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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:-
Stock music refers to royalty-free music that can be legally used in commercial projects. It provides editors, producers, and designers flexible licensing options to enhance the visual narrative of various media formats including films, videos, advertisements, and others. The growing demand for affordable and legally compliant music tracks from content creators and production houses is driving the growth of the stock music market.
Market key trends:-
The increasing demand for flexible licensing options is a major trend fueling the growth of the stock music market. Stock music licensing allows integration of tracks in commercial projects without additional royalties or legal hassles, providing flexibility to content creators. Furthermore, the rising popularity of online streaming platforms and availability of stock music through subscription-based library services is boosting the market growth. Many stock music providers offer monthly or annual subscription plans providing unlimitedDownloads of tracks at affordable prices. This subscription model offering is gaining widespread acceptance among individual creators and small production studios. Rapid digitalization of industries and growing exposure of audiences to various visual media formats worldwide have also increased the demand for stock music integrating with videos, films, and other projects.
Porter’s Analysis:-
- Threat of new entrants: The stock music market requires large investments in music libraries and distribution channels, which represents a barrier for new entrants.
- Bargaining power of buyers: Individual buyers have low bargaining power compared to larger media companies and publishers that can negotiate better licensing terms.
- Bargaining power of suppliers: Musicians and composers have moderate bargaining power as there are many stock music providers to choose from for distribution.
- Threat of new substitutes: New distribution technologies like social media and streaming pose a threat by enabling amateur musicians to directly license their work.
- Competitive rivalry: Intense as leading providers compete on music catalogue size, customization options and targeted marketing.
SWOT Analysis:-
- Strengths: Leading providers have extensive music libraries with millions of tracks and global licensing networks.
- Weaknesses: Smaller players have limited budgets for composers resulting in smaller catalogues. Production quality can vary significantly.
- Opportunities: Growing demand from content creators for budget-friendly licensing of copyrighted music. Sync licensing to video and games is an expanding market.
- Threats: Pirated content and copyright disputes threaten established revenue streams. Free music sources present an alternative.
Key Takeaways:-
The Global Stock Music Market Size is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing demand from content creators for affordable, copyright-cleared music libraries.
Regional analysis: North America currently dominates the stock music market, however Asia Pacific is expected to grow at the fastest pace during the forecast period due to the expansion of digital media industries in major economies like China and India.
Key players operating in the stock music market incorporate 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. Leading providers focus on expanding content offerings and tailoring platforms for video, advertising and emerging sync licensing opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
