Background Music Market is Anticipated to Reach USD 2.3 billion, at a CAGR of 5.1% CAGR by 2031 – Transparency Market Research Inc.

The demand from various end-use segments such as hotels, fitness & recreational sports centers, spas, and wellness centers drives the background music market.

Wilmington, Delaware, United States, Nov. 27, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global background music market is projected to flourish at a CAGR of 5.1% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 2.3 billion is anticipated for the market in 2031. As of 2023, the demand for background music is expected to close at US$ 1.6 billion.

Background music is gaining immense popularity in pubs, cafes, bars, and restaurants. These food service outlets increasingly focus on several profitable strategies to enhance the consumer experience. Background music in these outlets also helps to hold consumers for a more extended period of time, which, in turn, helps in increasing the average money spent by consumers.

Download PDF Brochure: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=77876

The rising number of commercial spaces, such as shopping malls, cafes, and restaurants is driving the growth of the background music market. Malls include value-added components, such as background music, to create an atmosphere of leisure and pleasure that is difficult to replicate online.

Competitive Landscape

Key players operating in the background music market are focusing on research & development and expansion of product portfolio to attract more customers. Numerous manufacturers in the background music market plan to acquire small-scale companies or collaborate with them to gain a competitive share in the global market.

• USEN CORPORATION
• Mood Media
• Sirius XM Radio Inc.
• TouchTunes Music Corporation
• PlayNetwork Inc.
• Imagesound Limited
• NSM Music
• Music Concierge
• Rockbot
• Almotech Limited

The recognition of the impact of music on mental well-being has led to the use of background music in wellness centers, spas, and healthcare facilities, thus expanding the market into new sectors. The demand for background music is growing in developed countries and emerging markets where businesses are increasingly recognizing its value in customer engagement.

Integrating background music systems with smart devices and Internet of Things (IoT) technology in smart homes, offices, and public spaces further fuels market growth. As consumer tastes change, there is a need for a wider variety of music genres and styles, driving providers to expand their music libraries and offerings.

Key Takeaways from the Market Study

• As of 2022, the background music market was valued at US$ 1.5 billion.
• Based on type, the In-app and web segments is expected to dominate the global background music market during the forecast period.
• Based on end-use, hotels and motels segment to account for high revenue in the market.

Background Music Market: Key Trends and Opportunistic Frontiers

• Innovations in technology, such as AI-driven music curation and playlist generation, are making it easier to create seamless, continuous, and customized music experiences for businesses drive the market demand.
• With the shift to remote work, companies are exploring background music solutions for virtual meetings and workspaces. Platforms offering background music for virtual environments see growth due to this trend.

Customization Request for the Research Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=77876

Background Music Market – Regional Analysis

• North America holds a significant global market share due to many retail chains, restaurants, and hospitality businesses. The presence of tech-savvy consumers and a strong emphasis on customer experience fuels the demand for background music services. Streaming platforms and advanced technologies have a firm grip on this market.
• Europe has a robust demand for background music in retail, hospitality, and entertainment sectors. Countries like the United Kingdom, Germany, and France have a thriving market with a focus on customized music experiences. Regulations and licensing compliance are stringent, leading to a higher adoption of licensed services.

Key Developments in the Background Music Market

• Soundtrack Your Brand offers a business-focused music streaming platform, Soundtrack Your Brand specializes in providing licensed music for retail, restaurants, and other commercial establishments. Their emphasis on legal compliance and tailored playlists has attracted numerous businesses.
• Mood Media is renowned for its comprehensive in-store media solutions, Mood Media provides background music, digital signage, and scent marketing services to enhance customer experiences in various industries, including retail and hospitality.
• PlayNetwork focusing on curated music experiences and digital content, PlayNetwork caters to retail, hospitality, and other businesses by offering custom music solutions, including playlists and audio-visual experiences.

Background Music Market – Key Segments

Type

• AV System Equipment
• In-app & Web

End Use Industry

• Hotels & Motels
• Retail Stores
• Cafes & Restaurants
• Workplace
• Fitness and Recreational Sport Centers
• Spas & Wellness Centers
• Beauty & Hair Salons
• Others

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Contact us for Special Discount and Pricing: https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=77876

More Trending Reports by Transparency Market Research –

Flex Banner Market– The global industry was valued at US$ 2.5 Bn in 2022 and it is estimated to grow at a CAGR of 6.0% from 2023 to 2031 and reach US$ 4.2 Bn by the end of 2031

Climbing Rope Market– The global industry was valued at US$ 441.3 Mn in 2022 and it is estimated to grow at a CAGR of 4.9% from 2023 to 2031 and reach US$ 711.7 Mn by the end of 2031

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

Contact:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com   
Blog: https://tmrblog.com   
Email: sales@transparencymarketresearch.com