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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Key Trends and Analysis of the Global Stock Music Market:
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