Background Music Market to Grow by USD 527.2 Million (2024-2028) with Retail Sector Driving Demand, AI's Role in Market Transformation - Technavio Report

NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Report with the AI impact on market trends- The global background music market size is estimated to grow by USD 527.2 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.76% during the forecast period. Demand for BGM in retail sector is driving market growth, with a trend towards growth of music subscription services. However, low margins for BGM vendors poses a challenge. Key market players include Almotech Media Solutions, AMI Entertainment Network LLC, Auracle Sound Ltd., Brandtrack Inc., CMRRA SODRAC Inc., Heartbeats International AB, HIBOU MUSIC LIBRARY, Imagesound Group, Liberty Media Corp., Mood Media Corp., Open Ear Music Ltd., Qsic Pty Ltd., Rockbot Inc., SOUNDMACHINE, Soundreef, Soundtrack Your Brand Sweden AB, Stingray Media Group., TouchTunes Music Corp., USEA Pte Ltd. , and Xenox Music and Media B.V.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot nowForecast period2024-2028Base Year2023Historic Data2018 - 2022Segment CoveredProduct Type (Music streaming and AV system), End-user (Hospitality, Retail, Commercial buildings, Public infrastructure, and Others), and Geography (Europe, North America, APAC, Middle East and Africa, and South America)Region CoveredEurope, North America, APAC, Middle East and Africa, and South AmericaKey companies profiledAlmotech Media Solutions, AMI Entertainment Network LLC, Auracle Sound Ltd., Brandtrack Inc., CMRRA SODRAC Inc., Heartbeats International AB, HIBOU MUSIC LIBRARY, Imagesound Group, Liberty Media Corp., Mood Media Corp., Open Ear Music Ltd., Qsic Pty Ltd., Rockbot Inc., SOUNDMACHINE, Soundreef, Soundtrack Your Brand Sweden AB, Stingray Media Group., TouchTunes Music Corp., USEA Pte Ltd. , and Xenox Music and Media B.V.Key Market Trends Fueling GrowthThe music industry has experienced significant revenue growth in the past three years, primarily driven by the popularity of subscription-based streaming music channels. These channels include paid subscriptions, streaming radio, and ad-supported services. In contrast to the traditional pay-per-track/album model, the high cost of music under this regime discouraged many from purchasing music legally, leading to piracy. However, the emergence of affordable monthly subscription services, ranging from USD5.99 to USD9.99, has made music consumption more accessible and cost-effective. The proliferation of mobile applications and websites has facilitated the growth of digital services like Background Music Market. The increasing adoption of smartphones and tablets, with around 1.2 billion units shipped in 2023, ...Full story available on Benzinga.com