Background music market size to grow by USD 421.73 million from 2022 to 2027: A descriptive analysis of customer landscape, vendor assessment, and market dynamics

NEW YORK, Dec. 16, 2022 /PRNewswire/ -- Technavio categorizes the global background music market as a part of the global media and entertainment market, the parent market. The background music market covers companies offering products, services, and solutions in advertising, broadcasting, cable and satellite, publishing, media and entertainment, interactive home entertainment, and interactive media and services. The global background music market size is estimated to increase by USD 421.73 million from 2022 to 2027. The market's growth momentum will accelerate at a CAGR of 7.69%.

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Global background music market - Customer landscape

To help companies evaluate and develop growth strategies, the report outlines -

Key purchase criteria

Adoption rates

Adoption lifecycle

Drivers of price sensitivity

Global background music market - Vendor analysis

Vendor Landscape - The global background music market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer background music market are Almotech Media Solutions, AMI Entertainment Network LLC, Auracle Sound Ltd., Brandtrack Inc., CMRRA SODRAC Inc., Heartbeats International AB, HIBOU MUSIC LIBRARY, Imagesound Group, Liberty Media Corp., Mood Media Corp., Open Ear Music Ltd., Qsic Pty Ltd., Rockbot Inc., SOUND MACHINE, Soundreef, Soundtrack Your Brand Sweden AB, Stingray Media Group., TouchTunes Music Corp., USEA Pte Ltd. , and Xenox Music and Media B.V. and others.

The global background music market is at its growing stage. This implies that the market in focus is characterized by demand for BGM in the retail sector, growing use of BGM in public spaces, and increased regulatory pressure to prevent music piracy and copyright infringement.

Vendor offerings -

Almotech Media Solutions: The company offers background music for retail audio, multi-zone players for petrol station and deli audio, fashion audio and family restaurants.

Auracle Sound Ltd.: The company offers background music services for all types of businesses, including restaurants, retail stores, banks and offices.

Brandtrack Inc.: The company offers a background music app with in store tracking system and customized DJ music.

CMRRA SODRAC Inc.: The company offers background music services as personalized services that integrate music, voice and sound to broadcast background music in an establishment for its clients' continuous listening in Canada.

Heartbeats International AB: The company offers background music systems for retail, food chains, the automation industry and aviation.

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Global background music market - Segmentation assessment

Geography Overview

Based on geography, the global background music market is segmented into Europe, North America, APAC, Middle East and Africa, and South America. The report provides actionable insights and an accurate estimation of the contribution of all regions to the growth of the global background music market.

Europe will account for 44% of the market's growth during the forecast period. Europe has the greatest per capita music consumption rate. The global average for music consumption by a media device user is four hours. However, the average European citizen consumes 15% more music than the global average. The high level of musical passion is predicted to promote the expansion of the European background music market.

Segment Overview

Based on type, the global background music market is segmented into music streaming and AV system.

The market share growth of the music streaming segment will be higher than the other segments during the forecast period. Music streaming platforms are becoming popular due to features like automatic playlist creation, song recommendations, and hassle-free connectivity on smartphones and browsers. Furthermore, these portals' increasing podcast genres are supporting market expansion. The growing use of 5G connectivity is one of the most popular trends in the worldwide industry. Due to the increased demand for digital platforms, the worldwide background music market is predicted to rise rapidly throughout the forecast period.

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Global background music market- Market dynamics

Impactful Driver - The demand for background music in the retail sector is the key factor driving the global background music market growth. Background music with the proper tempo and rhythm has been proven to improve engagement with the surroundings and boost time spent shopping. Soft and slow music has a calming impact on shoppers, causing them to stay in stores longer. As a result, background music plays an important role in generating a favorable store experience, which is a major selling point for background music subscriptions worldwide. Furthermore, the rise in internet music streaming is expected to drive demand for background music during the forecasted period.

