July 21, 2024
Stock Music Market
Ict

Stock Music Market is Estimated to Witness High Growth Owing to Opportunity for On-Demand Consumption

Stock music refers to royalty-free music tracks that can be legally used for various applications such as films, television shows, advertisements, videos, games, and mobile apps. It allows creators and media professionals to access a wide variety of music for their content without worrying about copyright issues or negotiation of licensing fees. The main advantages of stock music include affordable pricing, easy access to a massive music library, and no limitations on the number of times it can be used. With the growth of online streaming platforms and user-generated content, there is a rising demand for flexible and cost-effective music solutions.

The global stock music market is estimated to be valued at US$ 1315.38 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for on-demand consumption is expected to drive the growth of the stock music market. With evolving consumer preferences and busy lifestyles, there is an increasing demand for instant gratification and personalized experiences. Content creators require flexible music options that can be tailored to the mood, genre, or style of their videos and other projects. Stock music providers are addressing this need by offering on-demand music solutions through online platforms and mobile apps. Users can search, filter, preview, and instantly license tracks tailored to their requirements. The ease of access and immediate availability of stock music aids spontaneity in content creation. The integration of advanced technologies such as artificial intelligence and machine learning further enhances the on-demand experience. This opportunity of providing customized and convenient music experiences on-demand will continue to attract more users to stock music in the coming years.

Porter’s Analysis
Threat of new entrants: The stock music market has moderate threat of new entrants due to high content production cost and established brands. However, easy digital distribution lowers entry barriers.

Bargaining power of buyers: Buyers have high bargaining power due to availability of substitutes and less switching costs involved. They can negotiate better pricing and payment terms.

Bargaining power of suppliers: Content creators and producers have moderate bargaining power due to availability of multiple distribution platforms. However, established suppliers can influence better monetary terms.

Threat of new substitutes: Alternatives like original music and personalized content pose moderate threat. However, stock music satisfies cost-effective and timely music needs of content creators.

Competitive rivalry: The market has high competitive rivalry among key players to gain market share through unique content and competitive licensing models.

SWOT Analysis

Strengths: Large copyrighted music libraries, global presence, brand recognition, and customization abilities are key strengths.

Weaknesses: High piracy rates and substitutes offering specialized music present weaknesses. Finding right talent remains difficult.

Opportunities: Growth in video and digital content provides opportunities to expand offerings and client base. Developing markets offer scope.

Threats: Regulations around royalties and strict copyright laws pose major threats. Economical downturns impact budget sizes.

Key Takeaways

The Global Stock Music Market Share is expected to witness high growth over the forecast period supported by increasing usage of music in digital content and mobility of subscribers. The global stock music Market is estimated to be valued at US$ 1315.38 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030.

Regional analysis
The Asia Pacific region dominates the stock music market and is expected to grow at the highest CAGR during the forecast period. Increasing internet and smartphone usage and exposure to global digital content is fueling music demand from countries like India, China, Japan and Australia. China represents the largest market in the region supported by huge population and rapid digitization.

Key players
Key players operating in the stock music market are Audio Network Ltd., Getty Images Inc., Shutterstock Inc., The Music Bed LLC., and Envato Elements Pty Ltd. Audio Network Ltd. offers one of the largest international music libraries with over 250,000 tracks across multiple genres.

Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it