Background Music Market size is set to grow by USD 421.73 million from 2023-2027, demand for bgm in the retail sector boost the market, Technavio

NEW YORK, April 17, 2024 /PRNewswire/ -- The global background music market size is estimated to grow by USD 421.73 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of over 7.69% during the forecast period. Background music significantly enhances retail environments by influencing shopper engagement, relaxation, and productivity. It provides a branded experience, sets shopping pace, offers stress relief, and boosts employee morale. Keywords: recorded sound, soothing shopping environment, marketing tools (commercials, films, videos), soft tunes, stress relief, visual content, personalized experiences (fitting rooms, virtual spaces), positive mood, productivity, younger demographics, low volume, health consciousness, fitness centers, travel. 

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Segment Overview

This background music market report extensively covers market segmentation by End-user (Hospitality, Retail, Commercial buildings, Public infrastructure, Others) Geography (Europe, North America, APAC, Middle East and Africa, South America)

Geography Overview

The Background Music Market in Europe is thriving, with retailers investing in modern infrastructures to enhance consumer relationships. BGM plays a crucial role in shopping centers and commercial hubs, including retail stores, cafes & restaurants, leisure & hospitality, and public organizations. Music streaming and digital subscription-based services provide value-added options, while AV systems deliver soothing shopping environments with soft tunes, commercials, films, and marketing videos. Music can influence mood, from positive arousal to relaxation, and is used in various settings, such as fitting rooms, virtual spaces, and elevators. Younger demographics prefer low volume music to reduce stress and tension, while high-performance environments may require motivating beats. BGM is also used in malls and elevators to create a positive working atmosphere and improve cognitive function and creativity. 

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• The music industry has experienced significant revenue growth in the past three years, primarily driven by subscription-based streaming services. Traditional pay-per-track/album sales were costly, leading to piracy. Affordable monthly subscriptions (USD5.99-USD9.99) offer unlimited song streams, making music consumption more accessible. Background music is now used in various sectors, including retail, hospitality, healthcare, and corporate environments, enhancing ambience, customer engagement, and productivity. Keywords: streaming music, subscription services, background music, retail, hospitality, healthcare, corporate sector, customer engagement, ambience, productivity.
• The Background Music Market faces intense competition, with slim profit margins due to high artist royalties. Providers rely on subscribers and music sales for income, but user base growth is challenging due to music-streaming startups. Key markets include retail, hospitality, corporate sectors, and digital subscriptions. Background music enhances consumer experience, engagement, and productivity, using ambient sounds, recorded music, and AV systems.

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Research Analysis

In the dynamic and evolving business landscape, the Background Music Market occupies a significant role in various sectors such as Retail, Hospitality, Healthcare, Restaurants, and Entertainment Venues. This market offers digital subscription-based music and digital broadcasts, including TouchTunes' Ambient Music, to enhance the consumer shopping experience. The soothing shopping environment created by soft tunes is essential for customer engagement and modern infrastructures. The Marketing aspect of background music is crucial for value-added options, as it can influence consumer relationships and business productivity. Modern infrastructures in the Retail sector and Recreation industries employ background music to improve the ambience and provide complementary food offerings. Background music also plays a role in commercials, films, and marketing videos, contributing to the overall success of a business. Moreover, background music can positively impact sleep quality, making it an essential component of the Healthcare sector.

Market Research Overview

In the realm of digital content creation, the Background Music Market holds a significant position. This market is characterized by a multitude of providers offering a vast array of music compositions for various applications. These compositions are created using advanced technology and techniques, such as Consumer-made music, Custom music, and Royalty-free music. The market caters to diverse sectors, including Advertising, Film and Television, Gaming, and Education. The use of Background Music is essential for creating engaging and immersive experiences, enhancing the overall impact of multimedia content. The market is continuously evolving, with new technologies and trends shaping its future. For instance, the emergence of Artificial Intelligence and Machine Learning is enabling the creation of personalized music experiences. The Background Music Market is a dynamic and ever-growing industry that plays a crucial role in shaping the multimedia landscape.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio