South Asia stock music market was valued at US$ 32.2 Million in 2020 and is expected to surpass US$ 60.6 Million by 2028, exhibiting a CAGR of 8.5% during the forecast period (2021-2028), according to the South Asia Stock Music Market Report, 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 Country (India, Sri Lanka, Bangladesh, Pakistan, Nepal, and Rest of South Asia), published by Coherent Market Insights.
Stock music is composed for use in audio and audio visual productions such as television broadcasts, radio, motion pictures, computer games, software applications, and corporate & training presentations. It is generally used as a background music, behind the voice over and dialog. In the gaming industry, music plays a vital role to increase interest of player into the game. Music interaction enhances emotional involvement of players in the game. Moreover, the overall sound landscape in game creates an illusion of the game world as an actual space. Additionally, variation in the music for a game is an important point as it can get boring to listen to repetitive music. Artlist, Music Case, Music Vine Limited, and others offer stock music for gaming application.
South Asia Stock Music Market - Impact of Coronavirus (Covid-19) Pandemic
In 2020, lockdowns across countries declined the market revenue of the music industry, which in turn impacted the market demand for stock music used by professional. However, individual content creator stock music is expected to have a positive growth.
According to Influencer Marketing Hub’s report of 2019, individual content creator are now leading the inbound marketing landscape. From retail brands to music labels, almost every sector is redefining its marketing approach and developing new way for consumers to consume content which is majorly influenced by YouTube videos, Instagram reels, podcasts, and online concerts. Hence, the increasing popularity and influence of content creators on different social media channels supports the growth of the South Asia stock music market.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/south-asia-stock-music-market-4873
Key Trends and Analysis of the South Asia Stock Music Market:
- Among country, India held dominant position in the South Asia stock music market in 2020 and is expected to retain its dominance throughout the forecast period. For instance, in India, according to Coherent Market Insights’ analysis, revenue in the video streaming (SVoD) market is expected to reach US$ 1,223 million in 2021 and the number of users is expected to increase to 108.3 million users by 2025. According to the same source, in Sri Lanka, revenue in the video streaming (SVoD) market is expected to reach US$ 34 million in 2021 and the number of users in video streaming segment is expected to reach to 3.3 million users by 2025.
- Increase in internet usage is providing lucrative growth opportunities for streaming services in South Asia. For instance, according to Coherent Market Insights’ analysis, 84.3% of population in Malaysia were using internet in 2019. The increasing demand for streaming services in South Asia is expected to drive the market growth during the forecast period. For instance, according to the Coherent Market Insights’ analysis, in 2018, streaming services accounted for 150 million users in India. The increasing adoption of YouTube has is expected to drive the market growth during the forecast period. For instance, according to Coherent Market Insights’ analysis, YouTube has over 80% online users from India and 245 million Indians are accessing the service.
- Major players operating in the South Asia stock music market include Audio Network Limited, Envato Pty Ltd., Epidemic Sound, Pond5 Inc., The Music Bed LLC, SoundCloud Ltd., Music Vine Limited, Storyblocks.com, Soundsnap, Soundstripe Inc., Bensound, Jamendo, ProductionHUB, Inc., Artlist, Marmoset LLC, 123RF (Inmagine Lab Pte Ltd), Tunefruit, The Music Case, Shutterstock, Melody Loops LP, YouTube Audio Library, Amazon.com, Inc., Filmstro, ccMixter, StockMusicSite.com, NEO Sounds Ltd., and HookSounds
