Stock music refers to pre-recorded licensed music tracks and sound effects that can be reused by customers for various multimedia productions and projects without any attribution to the composer. It is widely used by content creators and producers for videos, games, apps, websites, commercials, and podcasts to enhance the overall viewing and listening experience. Stock music offers advantages like affordable licensing fees, ease of use without hassles of clearances and copyrights, large libraries of varied genres and moods, and immediate downloadability. While original compositions suit premium productions, stock music is ideal for everyday use by individuals, small businesses and firms on tight budgets who require background music for presentations, promotions or lighter entertainment purposes.
The global stock music market is estimated to be valued at US$ 1315.38 million in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The stock music industry is witnessing rising demand and consumption owing to increased digital content creation and consumption. Growing online video platforms, social media usage, in-game/app monetization models are fueling the incorporation of background music tracks in user-generated short videos, live streams, games and apps worldwide. In addition, flourishing digital entertainment sectors across genres such as web series, movie trailers, gaming are creating strong demand pull for stock music licenses. Furthermore, adoption of stock music is growing among small businesses to incorporate a touch of professionalism in their digital advertising, marketing and communications mediums like websites and presentations at competitive rates. Advanced search filters in stock music libraries allow content creators to precisely find tracks matching their production needs, moods and themes. Overall, shifting digital media usage patterns and proliferation of multimedia content are the key growth driver for the global stock music industry in the upcoming decade.
Porter's Analysis
Threat of new entrants: The music licensing market requires significant upfront costs for large high quality music libraries, making it difficult for new companies to enter.
Bargaining power of buyers: Buyers have some bargaining power as they can choose from different stock music libraries. However, switching costs are relatively low.
Bargaining power of suppliers: Individual artists have low bargaining power as many license their music through music libraries and aggregators who negotiate on their behalf.
Threat of new substitutes: Some new technologies like AI generated music pose a potential threat, but cannot fully substitute high quality authentic stock music yet.
Competitive rivalry: The market consists of a few large players and many smaller players. Competition is based on music library size, quality and pricing.
Key Takeaways
The Global Stock Music Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The global stock music market is estimated to be valued at US$ 1315.38 million in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region is expected to grow the fastest over the coming years due to rising demand from content creators in countries like India and China. North America currently dominates the market led by the US.
Key players: Key players operating in the stock music market are Ajinomoto Co. Inc., McCormick & Company Inc., Associated British Foods PLC, General Mills Inc., Orkla ASA, Aryzta AG, Paulig Ltd, Asli Fine Foods, Capital Foods Pvt. Ltd, Bigham€TMs Limited, The Spice Tailor Limited, and Quality Ethnic Foods Inc. They focus on expanding their music libraries and partnerships with content platforms.
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The global Stock Music Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the stock music market include Audio Network, Getty Images, Shutterstock, Musicbed, Envato, Others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Stock Music Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/stock-music-market/download-sampleMarket DynamicsThe rising popularity of audio and video streaming services will be the central stimulant for the stock music market.
The mushrooming of music publishers and the stringent copyright laws governing the entertainment industry will further propel this market's growth.
The rising demand for video production with already available music try used in voice-overs and background scores, and the availability of a broad genre of music libraries will boost this market's growth.
