Stock Music Market size is set to grow by USD 650.4 million from 2024-2028, Rising adoption of subscription model boost the market, Technavio

NEW YORK, Aug. 13, 2024 /PRNewswire/ -- The global stock music market size is estimated to grow by USD 650.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. Rising adoption of subscription model is driving market growth, with a trend towards expanding variety of stock music. However, lack of ownership of streamed music and issues associated with integration poses a challenge. Key market players include Addictive Tracks Ltd., Adobe Inc., Artlist Ltd., Audio Network Ltd., Bensound, Envato Pty Ltd., Epidemic Sound AB, Filmstro Ltd., Footage Firm Inc., HookSounds, Marmoset LLC, Music Vine Ltd., MusicRevolution LLC, NEO Sounds Ltd., Pixabay GmbH, Shutterstock Inc., Smartsound LLC, SoundCloud Global Ltd. And Co. KG, The License lab LLC, and Trad Ventures LLC.

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Market Driver

The stock music market experiences significant growth due to the increasing demand for background music in various applications. Stock music tracks are popularly used in TV shows, corporate videos, on-hold productions, websites, and YouTube videos. RF music, a type of stock music, is extensively utilized in YouTube videos as it allows users to legally use licensed music for their video content. Corporate clients employ RF music for creating impactful presentations and marketing videos. Appropriate music selection can enhance the ambiance and influence audience perception. Additionally, stock music is used for voice-overs to set the mood and context for product or service promotions. The wide availability and variety of stock music cater to diverse needs, driving the market's growth during the forecast period. 

In today's digital world, the Stock Music Market is booming. With the rise of internet advertising and TV advertising, the demand for high-quality music for video content has skyrocketed. Streaming services like Netflix and Hulu are leading the charge, but digital advertising, online marketing, podcasting, and broadcasting also require music. Independent filmmakers, multimedia artists, and even businesses are turning to stock music libraries for authentic tunes. The gig economy has given rise to a new generation of stock music producers, offering a wide range of genres and styles. Technology and social media have made it easier than ever for content creators to access these libraries, making the Stock Music Market a global business. Editing tools and platforms have also made it simple for professionals to find the perfect track for their project. Millennials, in particular, value authenticity in their audio marketing, making stock music an essential tool for businesses looking to connect with this demographic. From TV and films to advertisements, video games, corporate production, and entertainment, the user base for stock music is vast and diverse. 

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Market Challenges

• The digital music market, which includes stock music publishing, is experiencing significant growth due to the increasing popularity of digital music and the proliferation of music streaming services. Mobile apps offer both free and paid streaming options with vast music libraries. However, listeners do not own the music they access through these services, and an internet connection is necessary. This lack of ownership and the need for constant connectivity prevent some consumers from relying solely on streaming services. Instead, they prefer downloading music for ownership and offline access. Integrating stock music platforms into various channels, such as mobile apps and social media, necessitates considerable time and financial investment for software coding. Effective integration requires vendor support for all platforms, adding to the complexity and cost. These business process challenges and the need for substantial investments hinder the entry of new vendors and threaten the sustainability of existing ones. Consequently, the global stock music market faces obstacles in expanding during the forecast period.
• The Stock Music Market faces several challenges in today's dynamic business landscape. Millennials prefer authenticity and technology, leading to a surge in demand for original music and social media integration. Music libraries cater to content creators in TV, films, advertisements, video games, and corporate production, requiring a vast user base and diverse offerings. Stock music producers must navigate licensing complexities, including attribution and exploitable rights, while maintaining a premium quality and competitive pricing. Market participants like Premiumbeat, Coca-Cola, Budweiser, and touring musicians leverage stock music for brand assets and advertising material, localization, and digital efforts. Cultural change agents and local musicians contribute to a diverse and evolving market. Technology enables a unified approach through platform integration, and the entertainment business adapts with multimedia content, instore activations, and digital elements. Media spending shifts towards radio advertising and audio marketing, with Prague emerging as a significant hub for stock music production.

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Segment Overview 

This stock music market report extensively covers market segmentation by

1. License Model
• 1.1 Royalty-free
• 1.2 Rights managed
2. End-user 
• 2.1 Television
• 2.2 Film
• 2.3 Radio
• 2.4 Advertising
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Royalty-free- The Stock Music Market is a thriving business platform where creators sell their original music compositions to businesses for use in various media projects. Companies license these tracks for advertising, films, TV shows, and other multimedia content. Transactions occur through secure online marketplaces, ensuring a seamless experience for both parties. This mutually beneficial arrangement saves businesses time and resources while providing musicians with a steady income stream.

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The global Background Music Market is projected to grow steadily, driven by the increasing demand in retail, hospitality, and commercial spaces to enhance customer experience. Meanwhile, the global Live Music Market is booming, fueled by rising disposable incomes and the growing popularity of music festivals and concerts. The global Guitar Market is also experiencing growth, supported by the increasing number of music enthusiasts and the influence of social media on musical trends. Together, these markets reflect the dynamic and evolving landscape of the global music industry.

Research Analysis

The Stock Music Market is a dynamic and evolving industry that caters to the diverse needs of content creators in the digital age. With millennials dominating the consumer landscape, technology and social media have become the driving forces behind the demand for authentic and engaging audio content. Music libraries have emerged as key players, providing a vast selection of royalty-free tracks for use in various sectors. TV, films, advertisements, video games, corporate production, and independent filmmakers all rely on stock music to enhance their multimedia projects.

Market Research Overview

The Stock Music Market is a dynamic and evolving industry that caters to the diverse needs of content creators, businesses, and media platforms in the digital age. With millennials leading the cultural change, technology and social media have transformed the way we consume and create music. Authenticity is key, and stock music libraries offer a vast array of original music for various genres and styles, suitable for TV, films, advertisements, video games, corporate production, and entertainment business. Content creators, from touring musicians to local artists, benefit from this market by licensing their music for exploitable rights. Brands, such as Coca-Cola and Budweiser, use stock music as brand assets for advertising and branding material, while localization and platform integration ensure a unified approach for global audiences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• License Model
• Royalty-free
• Rights Managed
• End-user
• Television
• Film
• Radio
• Advertising
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio