Stock music is usually available in digital format on hard drive, audio CD, and can be downloaded online. It is also known as library music or production music, which can be licensed or authorized for customers to use music in television, films, and other media. The production music libraries own all the copyrights of their music, as compared to the popular and classical music publishers, who own less than 50% of the copyright in a composition. Stock music is less expensive that can be used in music production, as the user does not need to pay any additional fees or obtain special permission for the use of a stock music track in a particular video. Production music libraries typically offer a broad range of musical styles and genres, enabling producers and editors to find what they need in the same library. Music libraries vary in size from a few hundred tracks up to thousands.
The stock music market is one of the notable segments of the music industry. According to Coherent Market Insights’ (CMI) analysis, due to the COVID-19 pandemic, the South Asia music industry faced decline in revenue by almost ~25%, which also affected South Asia stock music market growth. However, the demand for stock music is expected to grow at a notable rate in the near future, owing to the increasing demand for recorded music during the forecast period.
South Asia Stock Music Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly declined market revenue and disrupted almost all the industries including oil and gas, manufacturing, automotive, consumer electronics, clothing & textile, food & beverage, aerospace & defense, construction, and others. To combat COVID-19 pandemic, most of the countries implemented lockdown and are now easing it phase-wise and industry wise. According to Coherent Market Insights’ (CMI) analysis, the pandemic also affected the music industry and music revenue dropped by almost 25% in 2020, owing to the fact that the pandemic disturbed the TV/film production and hampered the advertisement demand. According to Goldman Sachs Group, Inc., in the South Asia stock music industry, recorded music contributes almost 26% of the market share. During the outbreak of COVID-19, music publishing and recorded music showed increase in demand as compared to the live music industry. According Goldman Sachs Group, Inc., recorded music market is expected to grow at a significant rate over the forecast period (2021-2028) and by the end of 2030, it is expected that the recorded music will dominate the global music industry and would have more demand than publishing and live music. According to Coherent Market Insights’ (CMI) analysis, in the music industry, streaming is one of the key factors and it is largely dominated by ad-supported revenue wherein on the country level, in 2020, India is the world’s third largest ad-funded market.
Royalty-free stock music segment held dominant position in the South Asia Stock Music market in 2020, accounting for 65.71% share in terms of value, followed by licensed stock music segment
Figure 1: South Asia Stock Music Market Share (%), By Type, 2020
Among type, royalty-free stock music segment is expected to hold dominant position in the South Asia stock music market during the forecast period. This is attributed to rising demand for royalty free and license music, owing to the increase in popularity of influencers such as independent content creators, which is expected to drive the market growth during the forecast period. The demand for YouTube has increased in South Asia, which in turn creates huge demand for royalty-free and licensed stock music in the market. For instance, according to Coherent Market Insights’ analysis, in 2020 YouTube had 265 million active users every month and over 1,200 channels from Indian creators have crossed the 1 million subscriber mark in 2019. Furthermore, the rising demand for stock music by influencers is also prompting the development of new and unique music, and thus increasing the demand for the license and royalty free stock music in the market.
|Base Year:||2020||Market Size in 2020:||US$ 32.2 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||8.5%||2028 Value Projection:||US$ 60.6 Mn|
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
|Restraints & Challenges:||
Among application online content segment is expected to hold dominant position in the market to drive the market growth during the forecast period.
Figure 2: South Asia Stock Music Market Value (US$ Mn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2028
South Asia stock music market was valued at US$ 32.2 Mn in 2020 and is expected to reach US$ 60.6 Mn by 2028 at a CAGR of 8.5% between 2021 and 2028.
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
Stock music is used to provide a suitable backdrop for messages, highlight a scene or emotion, and promote products, activities, or events. Furthermore, streaming provides video makers the choice of listening to the stock music and selecting the one that suits their production requirements. The rising demand for video production with stock music tracks, which are used in voice-overs and background scores, is driving the growth of the stock music market.
Demand for stock music is also driven by the engagement of music enthusiasts with streaming, especially with paid subscriptions for audio and video streaming. Additionally, broadcast versions of stock music are also produced to remove the need for users to create their versions for specific product applications
Music is integrated into almost all visual entertainment media, supports advertising, and helps in making social networking pages more attractive. In the gaming industry, music plays a vital role to increase interest of player into the game. Gaming music decides success and adoption of a game. Music interaction enhances emotional involvement of players in the game. Also, the overall sound landscape in game creates an illusion of the game world as an actual space. Moreover, 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 provide stock music for gaming application.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.