Background Music Market is expected to be Flourished by Streamlining the In-Store Customer Experience

 

Background Music Market

Background music is a form of audio designed to influence emotions or behavior such as boosting sales, increasing productivity or relaxing customers in retail stores and public spaces. It is commonly played through various audio equipment systems like audio servers, music libraries, speakers and public address systems. Background music finds applications in retail stores, restaurants, fitness centers, spas and salons to enhance the overall customer experience. Some common types of background music genres used include pop, rock, jazz and classical.

 The global background music market is estimated to be valued at US$ 1722.38 Mn in 2024 and is expected to exhibit a CAGR of 37% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Streamlining the In-Store Customer Experience: Background music is a simple yet effective tool used by retailers to impact moods and pace of shoppers. Carefully designed playlists that alter genre, tempo and volume can encourage customers to spend more time in-store as well as influence unplanned purchases. Music serves as a subtle retail marketing technique to streamline the shopping experience. Studies have shown that customers tend to spend 9-12% more at locations playing matching-tempo background music.

Rise of Digitally Streamed Music Services: The exponential growth of streaming platforms has enabled retailers to leverage large music libraries and curate tailored playlists for their stores. Digital services offer a cost-effective solution with subscription models for continuous music access compared to physical formats. This has boosted the adoption of background music systems amongst small and medium scale businesses to enhance brand image. Rising number of streaming subscriptions are expected to propel the demand for background music over the forecast period.

Segment Analysis
The global background music market can be segmented based on end-use, music type and venue type. The commercial segment dominates the market and holds around 60% share due to wide usage of background music in hotels, restaurants, retail stores and public spaces. Within commercial, retail stores is the largest sub-segment as background music helps in increasing customer spend and engagement at stores. In terms of music type, pop and easy listening music are the most preferred genres for commercial establishments to attract customers and create a positive vibe. When it comes to venue type, large public venues like airports and train stations account for nearly 30% share due to large customer footfall that necessitates mood enhancement.

PEST Analysis
Political: Regulations around public performance rights and royalties influence the market. Favorable IPR laws boost licensing of music.

Economic: Growing retail, hospitality and tourism industries positively impact demand. However, economic slowdowns may temporarily impact market growth.

Social: Changing demographics and lifestyles fuel experiments with different music genres. Customized playlists suit various customer segments and occasions.

Technological: Advancements in audio and streaming technologies improve user experience. Platforms facilitate personalized music experiences based on customer profiles.

Key Takeaways
The Global Background Music Market Size  is expected to witness high growth supported by increasing commercial establishments worldwide.

Regional analysis - The Asia Pacific region is anticipated to be the fastest growing market during the forecast period. This can be attributed to growing economies, expanding middle class, increasing number of commercial establishments and rising discretionary spending.

Key players operating in the background music market are AECOM, Dinclix Ground Works, Hyperloop India, Hyperloop One, Inc., Hyperloop Transportation Technology, Space Exploration Technologies Crop., Tesla, Inc., TransPod Inc., Uwashington Hyperloop, and VicHyper. These players are focusing on new service launches and partnerships to strengthen their market position.

For More details on the topic:

https://www.newsstatix.com/background-music-market-market-size-and-share-analysis/

 

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