The “Background Music Market Share, Size, Trends, Industry Analysis Report, By Product Type; By End Use, By Regions; Segment Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering. For more information about this report visit https://www.researchandmarkets.com/r/6skyey
The global background music market size is expected to reach USD 2.49 billion by 2027.
Restaurants and other food service outlets use multiple marketing tactics and strategies to increase the footfall. Acoustic branding, which involves design and presentation of appropriate background music that reinforces the brand personality is gaining traction among establishments. Within the hospitality industry, it is pivotal that the background music is in sync with brand values to create distinct and unique customer experiences.
Auditory experience plays a vital role in distinguishing the restaurant brands from their competitors, which makes it a key area of consideration for every restaurant or cafe chain. However, the perceived benefits associated with background music systems can vary from customer to customer, as a result, it has a certain level of limitations to it.
Lucrative business of retail giants such as Walmart, Whole Foods, the Kroger Co., Costco, and Home Depot; and further expansion of retail network is expected to offer growth opportunity for the market. Buoyancy in hospitality industries and adoption of innovative business strategies to enhance profits have positively impacted the demand for background music.
Hiring of music consultants by stores, restaurants, and many other businesses is rising significantly owing to their ability to provide expertise on suitable background music. Music consultants are being increasingly approached by business units to create distinct and cohesive musical identities for their brands, which also implies fusion of the brands with specific heritages. This, in turn, is also creating large-scale penetration for background music systems across various business verticals.
Further, the fitness industry in the region is evolving to align their offerings with changing fitness trends. According to the International Health, Racquet & Sports Club Association (IHRSA), over 25,000 health clubs of fourteen markets in Asia Pacific attracted over 22 million members. The expanding middle class and significant influence of millennial population have significantly propelled the growth of the end-user industries that use background music systems to strengthen consumer relations and obtain business profits.
Some of the key participants in the industry include PlayNetwork, Inc., Sirius XM Holdings, Inc., Auracle Sound, TouchTunes Music Corporation, Imagesound, Soundnet Limited (Soundjack), Easy on Hold, Xenox Music & Media B.V., Express Melody, Qsic Pty Ltd., OpenEar Music, Cloud Cover Music, Almotech Media Solutions, and Mood Media Corporation.
Key Topics Covered:
1.1. Report Description
1.1.1. Objectives of the Study
1.1.2. Market Scope
2. Executive Summary
2.1. Market Highlights
3. Research Methodology
3.2. Data Sources
4. Background Music Market Insights
4.1. Background Music – Industry snapshot
4.2. Background Music Market Dynamics
4.2.1. Drivers and Opportunities
22.214.171.124. A ‘Valued-Added Service’ to Influence Customer Psychology
126.96.36.199. Use of Acoustic Branding as a Key Marketing Strategy in Restaurants Triggers Adoption
4.2.2. Restraints and Challenges
188.8.131.52. Rising Penetration of Live Bands in Restaurants and Cafes Impedes Growth
4.3. Porter’s Five Forces Analysis
4.4. PESTLE Analysis
4.5. Background Music Market Industry trends
5. Background Music Market Assessment by Product Type
5.1. Key Findings
5.3. AV System
5.4. Music Streaming
6. Global Background Music Market, by End Use
6.1. Key Findings
6.3. Retail Stores
6.4. Cafes & Restaurants
6.5. Leisure & Hospitality
6.6. Public Organization
7. Background Music Market Assessment by Geography
7.1. Key findings
8. Competitive Landscape
8.1. Expansion and Acquisition Analysis
9. Company Profiles
9.1. Company Overview
9.2. Financial Performance
9.3. Product/Services Benchmarking
9.4. Recent Developments
- PlayNetwork Inc.
- Sirius XM Holdings Inc.
- Auracle Sound
- TouchTunes Music Corporation
- Soundnet Limited (Soundjack)
- Easy on Hold
- Xenox Music & Media B.V.
- Express Melody
- Qsic Pty Ltd.
- OpenEar Music
- Cloud Cover Music
- Almotech Media Solutions
- Mood Media Corporation