The global stock music market was valued at US$ 964.4 Million in 2020 and is expected to surpass US$ 2,137.5 Million by 2028, registering a CAGR of 10.9% during the forecast period (2021-2028), according to the Global 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 Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
The rising demand for music streaming applications such as YouTube and other social media platforms have created the demand for music subscriptions, which is expected to drive market growth during the forecast period. For instance, according to Coherent Market Insight analysis, in the U.S., net advertising revenues of YouTube has reached US$ 4,030.1 million in 2020 from US$ 3,880.3 million in 2017. The usage of stock music tracks has improved in various applications such as podcasts, corporate presentations, internet streaming, advertising, music-on-hold , mobile apps, audiobooks and background score, video games, and backdrops for films. Depending upon the application or the type of project, vendors of the stock music market have offered various subscription-based stock music plans in the market. Thus, the increasing demand for music subscriptions have increased the demand for global stock music market during the forecast period. For instance, in the U.S., according to Coherent Market Insight analysis, in 2018, there were 49.3 million people who used Apple Music, which is a popular music and video streaming service developed by Apple Inc.
Global Stock Music Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 pandemic and have announced lockdown. Due to this, most of the companies are offering work from home option and after office hours people can save most of their time. This is expected to increase the demand for various home audio equipment’s for entertainment purpose at home. As consumers are forced to stay at home that have increased the demand for popular over-the-top (OTT) service providers such as Netflix, Amazon Prime, and others. For instance, according to the International Federation of the Phonographic Industry (IFPI), a U.K. based organization, the revenue of Global Music Recorded Market has reached US$ 21.6 billion in 2020 and grew by 7.4% in 2020. The increasing demand for paid subscription is driving the demand for stock music during the pandemic. For instance, according to the International Federation of the Phonographic Industry (IFPI), there were 443 million users of paid subscription accounts at the end of 2020. Thus, in turn, increases the demand for stock music market.
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https://www.coherentmarketinsights.com/market-insight/stock-music-market-4565
Browse 60 market data tables and 40 figures on "Stock Music Market - Global forecast to 2028”.
Key Trends and Analysis of the Global Stock Music Market:
- North America held dominant position in the global stock music market in 2020 and is expected to retain its dominance throughout the forecast period. North America is the second-largest gaming market across the globe. This is owing to the presence of large game development companies such as Activision Blizzard, Zynga Inc., and Apple Inc. in the U.S. For instance, according to Coherent Market Insight analysis, North America gaming market is expected to reach US$ 83.3 billion by 2027 from US$ 42.1 billion in 2020 with a CAGR of 11.2% during the forecast period. Thus, in turn, increases the market growth in North America region.
- Asia Pacific region is expected to show significant growth over the forecast period. This is owing to the development of small and medium enterprises (SMEs) in countries such as India and China is driving the market growth in Asia Pacific region. For instance, according to Coherent Market Insight analysis, number of small to medium-sized enterprises (SMEs) in China has reached 43.1 million in 2020 from 24.1 million in 2016. The growth of online radio services has increased SMEs advertising via audio channels and it offers reliability by allowing tracking and targeting. Furthermore, SMEs are involved more in new marketing practices as compared to large enterprises and they explore more innovative forms of marketing in order to push their product or service in the market. Thus, marketers are utilizing audio as part of their branding will further drive the global stock music market growth in the Asia Pacific region.
- Among end user, individual content creator segment held a dominant position in the market in 2020 and is expected to retain its dominance during the forecast period. North America is expected to hold largest stock music market share owing to the high attraction toward individual music production and content creation. Furthermore, growth in digital marketing and a rise in the number of individual internet users are expected to propel the market for individual content creators during the forecast period. For instance, in 2020, the number of internet users in the U.S. have reached 281.0 million from 263.2 million in 2016.
- 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.
