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.
Co-working spaces continue to remain at the forefront of the growing demand for background music in corporate spaces. A number of co-working spaces are marketing it as a facility integrated to boost the productivity of the employees. Furthermore, music streaming services are working towards developing music in line with corporate venue themes offering firms an array of choices. .With technology and music evolving the demand for background music in corporate spaces is estimated to bolster.
Read PR: https://www.factmr.com/media-release/898/background-music-market
The Fact.MR report tracks the background music market for the period 2018-2027. According to the report, the background music market is projected to grow at 7% CAGR through 2027.