stock music market REPORT OVERVIEW
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The global stock music market is expected to be worth USD 1067.04 million in 2021 and is projected to touch USD 1626.81 million by 2027 with a CAGR of 7.28% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Stock music, also known as production music or library music, refers to pre-recorded music tracks available for licensing and use in various media projects. These compositions are created by musicians and composers specifically for this purpose. Such music libraries offer a vast selection of genres and moods, making it a convenient resource for filmmakers, content creators, and advertisers to find suitable soundtracks for their projects without the need for custom compositions. It provides a cost-effective solution for adding music to films, commercials, podcasts, and more, while also ensuring legal compliance and accessibility to a wide range of music styles and tones. All of these factors have helped in the stock music market growth.
COVID-19 impact: Reduced Budgets for Media Projects During Pandemic Decreased Market Growth
The COVID-19 pandemic was the main source of problems for the operation of all the industries. The COVID-19 pandemic had a mixed impact on the music industry as a whole. Initially, there was a surge in demand as content creators, including filmmakers and advertisers, sought music for pandemic-related projects. However, production challenges and lockdowns hindered the creation of new stock music.
Live performances, a source of income for many musicians, dwindled, leading some to contribute more to these music libraries. On the flip side, reduced budgets for media projects due to economic uncertainties affected royalty rates and overall revenue for composers. As the pandemic continued, the stock music industry adapted by offering more diverse content and flexible licensing options to meet evolving needs.
LATEST TRENDS
"Gaining Popularity of Customizable Music to Fuel Market Growth"
New trends are reshaping the music industry and creating lucrative growth opportunities for market growth. Firstly, there's a growing demand for authentic and unique compositions that stand out from generic tracks. Customizable music is gaining popularity, allowing users to adapt tracks to fit their specific project's length or style. Collaboration between composers and content creators is on the rise, fostering tailor-made compositions.
The integration of artificial intelligence aids in categorizing and recommending music more accurately. Furthermore, the rise of niche genres and cultural diversity in such music libraries reflects evolving tastes and inclusivity. These trends signify a dynamic shift towards more personalized, culturally rich, and technologically advanced stock music offerings.
stock music market SEGMENTATION
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- By Type:
The market can be divided on the basis of type into the following segments.
RF, and, RM. The RF segment that is expected to lead the market during the forecast period.
- By Application:
Classification based on application is as follows:
Film, television, radio, advertising, creators, gaming, and, others. The film segment that is expected to lead the market during the forecast period.
DRIVING FACTORS
"Exponential Growth of Online Content Creation Platforms to Increase Market Growth"
Driving factors in this industry encompass several key elements. First and foremost is the exponential growth of online content creation platforms, including videos, podcasts, and streaming services, which continually fuel demand for diverse music. The need for affordable, high-quality soundtracks drives composers to contribute to stock music libraries.
Moreover, the flexibility of licensing options and the ease of access via digital platforms make stock music an attractive choice. Evolving trends, such as increased customization and the integration of AI-driven recommendations, keep the industry dynamic. Additionally, the global expansion of the entertainment industry amplifies the demand for culturally diverse and versatile stock music. The above-mentioned factors are propelling the rapid development of stock music market share.
"Growing Demand for Efficient Copyright Clearance to Amplify Market Growth"
Beyond digital content and affordability, several other driving factors propel the stock music industry. The demand for efficient copyright clearance plays a significant role, as stock music simplifies the licensing process, reducing legal complexities for content creators. Quick access to a vast and varied catalog of music, from classical to contemporary genres, ensures suitability for diverse projects.
Additionally, globalization enables composers and libraries to reach wider audiences, further boosting market growth. The continuous evolution of production techniques, sound quality, and adaptive licensing models keeps the industry vibrant, catering to the ever-changing needs of media creators across the globe.
RESTRAINING FACTOR
"High Competition Among Various Music Libraries to Decrease Market Growth"
Restraining factors in this particular industry include concerns about quality and originality, as some creators prefer custom compositions to ensure a unique sound for their projects. Competition among stock-music libraries can also lead to pricing pressures, impacting the income potential for composers.
Copyright issues and the risk of misuse by unscrupulous users remain a challenge, necessitating robust licensing enforcement. Additionally, market saturation and oversupply of music can make it difficult for composers to earn substantial income from stock music alone. Finally, evolving copyright laws and licensing complexities can create legal uncertainties, affecting both composers and users in the industry.
stock music market Regional Insights
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"North America to Dominate Market During Forecast Period"
North America stands as the leading region in the stock music industry, especially, the U.S. With a robust entertainment and media sector, including Hollywood and a thriving online content creation community, the U.S. hosts numerous major stock music libraries and production houses.
American composers and musicians contribute significantly to the industry's vast catalog, providing a wide range of musical genres and styles. Furthermore, the U.S. market's innovation, strong copyright protection, and global reach make it a dominant force in stock music licensing, catering to the diverse needs of media creators worldwide and solidifying its position as the epicenter of the stock music industry.
"Leading Players adopt Acquisition Strategies to Stay Competitive "
Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.
List of Market Players Profiled
- 123RF (Malaysia)
- Musicbed (U.S.)
- Epidemic Sound (Sweden)
- Artlist (Israel)
- Soundstripe (U.S.)
- Getty Images (U.S.)
- Music Vine Limited (U.K.)
- Shutterstock (U.S.)
- MARMOSET (U.S.)
- Envato (Australia)
- BMG Production Music (Germany)
- POND5 (U.S.)
- AudioBlocks
Report Coverage
The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report is very useful for making decisions and forecasts. A list of key market players has also been listed.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1067.04 Million in 2021 |
Market Size Value By |
US$ 1626.81 Million by 2027 |
Growth Rate |
CAGR of 7.28% from 2021 to 2027 |
Forecast Period |
2022-2027 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global stock music market expected to touch by 2027?
The global stock music market is expected to touch USD 1626.81 million by 2027.
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What CAGR is the global stock music market expected to exhibit during 2022-2027?
The stock music market is expected to exhibit a CAGR of 7.28% over 2022-2027.
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Which are the driving factors of the stock music market?
Exponential growth of online content creation platforms and growing demand for efficient copyright clearance to drive stock music market growth and development.
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Which are the top companies operating in the stock music market?
123RF, Earmotion Audio Creation, Musicbed, Epidemic Sound, Artlist, Soundstripe, Getty Images, Music Vine Limited, and, Shutterstock are some of the top companies operating in the stock music market.
