Published Date : Jan 23, 2017
ALBANY, NY, Jan 23, 2017: The report, titled “Global Background Music Market 2016-2020” is a comprehensive study of the market for background music in its current scenario, and based on several factors that are expected to influence the demand, it projects a CAGR of 2.89% during the forecast period of 2016 to 2020. The report segments the market based on customer and geography and provides an estimation of available opportunities and future prospects of each segment. To present a clear picture of the competitive landscape, the report profiles some of the prominent players for their market share, product portfolio, and other strategic developments.
The report observes that background music is an integral part urban population, where commercial spaces like malls, transit, retail stores, elevators, and other public spaces use this kind of music for passive listening, which helps in improving the feel-good factor of the place. Background music has been proven to enhance customer’s mood and thereby lead to increased shopping experiences. It has been noted by the report that the demand for background music in elevators is on the rise, as waiting duration can be tiresome. The increased use of music by the tourism industry and high preference for entertainment are other two driving factors of the global market for background music.
Some of the trends noticed by the report in this market are: availability of advanced music-mixing systems, shift from background music to foreground music, and the rise in demand for live events. Conversely, the report also notes some of the factors that may hinder the growth rate during the forecast period, such as availability of alternative media, abundance of royalty-free background music, replacement of background music with visual displays, and adherence to change customer preference.
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On the basis of customer, the report segments the global background music market into hospitality industry, retail industry, commercial buildings, and public infrastructure. Hospitality was the most lucrative segment in 2015, accounting for nearly 35% of the market. This segment includes customers that use background music in places such as hotels, pubs, restaurants, cafes, and resorts. Low tempo music improves customer experience and hence entice customers to spend more time at these locations. Geographically, the report studies the regional markets of Americas, EMEA, and APAC.
Some of the key players in global background music market identified by the report are Almotech, NSM Music, Imagesound, Mood Media, and PlayNetwork. Other prominent players include CSI Music, Easy on Hold, Hibou Music, Sunflower Music, and Soundjack. The level of competition in this market is very stiff, and fragmented due to the presence of several vendors. The vendors compete on the basis of pricing, music library size, and genre to retain their market presence.
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