Top Trends in Background Music!! Market Analysis with PlayNetwork, TouchTunes Music Corporation, Sirius XM Holdings, Almotech Media Solutions, Imagesound, Easy on Hold, Soundnet Limited, Xenox Music & Media B.V., Qsic Pty Ltd., Express Melody, OpenEar Mus

The global background music market was valued at US$ 1.35 billion in 2017 and is projected to reach US$ 2.31 billion by 2026, registering a CAGR of 6.3% over the forecast period (2018-2026).Increasing demand for background music in retail stores and restaurants is driving growth of the background music market. Moreover, increasing number of paid subscriptions is also fueling the market growth.

Competitive Landscape (Company Overview, Product Portfolio, Financial Performance, Key Strategies, Recent Developments/Updates)

-PlayNetwork, Inc.
-Mood Media Corporation
-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

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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. Music travels through commercial or informal digital broadcasts, downloads, recordings, films, etc. impacting travelers’ consciousness either in a positive or negative way. Background music providers have also tracked this and incorporated the idea in their offerings.

Music sources include sources from where audio or video is taken, which then is converted into background music with the help of some modifications. These are the audio/video distribution platforms or music sharing websites that enable to upload, share, and promote an audio/video. Some of the examples include Soundcloud, MySpace, Spotify, iHeart Radio, MixCloud, The Free Music Archive, Epidemic Sound, and others.

Hardware components include audio/video systems that are used to play audio/video. Components of AV systems include display, user interface, and others. Manufacturers of AV systems include Sony Corporation, Bose Corporation, Yamaha Corporation, Cloud Electronics, JBL, and others. Companies supplying AV systems offer design, installation, maintenance, and other services across various applications. For instance, MVS Audio Visual offers AV solutions for background music, which are provided for segments including retail store, bar, pub, restaurant, and schools.

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. The growth in this region is attributed to accelerating demand for background music in retail sector of emerging economies such as China and India. According to Coherent Market Insights’ analysis, the Asia Pacific retail industry is one among the active industries in leveraging the technologies such as IoT and robotics, to improve customer experience and generate more sales.

Increasing internet penetration, cross-border e-commerce, and smartphone adoption in Asia Pacific region are driving retailers to adopt digital technologies in music streaming. According to Coherent Market Insights’ analysis, Asia Pacific offers lucrative opportunity for music streamers, as 14% of the global digital music industry’s revenue is contributed by this region.

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