Background music: Key market research findings
- The Americas dominate the market geographically
- Hospitality sector accounts for a majority of the market’s revenue
- Key vendors – Almotech, Imagesound, Mood Media, NSM Music, and PlayNetwork
Technavio’s market research analysts predict the global market for background music to grow at a CAGR of around 5% between 2016 and 2020. The growth of this market can be accredited to the growing need to provide better shopping experience to boost sales. Background music has a significant role in providing a better shopping experience to customers that eventually boosts the sales. It creates an ambience that is appealing to consumers and influences a customer’s buying decision. During 2015, the Americas dominated the global background music market by accounting for around 43% of the overall market share. The presence of multiple commercial buildings such as corporate offices and shopping malls and the substantial number of airports and marine ports in the region will contribute to the growth of the background music market in the Americas during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the background music segments based on the customer.
“The market is currently witnessing a shift from background to foreground music. Foreground music is played to get the attention of the audience that involves active listening. One of the major reasons for the shift from background music is the use of foreground music for branding. It helps to create a particular kind of environment to attract the right crowd and defines the brand of a particular retail setup,” says Ujjwal P. Doshi, Lead Analyst, Media & Entertainment, Technavio Research.
During 2015, the hospitality segment dominated the global background music market by accounting for around 33% of the overall market share. It includes customers that use background music in places such as restaurants, hotels, pubs, cafes, and resorts. Most restaurants, cafes, and hotels use low tempo classical music to improve customer experience and encourage customers to spend more time at these locations.
The key vendors in the global background music market include Almotech, Imagesound, Mood Media, NSM Music, and PlayNetwork. The market is competitive because of the presence of numerous players; including pure-play vendors. Technological innovations among leading vendors have a significant role in driving the growth of the market. Intense competition exists in the market, and vendors are competing based on pricing, music library size, and genre to sustain in the market.
A more detailed analysis is available in the Technavio report, Global Background Music Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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