The economic value of music: a literature review

This work is related to the track “Cultural and creative industries” and is based on the Horizon Europe project Music360 that will develop a platform to collect data to be used to analyze and represent the value of music. The economic value of background music has been studied by the literature and different variables can be taken into account. In this literature review, we have explored from more than two hundred papers which are these main variables that can help venues and stores to increase their incomes thanks to music, direct or indirectly. From the analysis, we can infer that the music genre, tempo, quality and volume, the size of the venue or store, the age or gender of the customer, the shopping spent time, the sentiment post-comments or the fit with the brand and product/service, can influence positively or negatively the customer experience and, hence, the expenditure and even the evaluation of the personnel. We can conclude that background music has shown relevant influence on the customer behaviour and, for this reason, it is important to match it whith the best positive experience on the customer depending on the kind of venue or store and the products/services offered.