Stock music is also known as production music or library music which can be license or authorize for customers to use music in television, film, and other media. The production music libraries own all of 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. 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 many thousands. The increasing demand for stock music or production issue from various applications such as film soundtracks, advertising, online content, gaming, television and radio broadcasts, corporate and educational presentations, and others is driving the market growth during the forecast period.
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.
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.
North America is expected to hold dominant position in the global stock music market during the forecast period.
North America held dominant position in the global stock music market in 2020, accounting for 43.2% share in terms of value, followed by Asia Pacific and Europe.
|Base Year:||2020||Market Size in 2020:||US$ 964.4 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||10.9%||2028 Value Projection:||US$ 2,137.5 Mn|
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.
|Restraints & Challenges:||
Figure 1: Global Stock Music Market Share (%), By Region, 2020
Among regions, North America held dominant position in the global stock music market in 2020 and is expected to retain its dominance throughout the forecast period. The growing demand for podcasts and the rise in the audio-based user experience are expected to boost the demand for stock music in the region. Podcasting has become a strong form of media in the U.S. with listenership increasing in all age groups. Listeners are consuming more podcasts than ever before, owing to the growing need for podcast at-home entertainment during the pandemic. For instance, according to Coherent Market Insight analysis in 2021, 116 million people listen to a podcast monthly in the U.S.,
Asia Pacific is also expected to exhibit significant growth during the forecast period. The growing demand for streaming in Asia Pacific region is expected to increase the stock music growth in the market. For instance, according to Coherent Market Insight analysis, music streaming market in the Asia Pacific is projected to reach US$ 13,973.9 million by 2027 from US$ 6,961.5 million in 2019 with a CAGR of 8.2% during the forecast period.
Individual content creators segment is expected to drive the market growth during the forecast period.
Among end user, individual content creators segment is expected to hold dominant position in the global stock music market during the forecast period. This is attributed to the increasing demand for royalty-free stock music and licensed stock music is driving the segment growth during the forecast period.
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.
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.
Production music libraries create, own, and license their music, retaining all the copyright, whereas most pop or classical publishers only own around 50% of it. Production music is frequently used as theme and/or background music in radio, film and television. Simple licensing and pricing of stock music are the key factors driving the growth of the market. Moreover, the factor fueling the growth of the global stock music market is the rising adoption of the subscription model. However, the search for the right music may be a time-consuming process, but the increasing demand for social media platform such as YouTube is fueling the global stock music market growth during the forecast period.
The demand for royalty free and license music has increased owing to the increase in popularity of influencers such as independent content creators is driving the market growth during the forecast period. Moreover, communities have emerged and created platform such as Tongal, where several influencers are focusing on doing collaboration in order to develop video content. As, these communities are using stock music and created lucrative opportunities in the market. Furthermore, the rising demand for stock music by influencers is also prompting the development of new and unique music, and increasing the demand of the global stock music market. Due to advancement in the technology, most of the modern composers are using stock music, which is increasing the demand for stock music in the market. The increasing YouTube strikes, creators facing violations, created huge demand for royalty-free music, it is used to provide lucrative opportunities and scope for growth. However, lack of satisfaction, and dwindling customer loyalty are the major challenges which is expected to hinder the global stock music market growth.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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