Stock music refers to pre-recorded music that clients can use in exchange for a fee or license. Stock music is popular among digital content creators such as video producers, podcasters, filmmakers, and app developers as it provides instant access to a wide library of royalty-free tracks for various moods and genres. The global stock music market offers an extensive collection of instrumental tracks, production music, and sound effects. Popular use cases include commercials, YouTube videos, television programs, corporate videos, mobile apps, and web pages. The Global Stock Music Market Size is estimated to be valued at US$ 1515.32 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The stock music market is expected to grow at a significant rate due to increasing demand from digital content creators. With the widespread usage of social media platforms and video sharing websites, there has been a rise in the number of influencers, YouTubers, and online video creators who rely on affordable stock music to produce high-quality content. Stock music provides easy access to copyright-free tracks through flat-rate licensing agreements, which is more cost-effective for budgets of individual creators and small businesses compared to custom music production. Another driver for the market growth is the growing need of enterprises to develop branded videos, presentations, and other marketing collateral. Stock music libraries with extensivecollections catering to different moods and genres help companies incorporate standardized yet customized audio tracks for effective storytelling.
SWOT Analysis
Strength: Stock music provides an affordable option for businesses and content creators to legally obtain music for their projects without paying hefty licensing fees. It is easily accessible through online subscription models or individual song purchases. The variety of genres, moods, and styles available allows customers to find the perfect track for their needs.
Weakness: The quality and production value of stock music tracks varies widely. Many tracks sound overly generic or amateurish which limits their suitability for high-profile commercial work. Customers have less control over selecting specific artists or newly released music compared to licensing directly from music publishers.
Opportunity: As more businesses and individuals create their own visual content for websites, videos, and social media, the demand for affordable copyright-cleared music will continue growing. New technologies like artificial intelligence may help improve the process of matching customers to tracks that perfectly fit their project needs and brand image.
Threats: Major music publishers could respond to stock music's popularity by offering their own subscription services at competitive prices. Customers may decide some tracks from famous artists are worth paying higher licensing fees rather than settling for generic stock options. Unpaid music sharing through platforms like YouTube also poses a threat by satisfying low-budget music needs without direct payment.
Key Takeaways
The global stock music market is expected to witness high growth over the forecast period of 2024 to 2031 driven by increasing content creation across various industries.
The Asia Pacific region is projected to be the fastest growing market for stock music during this time due to rising digital media consumption and growth of small businesses in countries like India and China. The abundance of new digital platforms and mobile apps has provided additional avenues for stock music licensing and exposure to new audiences.
Key players operating in the stock music market are Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH. They offer large music libraries in a wide variety of genres collected from both signed and independent artists around the world. Their catalogs are customizable for client branding needs and budgets. Audio production quality has also improved through remastering and new song additions.
Get More Insights on This Topic: https://www.newsanalyticspro.com/stock-music-market-trends-growth-and-regional-outlook-2023-2030/
Explore Related Report, Please Visit: https://captionssky.com/what-are-thermoplastic-elastomers/