STOCK MUSIC MARKET ANALYSIS

Stock Music Market, by Type (Royalty-free Stock Music and Licensed Stock Music), by Application (Film Soundtracks, Advertising, Online Content, Gaming, Television and Radio Broadcasts, Corporate and Educational Presentations, and Others) by End User (Large Enterprises, SMEs, and Individual Content Creators), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2021 - 2028

Published In : Aug 2021
Code : CMI4565
Pages :150
Formats :
Excel and PDF
Industry : Information and Communication Technology

Market Challenges And Opportunities

Restraints & Challenges:

Lack of customer satisfaction

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.