Background Music Market Summary Comprises Key Regions, Growth And Segmentation T
Posted by rohit on March 20th, 2020
Global background music market generated revenue of US$ 1.35 billion in 2017. By 2026, the background music market is expected to be valued at US$ 2.31 billion with a CAGR of 6.3% over the forecast period. AV system segment held dominant position in the global background music market in 2017 and is expected to retain its dominance over the forecast period. AV system segment generated revenue of US$ 824.5 Mn in 2017.
Availability of variety of music online and affordable subscription services has increased demand for background music. Rather than using compact disc, retailers are now downloading and constantly updating music from online sources. According to Coherent Market Insights’ analysis, paid music streaming subscription revenue was around US$ 230 Mn in 2018 and will reach around US$ 342 Mn by end of 2022, globally. Moreover, to attract more consumers, royalty free background music is being offered with high quality. For instance, Soundstripe offers royalty free production music at an affordable price.
North America held dominant position in the global background music market in 2017 and is projected to retain its dominance throughout the forecast period. In 2017, the U.S. accounted for largest share in terms of revenue in the region. Among product type, music streaming segment is projected to exhibit highest CAGR over the forecast period. Music streaming allows consumers to stream and listen to music with the help of internet connected devices such as mobiles, PCs, and laptops. Due to advancements in technology, people have instant access to products and services. This is expected to drive growth of the music streaming segment over the forecast period. According to Coherent Market Insights’ analysis, subscription-based music streaming is the largest contributor to global revenue of the background music market.
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Background music is an essential part of malls, retail stores, elevators, and other spaces to create soothing environment. With emergence of e-commerce and thus, decreasing customer footfalls in stores, retailers are finding new ways to enhance customer experience at their brick and mortar stores. Background music influences engagement of customers and increases their overall time spend in the departmental stores. This enhances the customer’s shopping experience in malls and retails stores due to which retail stores and malls contribute significant share in the growth of background music market. The impact of this driver is expected to remain high over the forecast period.
Global Background Music Market, By Product Type:
Global Background Music Market, By Application:
Global Background Music Market, By Region:
By Product Type:
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Major players operating in the global background music market include PlayNetwork, Inc., TouchTunes Music Corporation, Sirius XM Holdings, Inc., Almotech Media Solutions, Imagesound, Easy on Hold, Soundnet Limited (Soundjack), Xenox Music & Media B.V., Qsic Pty Ltd., Express Melody, OpenEar Music, Auracle Sound, Cloud Cover Music, and Mood Media Corporation.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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About the Authorrohit
Joined: February 6th, 2020
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