Background Music Market
Mood Media, PlayNetwork, and TouchTunes are some of the key players in the background music market. The global background music market is highly fragmented due to presence of large number of players in the market. The players compete based on system performance, pricing, and variety in offerings to sustain their position in the market.
Market Drivers: Increasing demand for background music in malls and retail sectors is driving the market growth since past few years
Background music is an essential part of malls, retail stores, elevators, and other spaces to create soothing environment. With emergence of e-commerce and thus, decreasing customer footfalls in stores, retailers are finding new ways to enhance customer experience at their brick and mortar stores. Background music influences engagement of customers and increases their overall time spend in the departmental stores. This enhances the customer’s shopping experience in malls and retails stores due to which retail stores and malls contribute significant share in the growth of background music market. The impact of this driver is expected to remain high over the forecast period.
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Currently, consumer spending on shopping has increased considerably. According to Worldwide Market Reports’ analysis, retail stores are undergoing considerable shifts in terms of technology, which is affecting changes in consumer behavior. More and more consumers are preferring online shopping, owing to ease of transactions, availability of wide range of choices at one platform, and larger percentage of young population active on smart devices. Online retail witnessed 300% growth between 2000 and 2018 in the U.S. as per the U.S. Commerce Department in 2019, while sales of departmental stores dropped almost 50%. Gap, JCPenny, and Victoria’s Secret announced closures of 300 departmental stores. This has affected the way retailers have been marketing and selling their products to consumers. More emphasis is given on the ambience provided in the store including easy access to stock, assistance from staff, cleanliness, and background music to create positive atmosphere that may affect consumer’s buying decisions.
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