Entering the U.S market together, the Stingray Business and Space Factory duo encompass a grand presence in the background music industry, expected to grow by USD 82.22 million within the next four years according to market research by Technavio and the digital signage industry worth USD 7.8 billion by 2027. (GVR, 2020)
Stingray Business x Space Factory
The agreement between Stingray Business and Space Factory dating from early September 2020 creates an exciting entrance in the U.S for Stingray Business. Space Factory is to represent all Stingray Business’ products and services, which includes in-store music, digital experiences, and AI-driven consumer insights (Chatter Research) for brands and businesses.
Who is Space Factory?
Los Angeles-based Space Factory is a digital media collective providing various services such as brand development, music, mobile engagement, and content marketing. As the two companies join forces, they will create a one-stop-shop for all media solutions.
“We are thrilled to be working with Space Factory to allow brands to better connect with their consumers…”
President, Co-founder, and CEO of Stingray, Erik Boyko, expressed his excitement for this new partnership. He believes it is a step forward in the right direction to providing the best solutions for companies to “connect with their consumers.”
John Crooke, Co-Founder and Chief Media Officer for Space Factory, commented that the partnership with Stingray Business fostered a shared vision. “We can’t wait to bring a multi-dimensional solution to enterprise brands that includes music, content, media, technology, mobile, and data. They will all work together ubiquitously across the commercial and consumer space.”
The Digital Signage Industry in the U.S Market
As per market research conducted by Grand View Research, the market size for U.S digital signage is estimated to witness a CAGR of 6.4% within the next 7 years (2020-2027). Companies harness digital signage to create visual “promotional and informative content,” including “graphics, design collaterals, videos, and creative advertising,” all showcased on digital displays. Industries such as retail, hospitality, healthcare, education, transportation, corporate, and banking are adopting digital signage to engage their consumers through creative advertising content, impacting their customer’s purchase decisions. The advantages of using digital signage are endless, from improved consumer engagement to reduced paper consumption, which is leading usage for U.S companies and lucrative market growth.
The Background Music Industry in the U.S Market
In the U.S, the market size for background music is anticipated to increase by USD 82.22 million from 2020 to 2024. Background music has a proven ability to positively impact “engagement with the environment” and entices consumers to shop for more extended periods - as stated in a market research report by Technavio. It plays a significant role in creating a positive shopping experience, becoming a key selling point for organizations globally.
The competitive landscape is quite saturated in the U.S. A handful of organizations are assuming their place, such as Almotech Ltd., AMI Entertainment Network LLC, Imagesound Ltd., Mood Media Corp., NSM Music, PlayNetwork Inc., Qsic Pty Ltd., Rockbot Inc., Sirius XM Holdings Inc., and SOUNDMACHINE. Despite the belief that the background music industry is to witness considerable growth, “the availability of royalty-free BGM” will threaten organizations interested in subscribing. To mitigate this challenge, market vendors should prioritize the “growth prospects in the fast-growing segments” and sustain their positions in the “slow-growing segments.”
Space Factory Lays Down the Foundation for Penetrating The U.S Market
There is no challenge too great that Space Factory and Stingray Business cannot take on together. Space Factory’s team of knowledgeable industry professionals can help drive Stingray Business’ presence in the U.S by offering “business planning, market development, strategic sales, and mergers and acquisitions support,” as mentioned in a news release on GlobeNewsWire.
Globally, Stingray Business is becoming an all-in-one solution for organizations seeking to provide a “unified brand experience” to their consumer base by means of background music, digital signage, and customer insights.