STOCK MUSIC MARKET ANALYSIS
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.
Figure 2: Global Stock Music Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2028
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.
Stock Music Market Report Snapshots
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