Global Background Music Market Hits High Note with USD 2.3 Bn Forecast by 2031 - Analysis by TMR

The global background music market has seen significant growth and transformation over recent years. Valued at over US$ 1.5 billion in 2021, this market is expected to expand at a compound annual growth rate (CAGR) of 5.1% from 2022 to 2031, with projections indicating it will surpass US$ 2.3 billion by the end of 2031. The demand for background music spans various end-use segments including hotels, fitness and recreational sports centers, spas, and wellness centers, among others. This demand is driven by the role that background music plays in enhancing the ambiance of commercial spaces, thereby improving customer experience and engagement.

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Market Size and Growth

The background music market's robust growth trajectory is attributed to its increasing adoption across multiple sectors. In 2021, the market's valuation stood at over US$ 1.5 billion, and it is poised to grow significantly, reaching an estimated value of US$ 2.3 billion by 2031. This growth is underpinned by a steady CAGR of 5.1% over the forecast period. The expansion is fueled by the growing awareness about the benefits of background music in boosting employee productivity in corporate environments and enhancing consumer experiences in various commercial settings.

Market Segmentation

The background music market is segmented into AV system equipment and in-app web streaming. The AV system equipment segment held a dominant share and is anticipated to grow at the highest CAGR during the forecast period. This segment's growth is driven by the demand from health clubs and the hospitality sector. In-app web streaming is also gaining traction, particularly in gyms, sports clubs, and other fitness centers where music plays a crucial role in motivating and energizing gym-goers during their workouts.

Regional Analysis

Regionally, the background music market is witnessing substantial growth in areas with a high concentration of commercial spaces such as shopping malls, cafes, and restaurants. Malls, in particular, are leveraging background music to create a unique atmosphere that cannot be replicated online, thereby attracting more foot traffic. Emerging markets like the Indian Subcontinent are becoming focal points for market expansion, with key players introducing unique music offerings to cater to the diverse tastes of these regions. The popularity of authentic Indian restaurants among tourists is expected to contribute significantly to the growth of the Asia Pacific background music market.

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Market Drivers and Challenges

The primary drivers of the background music market include the increasing number of commercial spaces incorporating music to enhance customer experience and the rising awareness of the positive impact of music on employee productivity. However, the market faces challenges such as unauthorized replication and distribution of sound recordings, commonly referred to as music piracy, which hampers market growth. Additionally, the evolving regulatory landscape regarding music licensing and copyright laws poses a challenge for market players.

Market Trends

Several trends are shaping the background music market, including the surge in demand for customized music solutions tailored to specific business needs. There is also a growing preference for music streaming through in-app web platforms, particularly in fitness centers and health clubs. The integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML) to curate personalized playlists is another notable trend. These technologies enable businesses to offer a more engaging and immersive music experience to their customers.

Competitive Landscape

The competitive landscape of the background music market is characterized by intense rivalry among key players. Companies are focusing on research and development to expand their product portfolios and attract a broader customer base. Strategic acquisitions and collaborations with small-scale companies are common strategies employed by market leaders to gain a competitive edge. Prominent players in the market include USEN CORPORATION, Mood Media, Sirius XM Radio Inc., TouchTunes Music Corporation, PlayNetwork Inc., Imagesound Limited, NSM Music, Music Concierge, Rockbot, and Almotech Limited. These companies are profiled based on parameters such as company overview, financial performance, business strategies, product offerings, and recent developments.

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Future Outlook

The future of the background music market looks promising, with continued growth expected across various sectors. The integration of innovative technologies and the increasing adoption of music streaming services are likely to drive market expansion. Key players will continue to focus on enhancing their product offerings and entering emerging markets to capitalize on new growth opportunities. While challenges such as music piracy and regulatory hurdles persist, the overall outlook for the background music market remains positive, with significant potential for growth in the coming years.

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