Global Background Music Market Value [3.98 bn]-Volume Analysis | Forecast Period by 2032
![Global Background Music Market Value [3.98 bn]-Volume Analysis | Forecast Period by 2032](https://www.enterpriseappstoday.com/wp-content/uploads/2023/03/Background-Music-Market.jpg)
Page Contents
Market Overview
Published Via 11Press: As of 2022, the global background music market size was estimated to be USD 2.42 billion and projected to reach a value of USD 3.98 billion by 2032, rising at an annual compound growth rate (CAGR) of approximately 5.1% from 2022-2032.
This market is being driven by factors such as the growing adoption of streaming services and the demand for personalized experiences. The hospitality sector, in particular, is a major contributor to this space since many businesses in this sector utilize background music to enhance customer experiences.
North America is the leading market for background music, followed by Europe and Asia Pacific. The high adoption rate of streaming services and the abundance of hospitality and retail businesses in these regions are major drivers of market expansion.
The background music market is highly fragmented, featuring numerous players operating within it. To stay ahead of the competition, industry insiders emphasize innovation and product differentiation to gain an edge.
We Have Recent Updates on the Market in Sample Copy@ https://market.us/report/background-music-market/request-sample
Key Takeaway
- In 2021, the global background music market was valued at USD 2.3 billion. Forecasts suggest it will grow at a compound annual growth rate (CAGR) of around 5.1% through 2028 and reach an impressive 3.3 trillion in value by then.
- Market drivers include the increasing adoption of music streaming services, an appetite for personalized musical experiences, and background music in hospitality settings.
- North America leads the background music market, followed by Europe and Asia Pacific.
- This market is highly fragmented with many players in it. To stay competitive, companies must focus on innovation and product differentiation to gain an edge.
Regional Snapshot
- North America is the leading market for background music, due to the rapid adoption rate of streaming services and a large number of hospitality and retail businesses located there.
- Europe is the second-largest market, with countries like the UK, France, and Germany contributing significantly to its expansion.
- The Asia Pacific region is projected to experience the highest compound annual growth rate during this forecast period, driven by the rising adoption of music streaming services and demand for personalized music experiences across various industries.
- Other regions, such as Latin America and the Middle East & Africa, are predicted to contribute to the market growth due to the increasing use of background music across various industries and the increasing popularity of music streaming services in these locales.
Drivers
- Growing Adoption of Music Streaming Services: The rising use of streaming services such as Spotify and Apple Music is a major force in the background music market. These platforms give businesses access to an extensive library of music and enable them to craft personalized listening experiences for their customers.
- Personalized Music Experiences Are on the Rise: As consumers seek more tailored experiences, including tailored music offerings, the background music market is growing as businesses strive to craft unique and captivating environments for their customers.
- Background Music in Hospitality Industry: The hospitality sector is a major contributor to the background music market, with many businesses within this field using music to enhance customer experiences – restaurants, hotels, and other establishments included.
- Technological Advances: Technological advancements such as advanced audio systems and artificial intelligence are propelling the background music market upwards. These advances enable businesses to offer their customers more personalized and sophisticated music experiences.
- Growing Adoption of in-store marketing with background music: Retailers are increasingly turning to in-store marketing, which includes the use of background music. This trend is fueling growth in the background music market as businesses strive to create engaging environments for their customers.
Restraints
- High costs associated with licensing music: Licensing music can be an expensive obstacle for businesses looking to use it in their operations. Businesses that want to incorporate music may need to pay licensing fees to artists or labels, which could prove prohibitively expensive.
- Competition from Alternative Forms of Entertainment: The market is facing increased competition from new forms of entertainment such as podcasts and audiobooks, which could erode its share in the long run.
- Lack of Standardization: The absence of standards in the background music industry presents a challenge to businesses looking to incorporate music into their operations. With numerous providers of background music, each with their own catalogs and licensing arrangements, it may be difficult for businesses to locate an ideal provider and music that meets their requirements.
- Limited music selection: It can be challenging for background music vendors to locate the ideal tunes. Many businesses struggle with finding music that meets their niche or special requirements.
- COVID-19's Pandemic Effect: The COVID-19 epidemic had a devastating impact on background music markets, particularly those in hospitality and retail. Many businesses are closing or operating at reduced capacities which has lead to decreased demand for background music as well as shrinking market size.
