by The stock music market is estimated to be valued at US$ 1315.38 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Stock music refers to commercially licensed music that producers, directors, and other content creators can use in their creative projects including videos, films, advertisements, podcasts, and more. Stock music is affordable and accessible, which makes it suitable for use in independent films, YouTube videos, marketing projects, commercials, and other productions. Common uses of stock music include backdrop music, scene transitions, animated graphics, newsreels, and montages.
Market Dynamics:-
Rising demand for custom content among various end users and growing popularity of online video content are the major factors driving the growth of the stock music market. With the proliferation of social media platforms and video hosting sites, demand for online videos across genres including tutorials, travelogs, comedy, reviews, and more has skyrocketed in recent years. As independent content creators and small production houses aim to produce customized, professional-level videos on tight budgets, stock music has emerged as a viable option to access high-quality, reusable music without high licensing costs. At the same time, evolving consumer preferences for tailored media experiences have prompted stock music vendors to offer personalized music options to cater to niche content themes and genres. For instance, Epidemic Sound provides custom music station mixes created by renowned composers based on specific moods, tones, and vibes. Proliferation of micro-influencer culture has further boosted the demand for affordable yet professional-grade music options to enhance low-budget consumer-generated videos and campaigns. However, availability of free or cheap music on sites like YouTube’s audio library poses a major challenge for paid stock music providers. Companies focus on expanding catalog and offerings to provide exclusive, high-quality options not easily available for free.
SWOT Analysis:-
- Strength:-
- Stock music provides artists and producers flexible licensing options without strict usage restrictions. This allows licensees to use music across various mediums easily.
- Large catalogue of music available from various genres allows finding music suitable for specific needs.
- Cost-effective alternative to purchasing or creating original music.
- Weakness:-
- Quality and uniqueness of music may not match original compositions in some cases. Standardized music may not bring desired impact.
- Lack of artist reputation can reduce credibility for some applications.
- Opportunity:-
- Growth of video and digital content provides vast scope for using stock music. Rising demand from vlogging, podcasts and other online video platforms.
- Increased monetization opportunities through subscription and custom licensing models.
- Threats-
- Emergence of user-generated music platforms provides competition. Amateur artists offer budget-friendly music.
- Piracy remains a challenge for collecting appropriate licensing revenue. Poor enforcement of copyright adds risks.
Key Takeaways:-
The Global Stock Music Market Demand is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand for affordable copyright-free music across industries.
Regional analysis:
North America dominates the global stock music market and is expected to continue its dominance over the forecast period. This is attributed to extensive music & entertainment sector and early adoption of digital platforms in the region. Asia Pacific exhibits the fastest growth aided by booming digital media consumption in major economies like China and India.
Key players:
Key players operating in the stock music market are Audio Network Limited, Envato Elements Pty Ltd., Epidemic Sound, Pond5 Inc., Shutterstock, Inc., SoundCloud Ltd., Inmagine Lab Pte Ltd, The Music Bed LLC, Music Vine Limited, Storyblocks.com, Soundsnap, Soundstripe Inc., Bensound, Jamendo, and ProductionHUB, Inc. Players are focusing on expanding catalogues and developing customized solutions to strengthen positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
