The worldwide background music-market is projected to grow by $421.73 million between 2023-2027, according to a new report from technology research/advisory firm Technavio. That translates into an annual rate of 7.69% for that period.
While such tunes are playing a growing role in a variety of environments, including hospitality, healthcare and corporations, they can be especially impactful in retail environments.
“Background music significantly enhances retail environments by influencing shopper engagement, relaxation and productivity,” the report notes. “It provides a branded experience, sets shopping pace, offers stress relief and boosts employee morale.”
The music industry has experienced significant revenue growth in the past three years, primarily driven by subscription-based streaming services, the report states. “Traditional pay-per-track/album sales were costly, leading to piracy. Affordable monthly subscriptions ($5.99-$9.99) offer unlimited song streams, making music consumption more accessible. Background music is now used in various sectors, including retail, hospitality, healthcare and corporate environments, enhancing ambience, customer engagement and productivity.”
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