The global Stock Music Market is estimated to be valued at US$ 1315.38 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Stock music refers to royalty-free music tracks that can be legally used in various projects including films, YouTube videos, podcasts, advertising, apps, websites and more. It provides copyright permission for both personal and commercial use. Stock music comes in a wide variety of genres, moods, themes and styles. With stock music, users don't have to recruit and pay musicians, produce original music in-house or negotiate synchronization licenses. This makes stock music a cost-effective solution for small businesses and individual creators working on tight budgets.
Market key trends:-
One of the major trends in the stock music market is the growing popularity of independent content creators. Rise of social media platforms and video streaming services has led to the emergence of a new generation of independent YouTubers, vloggers, podcasters and influencers. As these individual creators have limited budgets, stock music provides an affordable solution to add high-quality licensed music to their content without infringing copyrights. Advancements in online music libraries have also made it convenient for creators to browse, preview and license music tracks from their devices. The rising demand from independent creators is expected to drive significant growth in the stock music market over the coming years.
Porter’s Analysis:-
- Threat of new entrants: Low economies of scale in production and high costs of creating an extensive catalog of tracks pose entry barriers for new players.
- Bargaining power of buyers: Large buyers can negotiate lower prices, while independent users have less bargaining power.
- Bargaining power of suppliers: High fragmentation in content ownership ensures no single supplier can influence pricing.
- Threat of new substitutes: Alternatives like designer music and personalized songs pose a looming threat.
- Competitive rivalry: Intense competition exists between major players to expand offerings and provide exclusive content and customized solutions.
Key Takeaways:-
The Global Stock Music Market Size is expected to witness high growth, exhibiting CAGR of 10 percent over the forecast period, due to increasing demand for high-quality royalty-free music across industries.
Regional analysis: North America dominated the market in 2023, accounting for around 40% share due to high music production and early adoption of stock music. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by the growth of advertisement, gaming, and media industries in China and India.
Key players: Key players operating in the stock music market are Audio Network Limited, Envato Elements Pty Ltd., Epidemic Sound, Pond5 Inc., Shutterstock, Inc., SoundCloud Ltd., Inmagine Lab Pte Ltd, The Music Bed LLC, Music Vine Limited, and Storyblocks.com. These key players are focusing on expanding their catalog by collaborating with individual artists and songwriters. They are also focusing on investments in deep learning and AI to provide more efficient search functionalities and customized offerings to clients.
Read More- https://www.trendingwebwire.com/stock-music-market-demand-and-outlook-analysis/
