The global background music market is estimated at US$ 782.62 million in 2023 and is predicted to expand at a CAGR of 6.4% and reach a value of US$ 1.45 billion by the end of 2033.
Rising demand and easy availability of affordable music subscription services are estimated to majorly contribute to market growth. In addition, various retail stores are adopting background music at a significant rate to attract consumers’ attention, which is also projected to widen the horizon for key players.
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Competitive Landscape
Key providers of background music are increasing their expenditure on maintaining product quality and matching product standards. Strengthening supply chain systems and innovations are some other key areas on which they are working.
The landscape of background music is predicted to remain consolidated due to the presence of various prominent suppliers of products that are concentrating to expand their presence through mergers and acquisitions. These initiatives are predicted to provide additional resources, including an extensive music database and copyright management capabilities.
For instance :
- Vector Capital acquired Mood India in January 2021. The latter is a prominent in-store media solution organization that is dedicated to elevating consumer experiences. This acquisition is aimed at three areas, including product offering with innovations, increasing investments in the global delivery capabilities and technology platform of the company, and strengthening client and channel relationships.
Key Companies Profiled:
- BrandTrack
- Kasimu
- Qsic Pty Ltd.
- Cloud Cover Music
- Easy on Hold
- Open Ear Music
- Jukeboxy
- Mood Media
- NSM Music Ltd.
- Sunflower Music Company
- Xenox Music Media
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Segmentation of Background Music Industry Research
- By Type/Genre :
- Ambient & Minimalist
- Ethnic & Tribal
- Classical Music
- Alternative & Classic Rock
- Underground/Hip-Hop
- Dramatic Music
- Comedic Music
- Acoustic Guitar & Strings
- Electronic Beats
- Mindfulness Music
- Binaural Beats
- By End Use :
- Offline Users
- Cafes & Restaurants
- Shopping Malls
- Gyms
- Entertainment Places (Theatres, Clubs, Bars)
- Retail Stores
- Public Infrastructure
- Commercial Buildings
- Spas
- Elevators
- Offline Users
Key Questions Covered in the Background Music Market Report:
- What is the projected value of the Background Music factors Industry in 2023?
- At what rate will the global Background Music factors market size grow until 2033?
- Which are the factors hampering the growth of Background Music factors?
- Which region is expected to lead in the global Background Music factors market by 2033?
- Which are the factors driving the Background Music factors Industry during the forecast period?
- What is the expected market value of the Background Music factors market during the forecast period?
Regional Analysis for Background Music Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
What makes Fact.MR report stand out from others?
- Fact.MR follows a six-point mechanism known as E.V.O.L.V.E. (Evaluate. Visualize. Overcome. Leverage. Verify. Eradicate.). The report is specially created to assess the COVID-19 impact on the Background Music industry. This mechanism focuses on almost all the factors in a definite manner to provide the best research report for the industry stakeholders.
- Evaluate: A Fact.MR report evaluates every small aspect that can prove to be a growth generator for the Background Music industry, thus, making it different and special from other reports.
- Visualize: The authors involved in the research activities visualized the post-COVID-19 era so that the key stakeholders of industry get an overview and helps them take certain steps to ensure continuous growth during the forecast period.
- Overcome: The report scrutinizes on points that can prove to be an Achilles heel to the Background Music industry and assists to create strategies to overcome the obstacles that may hinder the growth of the Background Music industry.
- Leverage: The Background Music industry can leverage certain aspects that can prove beneficial for the increase in growth rate. Fact.MR covers all the points on which the key stakeholders can leverage upon.
- Verify: Research is done systematically to assure validation of all the aspects covered in the report. All the points are rechecked and verified thoroughly to avoid flaws and fake information.
- Eradicate: Last but not the least, this aspect helps the key stakeholder eradicate all the obstacles that come between the growth rate and the Background Music industry.
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