Background Music Market Estimated to Flourish by 2018 to 2027 – Fact.MR
Posted by faisal factmr on October 11th, 2019
As competition in the retail market intensifies, brands are focused on offering consumers a profound experience which enhances satisfaction and boosts loyalty. Sensory marketing is one key technique which is increasingly being used to stimulate consumers’ senses for creating a distinct consumer experience. Background music is an integral part of sensory marketing which can be leveraged to create a unique and uplifting consumer experience to bolster sales and enhance customer satisfaction. Customer experience is gradually gaining importance in industries with multiple studies linking an increase in revenue with better consumer experiences. Another set of researches have predicted consumer experience to emerge as the key differentiating factor between brands in the foreseeable future irrespective of their product portfolio and pricing.
Background music also provides a medium for brands to build a unique identity with consumers. Playing music that is in line with the brand’s image can potentially aid in creating brand awareness. In addition to having a positive influence on customers, background music also aids in boosting the productivity of the employees working at the store.
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Sales Remain Underpinned by Growing Adoption in Hospitality Industry
Background music plays a vital role in the hospitality industry, providing a medium to draw consumer attention. Online services are offering consumers the convenience to order food from the comfort of their homes, a trend which has caused a substantial reduction in the number of consumers visiting restaurants. To tackle the challenge, restaurants are offering comprehensive menus, in-house entertainment, superior services, and other value-added services to draw in customers with background music systems playing an integral part in adding value to the consumer experience.
In addition to creating an immersive experience, fine-tuning playlists can potentially boost sales by influencing human behavior, with studies linking an increase in sales and consumptions of alcoholic drinks when subjecting consumers to uptempo background music. Further, playing slow background music is likely to increase the bill size by over 20% according to researches, with mellow music encouraging longer conversations and influencing consumers into buying additional products such as desserts and coffee, which have higher profit margins. Background music is increasingly being incorporated in hotels for creating greater ambience in line with their brand identity. For instance, Petit Palace Hotels plays different varieties of background music at different locations, to complement the décor of the areas. The staff at the hotel changes the music throughout the day to create ambiances that appeals to consumers.
Technological Advances Providing Better Access and Control over Music
The networking infrastructure has evolved in the last decade providing greater accessibility to internet services at affordable rates and have enabled the development of the cloud infrastructure providing simpler access to a plethora of playlists and songs. The innovations in technology are helping businesses to control the music through handheld devices and change it based on the number of customers, weather, and the overall mood. Machine learning algorithms further aids businesses in finding music that falls in line with their brand image hence saving them time. Other advanced technological features allow businesses to schedule playlists and manage the music being played at multiple locations through a single device enabling them to choose music based on their preference and atmosphere, thus giving them access to tailor the ambiance of the store according to their requirements. Such technological capabilities are likely to aid in bolstering background music market growth.
Ecommerce Proliferation – A Key Sales Impediment
Focus of brands on strengthening their logistics for punctual delivery of goods continue to complement growth of ecommerce worldwide. In addition, convenience and comfort of online shopping has resulted in declined sales prospects in brick & mortar stores. For instance, North America and Europe witnessed a significant surge in the e-commerce sales in the recent past, while the footfall at shopping malls and stores recorded a significant declining. This has been a key growth impediment for sales of background music globally, as brands opt to invest substantially in strengthening their online presence.
A survey of Consumers Guild of America (CGA) has reported a 44% difference in the average earnings of pubs playing music and otherwise. Millennials remain the target consumer base for retail stores and restaurants, as the demographic shows a strong inclination towards visiting places that feature good music and distinct consumer experience.
The Fact.MR report opines investments being made in background music by restaurants and cafes are estimated to account for nearly one-third share of the market. The hospitality industry is working towards building a consumer experience along similar lines. A key development that complemented the popularity of background music in the industry is the presentation of Yamaha Commercial Audio entitled “Sound Investment: The Business of Background Music,” at the Restaurant Show in London in 2018.
Copyright Management Presents a Lucrative Opportunity for Background Market Players
Commercial retail stores, cafes, and restaurants are often found streaming music from their personal accounts which is illegal and can consequently result in a lawsuit being filed against them. Additionally, the price of commercial licenses for streaming music is higher than the streaming rights for personal accounts which benefits both music publishers and companies. Background music streaming services are offering businesses a solution to the problem and foraying into copyright and royalty collection management. For instance, Soundreef, a company founded in 2013 is solely based on managing copyright for music publishers.
Numerous studies focused on the impact of the use of background music in workplaces have associated it with enhanced creativity, productivity, and improved focus in employees. Awareness about the positive impact of music on employees is increasing which, in turn, is bolstering the demand for background music in corporate spaces.Top Searches - Trending Searches - New Articles - Top Articles - Trending Articles - Featured Articles - Top Members
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