulged in the section can be leveraged by business professionals and stakeholders to streamline their strategies and gain maximum profitability by tapping into the extensive consumer base of the prominent market players.
Chapter 16 – Fact.MR Research Methodology
The elaborate and robust research methodology employed during the compilation of the report on background music market has been explained under this section. A two step-research process involving primary and secondary research was followed to obtain in-depth insights into the global background music market. Interviewing experts from the background music market formed the basis of primary research while secondary research was conducted by thoroughly studying company press releases, trade journals, paid sources, and other industry-related publications. Results obtained from both sets of researches was cross-referenced to produce an accurate and authentic forecast of the background music market.
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Background Music Market Forecast, Trend Analysis & Competition Tracking - Global Market Insights 2018 to 2027