by Stock Music refers to royalty-free music that can purchased or licensed for use in film, television, video games, and other commercial and non-commercial multimedia projects. Stock music are of many genres including pop, rock, jazz, classical, and international. Various stock music libraries provide thousands of tracks that are cleared for both sync and non-sync uses. Stock music are used widely in creating advertisements, websites, YouTube videos, multimedia presentations, podcasts, and mobile apps.
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 Dynamics:
The stock music market is witnessing high growth owing to rise in demand for flexible licensing models from content creators and producers. Various stock music libraries now offer flexible and customized licensing options to clients providing them hassle-free access to music tracks without limitations on duration of use or territory of use. This has boosted the adoption of stock music versus custom songs especially among small businesses and individual content creators. Furthermore, increasing number of digital platforms and growing trend of content consumption on mobile phones and social media has bolstered the demand for stock music tracks that can be easily synced with audiovisual content. Rising internet and smartphone penetration globally is another driver fueling the growth of stock music market.
SWOT Analysis
Strength: Stock music has low upfront costs, gaining access is quick and affordable. It provides composers great creative flexibility. No restrictions on usage. Being a non-exclusive licensing model, clients can freely use different stock music libraries simultaneously.
Weakness: Quality can vary greatly across music vendors. Finding music that perfectly fits client’s needs takes time. Stock music has less uniqueness compared to custom compositions. Clients often prefer unique pieces to stand out from competitors.
Opportunity: Growth of online video content is driving demand. Videos online use stock music significantly more than TV/film projects. Fast growth in digital media consumption globally presents major opportunity. Many small businesses are new adopters of stock music for their digital marketing requirements.
Threats: Free music distribution platforms threaten paid stock music market to some extent. Some artists distribute music for free to gain exposure which acts as alternative. Custom music production becoming more affordable challenges standardization of stock music.
Key Takeaways
The Global Stock Music Market Share is expected to witness high growth over the forecast period of 2023 to 2030. The market is forecast to grow at a CAGR of 8.1% during the forecast period to reach a size of US$ 1315.38 Mn by 20230 from US$ Mn in 2023.
Regional analysis: North America currently dominates the stock music market owing to high penetration of digital media and freelance creative work. The region accounts for over 35% revenue share. Asia Pacific is expected to be the fastest growing region growing at over 10% CAGR during forecast period led by countries like India and China.
Key players: Key players operating in the stock music market are Ajinomoto Co. Inc., McCormick & Company Inc., Associated British Foods PLC, General Mills Inc., Orkla ASA, Aryzta AG, Paulig Ltd, Asli Fine Foods, Capital Foods Pvt. Ltd, Bigham’s Limited, The Spice Tailor Limited, and Quality Ethnic Foods Inc.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
