Stock music or production music refers to any privately owned instrumental or vocal recording that is made available for use in film, television, radio, and other media. Royalty-free stock music offers convenience and cost-effectiveness compared to custom scored or original music. The increasing demand for catchy background music in television commercials, movies, YouTube videos and other media has accelerated the growth of the stock music market. The global Stock Music Market is estimated to be valued at US$ 1315.38 Mn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for music in advertising and media is one of the key trends driving the growth of the stock music market. Background music helps create an emotional mood and connection with the audience. Marketers and production houses are understanding the importance of right music to compliment their content and drive audience engagement. This has significantly boosted the demand for cost-effective stock music. With the growing digital content publishing and social media advertising, the need for Expressive yet copyright-cleared music is growing exponentially. Stock music services offer a wide catalog of songs to choose from various genres, styles, and moods, fulfilling this current demand surge.
Segment Analysis
The stock music market is dominanted by the audio audio/visual sector segment. With increased demand for stock music in movies, TV shows, advertisements and other audio-visual contents, this segment holds over 45% of the market share. Lower production and licensing costs along with widespread applications have made audio/visual segment the leading revenue generator in the stock music industry.
Key Takeaways
The global Stock Music market is expected to witness high growth over the forecast period of 2023 to 2030. With estimated market size of US$ 1315.38 Mn in 2024, the adoption of stock music is growing across industries for marketing, media and various commercial uses.
Regional analysis: North America region currently dominates the stock music market with over 35% share driven by strong entertainment and media industries in United States. However, Asia Pacific region is expected to witness highest growth during the forecast period on back of rapidly growing digital marketing spend and increasing popularity of digital platforms across countries like China, India.
Key players operating in the stock music market are Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIC GmbH, STG Germany GmbH, Harbin Electric Group, Zhejiang Xurui, Zippy Technology Corp., Honeywell International Inc., Molex Incorporated. Major players are focusing on developing new collection of royalty free tracks across genres to capitalize on the opportunities arising from increased demand across industries.
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The global Stock Music Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the stock music market include Audio Network, Getty Images, Shutterstock, Musicbed, Envato, Others.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Stock Music Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/stock-music-market/download-sampleMarket DynamicsThe rising popularity of audio and video streaming services will be the central stimulant for the stock music market.
The mushrooming of music publishers and the stringent copyright laws governing the entertainment industry will further propel this market's growth.
The rising demand for video production with already available music try used in voice-overs and background scores, and the availability of a broad genre of music libraries will boost this market's growth.
