Press release
Background Music Market to Reach CAGR of 6.3% Boosted By PlayNetwork, TouchTunes Music Corporation, Sirius XM Holdings, Almotech Media Solutions, Imagesound, Easy on Hold, Soundnet Limited
Background Music
Major players operating in the global background music market include PlayNetwork, Inc., TouchTunes Music Corporation, Sirius XM Holdings, Inc., Almotech Media Solutions, Imagesound, Easy on Hold, Soundnet Limited (Soundjack), Xenox Music & Media B.V., Qsic Pty Ltd., Express Melody, OpenEar Music, Auracle Sound, Cloud Cover Music, and Mood Media Corporation.
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Availability of variety of music online and affordable subscription services have increased demand for background music. Rather than using compact disc, retailers are now downloading and constantly updating music from online sources. In 2017, retail stores and restaurants segments accounted for 29.3% and 31.0% share respectively in background music market. In these spaces, music is intended for passive listening and it helps in improving engagement of customers and improving the ambience.
Music in various styles and permutations such as amplified or acoustic, instrumental or vocal, or any other format is a universal and ubiquitous cultural expression. It represents human culture, thus can have immense impact on human minds. Except in few countries such as Afghanistan, Mali, and others, music is available in almost all countries.
Asia Pacific is expected to be the fastest growing region in the background music market, with China and India poised to be the growth engines of the market. Asia Pacific background music market is projected to witness the highest growth rate of 6.9% during the forecast period.
Among applications, restaurants segment accounted for a major market share in the global background music market in 2017. Good ambiance is the most important part of restaurant business and background music aids in creating good ambiance in restaurants. In limited seats restaurants or in restaurants where customers are waiting, background music reduces the anxiousness and makes waiting less stressful and more pleasant for the customers.
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