Opportunities
- Expanding into New Industries: Background music has long been associated with retail and hospitality businesses. But there are now ample opportunities for expansion into other sectors like transportation and healthcare, where background music can enhance customer and patient experiences.
- Data Analytics: An Untapped Opportunity for Background Music Market.Data analytics presents a unique opportunity for businesses in the background music market. Companies can tailor music experiences according to customers' requirements by collecting customer data.
- Digital signage adoption is increasing and background music sales are on the rise. Businesses can create more engaging environments by incorporating background music into digital signage displays.
- Opportunities for Growth in Emerging Markets: Resources such as Asia Pacific or Latin America have enormous potential as background music markets. These regions will continue to expand and develop, leading to an increase in background music demand across various industries.
- Development of New Technologies: The advancements in new technologies such as advanced audio systems and artificial intelligence offer opportunities for the background music market. These advancements enable businesses to craft more personalized and sophisticated musical experiences for their customers.
View Detailed TOC of the Report | https://market.us/report/background-music-market/request-sample
Challenges
- Customer preferences have evolved: As customers' musical tastes evolve, businesses must keep up with the newest trends to remain competitive. Businesses in background music especially face this challenge as they must provide music that appeals to their target audience.
- Copyright and Lien Issues: Businesses in the background music market may experience major difficulties due to copyright and licensing disputes. To use certain songs and artists in their business ventures, businesses may need to negotiate complex licensing contracts or pay exorbitant fees.
- The threat of streaming music services: Businesses providing background music are facing competition from free streaming music services like SoundCloud and YouTube, which offer cost-effective alternatives to background music providers. These platforms may appeal to cost-conscious customers looking for a cheaper alternative.
- Limited Budget for Background Music: Many businesses have limited funds available for background music, which can present a challenge for the market. Businesses may need to prioritize other expenses like marketing and advertising over investing in background music.
- COVID-19 Pandemic Impact on Background Music Industry: The COVID-19 pandemic has had a detrimental effect on background music sales, particularly in the hospitality and retail sectors. Due to many businesses closing or operating at reduced capacity, demand for this genre of music has diminished considerably – leading to a decrease in market size overall.
Report Scope
| Report Attribute | Details |
| The market size value in 2022 | USD 2.42 Bn |
| Revenue forecast by 2032 | USD 3.98 Bn |
| Growth Rate | CAGR Of 5.1% |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
| Historical Years | 2017-2022 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Short-Term Projection Year | 2028 |
| Long-Term Projected Year | 2032 |
Key Market Segments
Type
- Incidental music
- Furniture music
- Elevator music
- Video game and blog music
- Internet delivered background music
Application
- Retail Stores
- Restaurants
- Entertainment Places
- Public Organizations
- Others
Key Market Players
- Mood Media
- PlayNetwork
- TouchTunes
- Usen Corporation
- SiriusXM for Business
- Pandora for Business
- Almotech
- Imagesound
- Easy on Hold
- Sunflower Music
- Soundjack
- Xenon Music Media
- Qsic
- Express Melody
- Open Ear Music
- Auracle Sound
- Cloud Cover Music
Frequently Asked Question
Q: What is the current market size for the Background Music market?
A: According to a report by Market.us, the Background Music market was valued at USD 2.42 billion in 2022 and is expected to reach USD 3.98 billion by 2032, growing at a CAGR of 5.1% during the forecast period.
Q: What are the key segments of the Background Music market?
A: The Background Music industry can be segmented based on type (Incidental music, Furniture music, Elevator music, Video game, and blog music, Internet-delivered background music), application (Retail Stores, Restaurants, Entertainment Places, Public Organizations, Others), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Q: Who are the key players in the Background Music market?
A: Some of the key players in the Background Music industry include Mood Media, PlayNetwork, TouchTunes, Usen Corporation, SiriusXM for Business, Pandora for Business, Almotech, Imagesound, Easy on Hold, Sunflower Music, Soundjack, Xenon Music Media, Qsic, Express Melody, Open Ear Music, Auracle Sound, Cloud Cover Music.
The team behind market.us, marketresearch.biz, market.biz and more. Our purpose is to keep our customers ahead of the game with regard to the markets. They may fluctuate up or down, but we will help you to stay ahead of the curve in these market fluctuations. Our consistent growth and ability to deliver in-depth analyses and market insight has engaged genuine market players. They have faith in us to offer the data and information they require to make balanced and decisive marketing decisions.
