A 2006 study by Georgia State University’s J. Mack Robinson College of Business explored the impact of on hold music on customer satisfaction… specifically, if people like the music they hear, do they believe their wait time is shorter? The study was published in the Journal of Service Research.
Here is a brief overview of the study:
75 percent of respondents who liked the music while on hold felt they had shorter wait times than those who did not like the music.
69 percent found that information on how long their wait would be did not make a difference in their perception of the wait
Knowing what order number their call was did not have any effect on perceived wait times for 72 percent of the people surveyed.