LONDON--(BUSINESS WIRE)--The background music market (BGM) is expected to grow by USD 82.22 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Retailers across the world are employing brand-creation and customer-retention strategies to expand their sales and revenues. Background music offers several subconscious effects that help businesses to retain and attract new customers. Soft and slow music has a relaxing effect on shoppers, which leads them to browse longer at stores. BGM, therefore, plays an important role in creating a positive store experience, which is a major selling point of BGM subscriptions globally. BGM also helps in setting the pace at which customers move through the store. Thus, the demand for BGM in retail sector is increasing, which will have a key impact on the growth of the market.
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As per Technavio, the availability of advanced music-mixing systems will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Background Music Market: Availability of Advanced Music-Mixing Systems
With advances in technology, the use of advanced music-mixing systems by BGM creators is increasing. These advanced music-mixing systems include synthesizers and music-mixing software that can create digital or electronic music for use as BGM. Creating BGM for commercial and public spaces presents unique challenges. Artists want to create songs that sound wide and heavy, without sacrificing audibility in crowded areas. The uses of advanced music-mixing systems in the development of BGM include balancing of the mix, reducing frequencies that hurt the ears, and limiting background noise. Thus, the availability of advanced music-mixing systems will drive the growth of the market during the forecast period.
“Factors such as the introduction of Music Modernization Act, and growth of music subscription services will have a positive impact on the growth of the background music market value during the forecast period,” says a senior analyst at Technavio.
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Background Music Market: Segmentation Analysis
This market research report segments the background music market by end-user (hospitality, retail, commercial buildings, public infrastructure and others), and geography (APAC, Europe, MEA, North America and South America).
The North American region led the background music market in 2019, followed by Europe, APAC, South America and MEA. However, during the forecast period, the European region is expected to register the highest incremental growth due to factors such as the increased passion for music, growing consumerism, and focus on improving customer experience in the region.
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Some of the key topics covered in the report include:
- Commercial buildings
- Public infrastructure
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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