STOCK MUSIC MARKET ANALYSIS

Stock music is also known as production music or library music which can be license or authorize for customers to use music in television, film, and other media. The production music libraries own all of the copyrights of their music as compared to the popular and classical music publishers, who own less than 50% of the copyright in a composition. Production music libraries typically offer a broad range of musical styles and genres, enabling producers and editors to find what they need in the same library. Music libraries vary in size from a few hundred tracks up to many thousands. The increasing demand for stock music or production issue from various applications such as film soundtracks, advertising, online content, gaming, television and radio broadcasts, corporate and educational presentations, and others is driving the market growth during the forecast period.

The global stock music market is expected to witness significant growth during the forecast period (2021–2028). The increasing popularity of audio and video streaming is driving the global stock music market growth during the forecast period. For instance, according to Coherent Market Insight analysis, the revenue of music industry reached US$ 59.6 billion in 2020 from US$ 48.1 billion in 2016 worldwide.  The engagement of music enthusiasts with streaming, especially with paid subscriptions for audio and video streaming has increased considerably in the recent years. In addition, the rising demand for video production with stock music tracks to be used in voice-overs and background scores is expected to drive the stock music market during the forecast period. Furthermore, stock music libraries offer a wide variety of music composed by various artists in different moods, genres, tempos, styles, and ranging from classical orchestrations to animated cartoon compositions. All these factors are expected to fuel of the growth of the global stock music market.    

Global Stock Music Market - Impact of Coronavirus (Covid-19) Pandemic

COVID-19 has significantly disrupted almost all the industries including infrastructure, transportation, oil and gas, manufacturing, and others. To combat COVID-19 pandemic, most of the countries had implemented lockdown restrictions, which are now being eased slowly on phase-wise and industry-wise basis. This has significantly impacted the manufacturing sector, as the facilities across the globe were temporarily shut down. However, most of the people are staying at home and following social distancing in order to contain spread of COVID-19. The COVID-19 has increased the demand for video and audio streaming and driving the market growth. For instance, according to Coherent Market Insight analysis, global video streaming market has reached US$ 50.1 billion in 2020 and is expected to reach US$ 224.2 billion in 2028 with a CAGR of 21.1% during the forecast period.  In addition to this, revenue of music industry in the U.S. has reached US$ 8.1 billion in 2020, grew by 7.5% from US$ 7.3 billion in 2019. Thus, in turn, increases the demand for stock music in the market.

North America is expected to hold dominant position in the global stock music market during the forecast period.

Statistics:

North America held dominant position in the global stock music market in 2020, accounting for 43.2% share in terms of value, followed by Asia Pacific and Europe.

Figure 1: Global Stock Music Market Share (%), By Region, 2020

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Among regions, North America held dominant position in the global stock music market in 2020 and is expected to retain its dominance throughout the forecast period. The growing demand for podcasts and the rise in the audio-based user experience are expected to boost the demand for stock music in the region. Podcasting has become a strong form of media in the U.S. with listenership increasing in all age groups. Listeners are consuming more podcasts than ever before, owing to the growing need for podcast at-home entertainment during the pandemic. For instance, according to Coherent Market Insight analysis in 2021, 116 million people listen to a podcast monthly in the U.S.,

Asia Pacific is also expected to exhibit significant growth during the forecast period. The growing demand for streaming in Asia Pacific region is expected to increase the stock music growth in the market. For instance, according to Coherent Market Insight analysis, music streaming market in the Asia Pacific is projected to reach US$ 13,973.9 million by 2027 from US$ 6,961.5 million in 2019 with a CAGR of 8.2% during the forecast period.

Individual content creators segment is expected to drive the market growth during the forecast period.

Among end user, individual content creators segment is expected to hold dominant position in the global stock music market during the forecast period. This is attributed to the increasing demand for royalty-free stock music and licensed stock music is driving the segment growth during the forecast period.

Figure 2: Global Stock Music Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2028

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The global stock music market was valued at US$ 964.4 Mn in 2020 and is expected to reach US$ 2,137.5 Mn by 2028 at a CAGR of 10.9% between 2021 and 2028.

Major players operating in the global stock music market include 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.