Background Music Market Is Estimated To Witness High Growth Owing To Rise In Commercial Establishments Adopting Background Music

Background Music Market

 

The Background Music Market is estimated to be valued at Us$ 1.98 Bn in 2022 and is expected to exhibit a CAGR Of 6.3% over the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Background music provides ambient music experiences to customers, patients, and patrons of commercial establishments like retail stores, healthcare facilities, restaurants, etc. It helps in improving customer experience and engagement by creating a pleasant environment. Background music offers advantages like increased sales, reduced stress and anxiety, and improved mood and productivity of staff and customers. There is a growing need for professional background music services among commercial establishments to enhance customer experience.

Market key trends:

One of the major trends fueling the growth of background music market is the rising adoption of background music services by commercial establishments like retail stores, restaurants, and healthcare centers. Background music helps in improving store atmospherics, encouraging impulse purchases, and increasing spend per customer. It creates a pleasant ambience and reduces stress and anxiety of customers and patients, thereby positively impacting their shopping and dining experiences. Various studies have shown background music to be an effective tool to increase sales by 15-30%. This is prompting more commercial setups to implement background music services. Advancements in digital distribution platforms are also facilitating easy and cost-effective access to background music playlists and content, thereby supporting the market growth.

The background music market is estimated to be valued at US$ 1.72 billion in 2022 and is expected to exhibit a CAGR of 6.3% over the forecast period 2018-2026, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Background music is a type of environmental audio usually played in public places such as stores, restaurants, hotels, offices, and other commercial spaces. It includes a variety of genres such as pop, rock, jazz, new age, country, and classical music. Background music is primarily played to influence consumer behavior and spending patterns. It helps create a pleasant ambient atmosphere for customers and staff and masks other noises.

Market Dynamics:

Evolving media consumption trends and increasing demand from retail stores and restaurants are the key drivers of the global background music market. Streaming services have enabled convenient access to a wide variety of music genres. Background music providers are leveraging streaming platforms to offer customized music solutions to businesses. Moreover, studies have shown playing background music can increase sales by up to 16% in retail stores. It also helps reduce stress levels in workplaces. Background music helps restaurants and bars enhance customer experience and prolong customer dwell time. The growing retail and foodservice industries worldwide is expected to drive significant demand for background music over the forecast period.

Read More : https://www.newswirestats.com/the-background-music-market-displays-promising-growth-opportunities-with-the-upsurge-in-commercial-establishments/