Stock Music Market Is Anticipated To Witness A High Growth Owing To Increased Popularity And Affordability
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Stock Music Market |
The stock music market has witnessed robust growth in the past few years
owing to the growing popularity of stock music and increasing demand from
several industries. Stock music refers to commercially licensed music tracks
that can be used by content creators, producers, marketers, publishers and other
individuals for their productions, advertisements, podcasts, videos and other
audio-visual content without having to pay artist royalties. The growing
popularity of online video platforms and surge in video content consumption
have increased the demand for cost-effective stock music from various
industries including media & entertainment, gaming, advertising, real
estate, technology and healthcare. Furthermore, the affordability of stock
music licenses as compared to custom music compositions is a major factor
propelling the market growth.
The global stock music market is estimated to be valued at US$ 1515.32 billion in 2024 and is
expected to exhibit a CAGR of 9.5%
over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the stock music market include Littelfuse, Inc.,
RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto
Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH, Harbin Electric
Group and Zhejiang Xurui. These key players are focusing on expanding their
music libraries by acquiring smaller independent catalogues and studios to
strengthen their foothold and gain competitive advantage in the market.
Furthermore, growing demand for Stock
Music Market from emerging economies of Asia Pacific and Latin America
due to increasing internet penetration and digitalization presents significant
growth opportunities for players in the coming years. Major stock music providers
are expanding their presence in developing markets through strategic
partnerships and licensing deals to leverage the high growth potential in these
regions. For example, Shutterstock, Inc. entered into a licensing agreement
with Tiktok in 2021 to provide music for the platform's global users.
Some of the major drivers for the stock music market include growing preference
for cost-effective and convenient licensing of music instead of custom
compositions, increasing demand from digital content creators, rapid growth of
online video platforms and prevalence of user-generated content. Furthermore,
continuous additions to music libraries by stock music providers and easy
accessibility through digital platforms is positively impacting the market
growth. However, availability of pirated and free music content online is one
the key restraints hampering the market demand. Difficulty faced by creators in
finding the right track suited to their specific project requirement also
slightly hinders the market progression to some extent.
Key drivers for stock music market include-
- Growing demand for affordable and easy to use stock music from content
creators and digital publishers instead of expensive custom compositions
- Proliferation of online video content across various digital platforms
boosting the requirement for large music libraries
Key restraints for stock music market include-
- Availability of pirated and free music through various illegal platforms
affecting the demand and revenue of paid tracks
- Difficulty in finding niche and specific tracks suited for creatives'
projects thereby slowing down market growth to some extent
Segment Analysis
The stock music market is dominating by commercial segment. The commercial
sub-segment includes various music that can be used for commercial use like in
advertisements, films, television programs, videos, and other commercial
multimedia content. It holds around 60% of total stock music market share owing
to wide application in different commercial purposes. The non-commercial sub
segment includes music that can be used for non-profit motives like in YouTube
videos, podcasts, personal projects and websites.
Global Analysis
North America region holds the major share in stock music market and is
expected to witness highest growth during the forecast period. Factors such as
rising demand for personalized and contextual music experience along with
growth in digital media consumption are fueling the market growth in this
region.Additionally, presence of leading players in United States and Canada is
positively impacting the regional market expansion. Asia Pacific is projected
to emerge as the fastest growing region during the coming years. Increasing
application of stock music in entertainment & media industry coupled with
rising penetration of internet and smartphones across developing nations
including China, Japan and India are propelling the market growth.
Get more insights on Stock
Music Market
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