The detailed study on the Background Music Market offers valuable insights related to the overall prospects of the Background Music Market over the forecast period 2018 to 2027. The study takes into account the micro and macro-economic factors that are projected to impact the growth of the Background Music Market in the upcoming years. In addition, the study maps the current trends, market drivers, opportunities, and restraints that are expected to shape the overall prospects of the Background Music Market during the assessment period.
The report touches upon the various innovations and technological advances that are expected to impact the growth of the Background Music Market. Further, an in-depth assessment of the various market segments and sub-segments is accurately represented in the report along with informative graphs, tables, and figures.
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The regional assessment of the Background Music Market introspects the scenario of the Background Music market in each region. The revenue share, growth potential, market share, size, and future prospects of the Background Music Market in each region is discussed in the presented report.
Critical Insights Related to the Background Music Market Enclosed in the Report:
- Estimated growth of the Background Music Market in various regional markets
- Ongoing and prospective innovations in the Background Music Market
- Impact of new production and manufacturing techniques
- Product portfolio analysis of established players in the Background Music Market
- Y-o-Y growth of the Background Music Market over the forecast period 2018 to 2027
The report provides answers to some important queries related to the Background Music Market:
- What are the prospects of the Background Music Market in region 1?
- What are the leading factors that are likely to hamper the growth of the Background Music Market during the forecast period?
- Which company is currently dominating the Background Music Market in terms of market share?
- Which product is tipped to be the ‘cash cow’ for market players in the Background Music Market?
- How are market players capitalizing on the opportunities in region 1?
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competitive landscape, get in touch with our experts
Background Music Demand Surges as Sensory Marketing Gains Traction
As competition in the retail market intensifies, brands are focused on offering consumers a profound experience which enhances satisfaction and boosts loyalty. Sensory marketing is one key technique which is increasingly being used to stimulate consumers’ senses for creating a distinct consumer experience. Background music is an integral part of sensory marketing which can be leveraged to create a unique and uplifting consumer experience to bolster sales and enhance customer satisfaction. Customer experience is gradually gaining importance in industries with multiple studies linking an increase in revenue with better consumer experiences. Another set of researches have predicted consumer experience to emerge as the key differentiating factor between brands in the foreseeable future irrespective of their product portfolio and pricing. Background music also provides a medium for brands to build a unique identity with consumers. Playing music that is in line with the brand’s image can potentially aid in creating brand awareness. In addition to having a positive influence on customers, background music also aids in boosting the productivity of the employees working at the store.
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Sales Remain Underpinned by Growing Adoption in Hospitality Industry
Background music plays a vital role in the hospitality industry, providing a medium to draw consumer attention. Online services are offering consumers the convenience to order food from the comfort of their homes, a trend which has caused a substantial reduction in the number of consumers visiting restaurants. To tackle the challenge, restaurants are offering comprehensive menus, in-house entertainment, superior services, and other value-added services to draw in customers with background music systems playing an integral part in adding value to the consumer experience. In addition to creating an immersive experience, fine-tuning playlists can potentially boost sales by influencing human behavior, with studies linking an increase in sales and consumptions of alcoholic drinks when subjecting consumers to uptempo background music. Further, playing slow background music is likely to increase the bill size by over 20% according to researches, with mellow music encouraging longer conversations and influencing consumers into buying additional products such as desserts and coffee, which have higher profit margins. Background music is increasingly being incorporated in hotels for creating greater ambience in line with their brand identity. For instance, Petit Palace Hotels plays different varieties of background music at different locations, to complement the décor of the areas. The staff at the hotel changes the music throughout the day to create ambiances that appeals to consumers.
Technological Advances Providing Better Access and Control over Music
The networking infrastructure has evolved in the last decade providing greater accessibility to internet services at affordable rates and have enabled the development of the cloud infrastructure providing simpler access to a plethora of playlists and songs. The innovations in technology are helping businesses to control the music through handheld devices and change it based on the number of customers, weather, and the overall mood. Machine learning algorithms further aids businesses in finding music that falls in line with their brand image hence saving them time. Other advanced technological features allow businesses to schedule playlists and manage the music being played at multiple locations through a single device enabling them to choose music based on their preference and atmosphere, thus giving them access to tailor the ambiance of the store according to their requirements. Such technological capabilities are likely to aid in bolstering background music market growth.
Ecommerce Proliferation – A Key Sales Impediment
Focus of brands on strengthening their logistics for punctual delivery of goods continue to complement growth of ecommerce worldwide. In addition, convenience and comfort of online shopping has resulted in declined sales prospects in brick & mortar stores. For instance, North America and Europe witnessed a significant surge in the e-commerce sales in the recent past, while the footfall at shopping malls and stores recorded a significant declining. This has been a key growth impediment for sales of background music globally, as brands opt to invest substantially in strengthening their online presence.
Definition
Background music is a form of music which is played which is deliberately played to influence human behavior and elicit emotional responses such as relaxation, excitement, and distraction. The music is played in a way to keep it in the background and not make it the primary focus of the listeners.
About the Report
The report on background music market provides detailed and valuable insights into the background music market. Additionally, the report on background music market highlights and explains all the key factors that influence the growth of the background music market. Further, all the macro and microeconomic facets which have an impact on the background music market performance have been propounded in the report.
An opportunity assessment of the background music market along with a region-wise and segment-wise analysis has been provided. A competitive landscape assessment of the background music market has also been included in the report.
Market Structure
The report on background music market divides the background music market on the basis of end-use application and region.
On the basis of end-use application, the background music market can be segmented into retail stores, leisure and hospitality, public organization, cafes & restaurant, and others.
Additional Questions Answered
In addition to the aforementioned insights about the background music market, the report answers the following vital questions about the background music market:
- What region will account for the bulk of the background music market share in 2019?
- On the basis of end-use application, which segment held a significant share of the background music market in 2018?
- What are the lucrative opportunities on offer in the background music market?
- What are the challenges being faced by the background music market?
- What are the threats to the background music market growth?
Research Methodology
The report on background music market is a consequence of a robust and exhaustive research methodology. A two-step research process was employed to obtain detailed insights into the background music market. Primary research was conducted by interviewing experts from the background music market while secondary research involved a thorough study of background music market trade journals, paid sources, and other publications related to the background music market. Results from both the steps are triangulated to produce an accurate forecast of the background music market.
Research Methodology of this Report.
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