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The stock music market size is forecast to increase by USD 650.4 million, at a CAGR of 8.09% between 2023 and 2028. The market's expansion hinges on several key factors. Chief among these are the burgeoning embrace of the subscription model, the escalating adoption of digital music formats, and the widespread popularity of audio and video streaming services. These elements collectively drive the market's growth trajectory, underscoring a shift towards subscription-based revenue models in various industries. The rising prevalence of digital music consumption reflects evolving consumer preferences, with streaming platforms becoming integral to how people access and enjoy music and video content. As these trends persist, they reshape the landscape of media consumption, emphasizing convenience and accessibility. The market's evolution towards subscription and streaming signifies a broader cultural shift towards digital content consumption, influencing both consumer behavior and industry dynamics alike. Thus, understanding and leveraging these trends are pivotal for businesses aiming to navigate and capitalize on the evolving market landscape effectively. It also includes an in-depth analysis of market trends and analysis, market growth analysis and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
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In the dynamic landscape of the market, where millennials shape trends and technology drives innovation, authenticity and versatility are key. Music libraries cater to content creators across films, advertisements, and video games, offering diverse genres and styles for every need. Whether for corporate production or independent film, multimedia artists find solace in the vast array of tracks available, navigating the gig economy with ease. This market fuels audio marketing and digital advertising, enhancing online marketing strategies and podcasting experiences alike. As video content and broadcasting thrive, user base expansion hinges on quality soundtracks that resonate universally. Embracing the synergy of creativity and commerce, the entertainment business embraces video games and beyond, where authenticity in corporate production meets the demands of a new era in media consumption.
The rising adoption of the subscription model is notably driving the market growth. An application is used to underpin the subscription model for stock music. One of the main reasons why demand for music subscriptions has increased is that streaming applications are integrated with social media platforms like YouTube. The cost of stock music is also based on applications such as personal use or commercial use. Vendors that offer stock music provide audio tracks based on customer demand and set prices according to the use of music.
However, Musicbed, a stock music vendor, offers stock music plans based on the type of project. It offers different subscription plans based on Personal, Non-profit, Wedding, Business, and Custom models. The costs for these subscription packages shall be USD 9 89. The custom subscription model ensures that the quotation will be delivered at the same time as the request for quotations is submitted. The subscription model is advantageous for a single song as the charge for a single song is USD 49- USD 199, depending on the Personal, Non-Profit, Wedding, Business, and Custom models. The rising adoption of these subscription models will drive the growth of the market during the forecast period.
The expanding variety of stock music is the primary trend driving the market growth. The widespread use of stock music in background music has an influence on demand. In TV programs, corporate videos, on-hold production, and Web sites stock music tracks are widely used. RF (royalty-free) music tracks are extensively used in YouTube videos. YouTube is a mainline video streaming service provider. In order to produce a video, users can use licensed RF music. As a consequence, customers will be able to select the appropriate tracks for their videos thanks to increasing availability and an extensive range of stock music.
Moreover, corporate customers use stock music to compile corporate videos and presentations. In marketing presentations, RF music is largely used as a backdrop score that creates an effect on the customer's mind. The use of appropriate music may have an effect on the atmosphere in relation to a commercial or presentation, and affect its audience. Stock music also finds use in voice-overs to set the mood and context for the promotion of products and services. The extensive use of stock music for personal and business applications gives rise to the demand for a variety of stock music, which is likely to drive the growth of the market during the forecast period.
The lack of ownership of streaming music and issues associated with integration may impede the stock music market growth. An important part of stock music publishing is digital music. The growth in music streaming services can be attributed to the popularity of Digital Music. So, as well as the SoundCloud mobile application which is operated by SoundCloud Ltd, there are lots of other applications to stream music on your phone. The listeners do not own the music that they listen to when they use streaming services, and Internet connectivity is required as not all streaming service providers offer offline music. Therefore, the lack of ownership prevents many people from relying on streaming services, and hence, they prefer downloading.
Further, integrating different channels, such as mobile applications or social media, is needed for a digital content platform that provides stock music. For effective integration, significant time and cost are involved in software coding. In addition, for effective operability, vendors should be able to provide customer support for all platforms. For that reason, it is hard for SMEs to offer consistent services as they face problems with the functioning of their businesses and need substantial investments and time. This hampers the entry of new vendors and also challenges the sustainability of the existing vendors. Therefore, the lack of ownership and the issues associated with integration are challenges for the growth of the global stock music market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Adobe Inc. - The company offers stock music such as royalty-free stock music and audio for video productions and podcasts.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the royalty-free segment will be significant during the forecast period. Royalty-free (RF) refers to the right to use copyright materials without paying royalty or license fees. The use of RF music may be carried out solely for a specified period by paying a one-time fee, which is unrelated to the number of times it has been performed, the number of copies purchased, or the duration of sales. Conventionally, RF music was mostly used for TV productions as it permitted the easy addition of soundtracks without requiring conventional licensing.
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The royal-free segment was the largest segment and was valued at USD 624.30 million in 2018. A number of websites offer a broad range of RF music from various composers under one platform for different genres. The advent of RF music made it possible for a video or sound-based production to take advantage of the use of legally licensed music. It has provided producers with legal access to a range of musical content without the need to use copyrighted music illegally. The cost of RF music is also less than RM music. The affordability of RF music drives the growth of the segment. Thus, the RF segment of the global stock music market is estimated to grow steadily during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The stock music market in North America is more mature than other regional stock music markets. Therefore, the popularity of digital music services, such as streaming and downloading, is growing slowly. The stock music market in North America is growing due to the existence of strict copyright laws. In North America, in particular, because of the presence of many music publishers and streaming service providers, the United States is by far the world's biggest stock market for music. The high spending capacity of the population also contributes to the growth of the stock music market in the US.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is a dynamic ecosystem driven by stock music producers who cater to diverse licenses and exploitable rights required by market participants like Premiumbeat and brands such as CocaCola and Budweiser. From brand assets to branding material, music serves as a powerful brand anthem at music festivals and beyond, influencing digital efforts across audiovisual content and multimedia content. Local and touring musicians contribute original music, becoming cultural change agents in a globalized industry. Localization enhances instore activations and media spending strategies, integrating seamlessly with TV advertising, radio advertising, and internet advertising. Platform integration and editing tools empower professionals to curate tailored soundtracks, aligning with the digital element driving Prague and worldwide markets. This unified approach underscores the significance of stock music in modern globalization, shaping the future of media consumption across magazines and newspapers alike.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 650.4 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, UK, China, Japan, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 |
Market dynamics |
Parent market analysis, Market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by License Model
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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