In 2020, the background music market will have reached an amazing valuation of close to US$ 650 Mn, growing 6.4% year over year. By 2031, the market is anticipated to reach US$ 1.2 Bn and exhibit a similar CAGR.Leading producers of background music are well known for their high calibre products and services. They are using substantial technological breakthroughs, such as wireless networking, automation, and others, for this aim.
Businesses have realised that using background music for marketing purposes can boost productivity by forging closer bonds with customers. Additionally, it is anticipated that the increased urbanisation and expanding contemporary infrastructure would present considerable growth potential. The market for background music has a favourable environment due to all of these characteristics, with a CAGR of 6.4% through 2031.
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The rising trend of creating unique soundtracks for different occasions such as weddings, parties, and corporate events is also contributing to the growth of the market. Furthermore, the increasing penetration of digital music streaming is also expected to propel the market growth. The increasing demand for music streaming services, such as Spotify and Amazon Music, is expected to drive the growth of the market over the forecast period. These services provide a wide range of licensed music tracks for users and enable them to create their own playlists.
Additionally, the increasing use of online platforms such as YouTube and SoundCloud for music streaming is also driving the market growth. The increasing use of music in the advertising industry is expected to fuel the demand for background music over the forecast period. Advertising companies are using licensed music tracks to create unique and engaging content for their consumers. Furthermore, the increasing demand for music in educational videos is also expected to propel the growth of the market
Key Companies
Key Takeaways from the Market Study
“Emphasis on providing conducive ambience is prompting outdoor settings, including restaurants, cafes and gyms, to invest in good quality background music solutions, inclining growth,” says the Fact.MR analyst.
Key Segments Covered
In order to understand the global market potential, its growth, and scope, the market is segmented on the On the basis of end use application (retail stores, leisure and hospitality, public organization, cafes & restaurant, and others), among geographical regions, into North America, Latin America, Europe, Japan, the Asia Pacific region excluding Japan (APEJ), and the Middle East & Africa (MEA).
Competitive Landscape
The background music landscape is likely to remain consolidated, with prominent market players focusing on expanding their presence through acquisitions and mergers which gives them access to additional resources such as copyright management capabilities and an extensive music database.
In January 2021, Vector Capital announced the acquisition of Mood Media, the world’s leading in-store Media Solutions Company dedicated to elevating the customer experience.
The acquisition focuses on three key areas- deepening our client and channel relationships, expanding ongoing investments in the Company’s global technology platform and delivery capabilities, and bolstering our product offerings through innovation.
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