Key Trend - The growth of music subscription services will fuel the global background music market growth. Paid subscription services, streaming radio services, and ad-supported streaming services are all examples of streaming music channels. In the past, individuals used to purchase music on a track-by-track or album-by-album basis. However, the high price of music under such a revenue structure discourages people from buying them. This compels them to turn to music piracy in order to satisfy their demand. Furthermore, the expanding number of mobile applications and websites has aided the growth of digital services such as background music services. The rising use of smartphones and tablets is attributable to the increase in the number of mobile applications. These factors will boost market growth during the forecast period.

Major Challenge - The low-profit margins for background music vendors are a major challenge to the global background music market growth. The artists, content creators, publishing corporations, and music labels receive a large portion of the vendor's earnings, leaving them with very little money. This low-profit margin makes it difficult for vendors to remain competitive, which poses a problem for the industry. To make money, background music companies rely heavily on the number of users and song sales. Even major background music providers have difficulty boosting their income. Although the number of music subscribers keeps increasing, the vendors' revenue-generation approach is anticipated to remain difficult.

Driver, Trends, & Challenges are the factors of market dynamics, which state about consequences & sustainability of the businesses. Find a few insights from a sample report!

What are the key data covered in this background music market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the background music market between 2023 and 2027

Precise estimation of the size of the background music market and its contribution to the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the background music market across Europe, North America, APAC, Middle East and Africa, and South America

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of background music market vendors

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Background Music Market Scope

Report Coverage

Details

Page number

162

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 7.69%

Market growth 2023-2027

USD 421.73 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.5

Regional analysis

Europe, North America, APAC, the Middle East and Africa, and South America

Performing market contribution

Europe at 44%

Key countries

US, Canada, China, UK, Germany, and Italy

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Almotech Media Solutions, AMI Entertainment Network LLC, Auracle Sound Ltd., Brandtrack Inc., CMRRA SODRAC Inc., Heartbeats International AB, HIBOU MUSIC LIBRARY, Imagesound Group, Liberty Media Corp., Mood Media Corp., Open Ear Music Ltd., Qsic Pty Ltd., Rockbot Inc., SOUNDMACHINE, Soundreef, Soundtrack Your Brand Sweden AB, Stingray Media Group., TouchTunes Music Corp., USEA Pte Ltd. , and Xenox Music and Media B.V.

Market dynamics

Parent Market Analysis; Market growth inducers and obstacles; Fast-growing and slow-growing segment analysis for the forecast period

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Table Of Contents:

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global Background Music Market 2023-2027 2017 - 2021

4.2 By product type Segment Analysis 2017 - 2021

4.3 By end-user Segment Analysis 2017 - 2021

4.4 By Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Product Type

6.1 Market segments

6.2 Comparison by Product Type

6.3 Music streaming - Market size and forecast 2022-2027

6.4 AV system - Market size and forecast 2022-2027

6.5 Market opportunity by Product Type

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Hospitality - Market size and forecast 2022-2027

7.4 Retail - Market size and forecast 2022-2027

7.5 Commercial buildings - Market size and forecast 2022-2027

7.6 Public infrastructure - Market size and forecast 2022-2027

7.7 Others - Market size and forecast 2022-2027

7.8 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 Europe - Market size and forecast 2022-2027

9.4 North America - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 Middle East and Africa - Market size and forecast 2022-2027

9.7 South America - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 UK - Market size and forecast 2022-2027

9.10 China - Market size and forecast 2022-2027

9.11 Germany - Market size and forecast 2022-2027

9.12 Italy - Market size and forecast 2022-2027

9.13 Canada - Market size and forecast 2022-2027

9.14 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Almotech Media Solutions

12.4 AMI Entertainment Network LLC

12.5 Auracle Sound Ltd.

12.6 Brandtrack Inc.

12.7 CMRRA SODRAC Inc.

12.8 Heartbeats International AB

12.9 HIBOU MUSIC LIBRARY

12.10 Imagesound Group

12.11 Liberty Media Corp.

12.12 Mood Media Corp.

12.13 Qsic Pty Ltd.

12.14 Rockbot Inc.

12.15 SOUNDMACHINE

12.16 USEA Pte Ltd.

12.17 Xenox Music and Media B.V.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

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