The global background music market size is expected to reach USD 2.49 billion by 2027 according to a new study by Polaris Market Research. The report “Background Music Market Share, Size, Trends, Industry Analysis Report, By Product Type (AV System, and Music Streaming); By End Use (Retail Stores, Cafes & Restaurants, Leisure & Hospitality, Public Organization, and Others), By Regions; Segment Forecast, 2020 –2027; By Regions; Segment Forecast, 2020–2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
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 café 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.
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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.
Polaris Market research has segmented the background music market report on the basis of product type, end use, and region
Background Music Product Type Outlook (Revenue - USD Million, 2016 – 2027)
Background Music End Use Outlook (Revenue - USD Million, 2016 – 2027)
Background Music Regional Outlook (Revenue - USD Million, 2016 – 2027)