Global Stock Music Market Grows Steadily at a CAGR of 9.8%

Introduction

Stock music, often known as music libraries or archives, refers to licensed or royalty-free music content makers commonly utilize. This music is prerecorded, versatile, and suitable for various applications such as television, cinema, advertising, video games, and corporate production. In recent years, the growing media and entertainment industry has significantly increased the number of users utilizing stock music. The prioritization of video material, which ranks highest and is subsequently followed by interactive tools and other forms of information, is evident in the shifting patterns of internet browsing.

Market Dynamics

Simplifying Licensing Drives the Global Market

Market participants are developing versatile licenses that may be used for any purpose without restrictions and licenses that enable the acquisition of extra usage rights for a wide range of users and a broader audience. This facilitates adaptability in the industry. Moreover, certain market participants are streamlining the licensing process by reducing the number of extra procedures. For example, Premiumbeat created its clear-cut standard and premium licenses by simplifying procedures and eliminating coverage-related concerns. It additionally encompassed essential components such as iterations, abbreviated versions, and the pathway. These factors contribute to the market expansion.

Growth of Platform Integration Creates Tremendous Opportunities

In today's highly competitive global business landscape, companies are seeking a cohesive and effective strategy to streamline complex and time-consuming procedures, ensuring that projects stay on track. This is particularly important as virtually every organization now incorporates digital components. Therefore, there has been significant emphasis on the interfaces and interactions among numerous systems in the landscape, which can greatly enhance project efficiency. Platform integration is an increasingly prevalent method in the stock music market. It is gaining significance as a tool that provides a user-friendly search interface, facilitating stock music utilization by seamlessly incorporating music libraries into other applications.

Regional Analysis

North America is the most significant global stock music market shareholder and is estimated to grow at a CAGR of 10.02% during the forecast period. North American advertising has increased exponentially over the past six years, with circular events like the Olympics and elections playing a major role. Undoubtedly, technology has been a positive influence, revolutionizing the marketing sector. Publications like newspapers and magazines are looking for ways to stay afloat after seeing their advertising budgets dwindle to platforms like Google and Facebook. Moreover, with Google and Facebook gearing up for an influx of video content, audio is well-positioned for growth. As a result of social media platforms' dynamic content that engages senses other than sight, the print channel is being abandoned faster in North America than in any other industrialized economy.

Key Highlights

• The global stock music market was worth USD 1.21 billion in 2022. It is estimated to reach an expected value of USD 2.82 billion, growing at a CAGR of 9.8% over the forecast period (2023 – 2031).
• Based on product, the global stock music market is segmented into sound effects and tracks. The track segment dominates the global market and is estimated to grow at a CAGR of 10.8% during the forecast period.
• Based on end-users, the global stock music market is segmented into large businesses and SMEs.The large businesses segment owns the highest market share and is estimated to exhibit a CAGR of 9.8% during the forecast period.
• Based on license, the global stock music market is segmented into royalty-free and licensed music.The royalty-free segment dominates the global market and is estimated to exhibit a CAGR of 9.7% during the forecast period.
• North America is the most significant global stock music market shareholder and is estimated to grow at a CAGR of 10.02% during the forecast period.

Competitive Players

Competitive Players

Key players operating in the global stock music market are Envato, Entertainment One, Getty Images, Musicbed, Shutterstock, Tribe Of Noise, Sound Cloud, 123RF, Art-List, Audiosocket, Bensound, Fyrfly, Jamendo, Motion Array, and Videvo, among others.

Recent Developments

Market News

• In June 2023, Getty Images, a preeminent global visual content creator and marketplace, announced its collaboration with the Radiate Festival ahead of the 75th Windrush anniversary. A special walk-through open-air gallery titled Empire Windrush to Empire Black, sourced from Getty Images' Black History & Culture Collection (BHCC), will be available at Radiate Festival, 2425 June in Burgess Park London.
• In June 2023, Getty Images, a preeminent global visual content creator and marketplace, was again named the Official Photographer of the Tribeca Festival, renewing a longstanding partnership with the foremost outlet for independent storytellers.

Segmentation

Global Stock Music Market: Segmentation

By Product

• Sound Effects
• Track

By License

• Royalty-Free
• Licensed Music

By End-User

• SME's
• Large Businesses

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa