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Splintered Nature of Background Music Market to Prevail
The background music market is estimated to remain consolidated, with prominent market players focusing on expanding their presence through acquisitions and mergers which gives them access to additional resources such as copyright management capabilities and extensive music database. Leading market players are focusing their efforts towards developing innovative products to strengthen their position in the background music market. Some of the notable developments in the background music market have been listed below:
- In order to expand its presence in the background music market, SirusXM acquired Pandora, one of the biggest music streaming service in North America, in January 2019 for US$ 3.5 billion. The acquisition gives SiriusXM access to a combined consumer base of over 100 million subscribers.
- Rockbot installed a background music system at Norris University’s renovated cafeteria in January 2019. The background music system allows students to request music via an internet-based application.
- Soundreef, a global leader in the management of music streaming rights, received funding of €3.5 million which the firm plans to use in expanding its services. The company specializes in developing platforms which collect, audit and maximize royalties for music publishers.
- Imagesound, a leading provider of audio for businesses acquired Freedom Music, a firm which specializes in providing "Rights Included" music eliminating the need for its clients to obtain a public performance license.
- Jamendo recently acquired the Independent Management Entity (IME) status in the state of Luxembourg, giving the company the right to manage and distribute music. The company further plans to gain the same status across Europe.
Other players profiled in the report include Brandtrack, Mood Media, Kasimu, Cloud Cover Music, Open Ear Music, Qsic Pty Ltd., Easy on Hold, Jukeboxy, Sunflower Music Company, NSM Music Ltd., Xenox Music Media, Soundtrack your Brand, SoundMachine, Heartbeats International, Express Melody, Almotech, Custom Channels, CSI Music Service, Almotech, TouchTunes, StorePlay, and USEN Holding Corporation Inc.
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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.
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.
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.
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