June 22, 2024
Stock Music Market
Ict

The Global Stock Music Market Is Driven By Growing Demand From Media And Entertainment Sector

The stock music market involves purchasing music licenses for commercial use in various applications such as movies, television shows, advertisements, websites, and gaming apps. Stock music provides a cost-effective alternative to producing original scores or obtaining expensive synchronization licenses. It offers a large collection of tracks across multiple genres and styles that allows creators to find music suitable for their projects. The music is usually sold through royalty-free or rights-managed licenses. Royalty-free music can be used unlimited number of times without additional payment, whereas rights-managed requires separate fee for each use. Stock music is commonly used to build mood, set pace, and enhance visuals in various media contents. The global stock music market provides a wide variety of tracks recorded by professional artists and composers to suit diverse commercial needs.

The Global Stock Music Market Size is estimated to be valued at US$ 1515.32 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the stock music market is growing preference for streaming music licenses. Many stock music providers have started offering subscription-based music libraries that allow unlimited downloads for a monthly or annual fee. This provides greater flexibility and cost-savings compared to individual song purchases. Spotify, Apple Music, and Amazon Music have also ventured into the commercial music space by acquiring music libraries and offering sync licensing programs. The shift towards streaming licenses is expected to drive the stock music market growth during the forecast period. Audio networking platforms are also emerging as they allow rights holders and music publishers to track usage of songs placed on platforms like YouTube. This helps improve transparency and facilitates more accurate payment of royalties. Advancements in music recognition technology further aid in royalty collection and compliance.

Porter’s Analysis

Threat of new entrants: The stock music industry requires significant initial investments and has well established players, making entry difficult for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many stock music providers to choose from. However, switching costs are relatively low.
Bargaining power of suppliers: Individual musicians have low bargaining power as major stock music companies can source music from a large pool of artists.
Threat of new substitutes: Some threats come from free music libraries and user-generated music, but high-quality licensed stock music remains important for commercial users.
Competitive rivalry: Competition is high among major stock music libraries as they aim to expand catalogs and provide the most relevant search tools.

Key Takeaways

The global stock music market is expected to witness high growth over the forecast period of 2024 to 2031. The market size for 2024 is estimated to be US$ 1515.32 Bn.

Regional analysis: North America dominates the stock music market currently, owing to high production of films, television shows and advertisements in the region. However, Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing media and entertainment spending as well as emergence of new content platforms in countries like India and China.

Key players: Key players operating in the stock music market are Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH, Honeywell International Inc., and Molex Incorporated. These companies are focusing on expanding their catalogs by signing new artists as well as developing AI-powered search and selection tools.

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