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The stock music market is estimated to grow at a CAGR of 7.94% and the size of the market is forecast to increase by USD 664.36 million between 2022 and 2027. The growth of the market depends on several factors, including the rising adoption of the subscription model, the increasing adoption of digital music, and the popularity of audio and video streaming.
This report extensively covers market segmentation by license model (royalty-free and rights managed), end-user (television, film, radio, advertising, and others), and geography (North America, Europe, APAC, South America, and Middle East, and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising adoption of the subscription model is notably driving the stock music market growth, although factors such as the lack of ownership of streaming music and issues associated with integration may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising adoption of the subscription model is notably driving the stock music 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 global stock music market during the forecast period.
The expanding variety of stock music is the primary trend driving the stock music 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.
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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Stock Music Market Customer Landscape
Vendors 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 report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors 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 652.09 million in 2017. 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 projected to contribute 43% by 2027. 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.
In 2020, the outbreak of COVID-19 severely affected the growth of the media and entertainment industry in North America. However, the lockdown norms were relaxed in the second half of 2020 due to the initiation of large-scale vaccination drives across North America. As a consequence, from the first half of 2021, film and television production activity started to ramp up again which would have an impact on demand for stock music by these end users during the forecast period. Although the demand for stock music is increasing from the movie and TV production industries, it is witnessing a slowdown in demand from the advertisement industry. The rising per-capita income of the people and increasing spending on online music subscriptions is expected to drive the growth of the stock music market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Stock Music Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.94% |
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Market growth 2023-2027 |
USD 664.36 million |
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Market structure |
Fragmented |
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YoY growth (%) |
6.95 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 43% |
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Key countries |
US, China, Japan, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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 |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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