BACKGROUND MUSIC MARKET ANALYSIS

Key Developments

• In April 2024, ai, India's first and only AI-backed, new age, web-based disruptive music tech startup, developed an AI-powered platform that enables podcast, video, and game creators to generate unique, royalty-free background music for their commercial content. The platform, which was founded by Mansoor Rahimat Khan and Siddharth Bhardwa, offers a range of innovative features that empower creators to produce high-quality music. Through Beatoven.ai's web-based application, content creators can create and customize tunes with the help of the platform's vast and varied library of mood-based tunes spanning multiple genres.
• In September 2023, USEN Corporation, a leading Japanese media and telecommunications company, will partner with TTNE Co., Ltd., a manufacturer of saunas and sauna-related products, to begin distributing three original music channels targeting sauna facilities and home sauna rooms. The channels will be themed "Sauna Tomote*1 Music", providing curated musical content to enhance the sauna experience for users.
• In March 2023, Mood Media, the world's leading experiential media company that maximizes the Customer Experience and provides value for businesses and brands worldwide, acquired Vibenomics, the leading in-store digital advertising solution provider. The financial terms of the transaction were not disclosed.
• In November 2022, USEN-NEXT HOLDINGS, a leading provider of entertainment and media solutions in Japan, and Recochoku, the country's largest music distribution platform, collaborated to launch WEDDING MUSIC BOX. This comprehensive web and mobile application-based background music (BGM) service package was designed to simplify the management of music for wedding ceremonies and receptions.