Global Background Music Market 2018-2022 | Demand for BGM in Commercial Retail to Boost Demand | Technavio
LONDON--(BUSINESS WIRE)--Sep 26, 2018-- analysts forecast the global background music (BGM) market to grow at a CAGR close to 4% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global background music market for the period 2018-2022. (Graphic: Business Wire)
The growth of music subscription services is one of the major trends being witnessed in the . The music industry has witnessed a continuous growth in revenues over the last three years. This issues from the high revenues from subscription-based music streaming channels. These streaming music channels include paid subscription services, streaming radio services, and ad-supported streaming services. These together accounted for nearly two-thirds of the music industry revenues in the US in 2017. Traditionally, people used to buy music on pay-per-track/album basis. However, the high cost of music under such revenue regime discourages people from purchasing them. The advent of low-cost music subscription services provides unlimited song streams and has made music consumption more affordable and easier for people. Also, apart from the web and app-based subscriptions, smart speaker solutions such as Amazon Echo, Google Home, and Sonos are also being offered. These require a permanent subscription to function and stream music directly. Such solutions allow the service providers to break out from the generic one-price unlimited volume subscription music portfolio and offer more customized services.
According to Technavio analysts, one of the key factors contributing to the growth of the global music subscription services market is the increasing demand for BGM in commercial retail:
Global music subscription services market: Increasing demand for BGM in commercial retail
BGM of the right tempo and rhythm is proven to influence engagement with the environment and increase the time spent shopping. 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 has several advantages that help businesses retain and attract new customers when compared with generic stores. Moreover, with the ever-changing dominance of the e-commerce industry, retailers are employing brand-creation and customer-retention strategies to expand their sales and revenues. The use of BGM is already largely prevalent in North American and European countries but has considerable scope for growth in Asian and African countries. Therefore, the growth of the sector in developing countries is expected to become a major driver for the global market.
According to a senior analyst at Technavio for media and entertainment services, “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 in BGM. Creating BGM for commercial and public spaces presents unique challenges. Therefore, the demand is increasing largely and is expected to show a positive outlook for the global market during the forecast period.”
Global music subscription services market: Segmentation analysis
The global music subscription services market research report provides market segmentation by end-user (hospitality sector, retail sector, commercial buildings, public infrastructure, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 42% share, followed by the EMEA and APAC respectively. However, during the forecast period, the EMEA region is expected to show the highest incremental growth followed by the APAC region.
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Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: ENTERTAINMENT MUSIC
SOURCE: Technavio Research
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