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.
Stock Music Market Report Snapshots
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