Stock Music Market to Grow by USD 650.4 Million (2024-2028), Driven by Rising Subscription Model Adoption, with AI Driving Market Transformation - Technavio

NEW YORK, Nov. 19, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The global stock music market size is estimated to grow by USD 650.4 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. Rising adoption of subscription model is driving market growth, with a trend towards expanding variety of stock music. However, lack of ownership of streamed music and issues associated with integration poses a challenge.Key market players include Addictive Tracks Ltd., Adobe Inc., Artlist Ltd., Audio Network Ltd., Bensound, Envato Pty Ltd., Epidemic Sound AB, Filmstro Ltd., Footage Firm Inc., HookSounds, Marmoset LLC, Music Vine Ltd., MusicRevolution LLC, NEO Sounds Ltd., Pixabay GmbH, Shutterstock Inc., Smartsound LLC, SoundCloud Global Ltd. And Co. KG, The License lab LLC, and Trad Ventures LLC.

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Key Market Trends Fueling Growth

The Stock Music Market is experiencing significant trends driven by millennials and technology. Social media and authenticity are key factors, with music libraries in high demand for content creators in TV, films, advertisements, video games, corporate production, and entertainment business. Brands like Coca-Cola and Budweiser use stock music for brand anthems and advertising material. Technology enables localization, reaching affluent consumers with original music and cultural change agents, from touring musicians to local musicians. Stock music producers offer licenses, attribution, and exploitable rights to market participants. Premiumbeat, Magazines, Newspapers, and streaming services are integral parts of this market. Editing tools and platforms cater to professionals in the gig economy, offering genres and styles for multimedia content, instore activations, and digital efforts. Globalization unifies approach and platform integration, with digital advertising, online marketing, podcasting, and broadcasting driving growth in the Prague-based industry. Media spending on radio, internet, TV, and stock content continues to rise, making it an exciting space for businesses and creators alike. 

The stock music market experiences significant demand due to its extensive usage as background music across various platforms. RF (Royalty-Free) music tracks are commonly employed in TV programs, corporate videos, on-hold productions, and websites. YouTube, a leading video streaming service, is a major consumer of RF music for user-generated content. Corporate clients utilize RF music for producing promotional videos and presentations, enhancing their marketing efforts by adding suitable background scores. 

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Market Challenges

• In today's business world, stock music market faces various challenges from millennials' preferences, technology advancements, and social media trends. Authenticity is key as content creators in TV, films, advertisements, video games, corporate production, and entertainment businesses seek original music for their brand assets. Licenses, attribution, and exploitable rights are crucial for market participants like Premiumbeat, Coca-Cola, Budweiser, and others, who use music as branding material. Technology and social media have disrupted traditional music industries, with localization and user base expansion through streaming services and digital advertising. Cultural change agents like touring musicians and local musicians also impact the market. Platform integration, unified approach, and multimedia content creation are essential for businesses in the gig economy. Genres and styles continue to evolve, requiring editing tools and platforms for professionals. Globalization and media spending on radio, internet, TV, and streaming services further shape the stock music market.
• The digital music market, driven by the popularity of streaming services, is a significant sector in stock music publishing. Mobile apps, offering both free and paid subscriptions, dominate this market. With vast music libraries, these applications enable on-demand listening. However, the lack of ownership over downloaded music and the necessity for internet connectivity limit their appeal. Consequently, many consumers opt for downloading music instead. To effectively reach audiences, stock music platforms must integrate with mobile apps and social media.

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Segment Overview

This stock music market report extensively covers market segmentation by

1. License Model
• 1.1 Royalty-free
• 1.2 Rights managed
2. End-user
• 2.1 Television
• 2.2 Film
• 2.3 Radio
• 2.4 Advertising
• 2.5 Others
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Royalty-free- Royalty-free (RF) music refers to the permission to use copyrighted materials without paying recurring royalties or license fees. RF music allows for one-time payment, regardless of usage frequency, number of copies sold, or timeframe. Traditionally, RF music was popular for TV productions due to its ease of use and elimination of complex licensing processes. With the rise of digital distribution, RF music adoption benefiting both composers and buyers. Numerous websites offer a vast selection of RF music across various genres, making it a convenient choice for producers. RF music's affordability fuels the growth of the global stock music market, as it offers legal access to a wide range of musical content without the need for copyright infringement.

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Research Analysis

The Stock Music Market is a dynamic and evolving industry that caters to the diverse audio needs of various sectors, from Millennials to corporations. Technology and social media have revolutionized the way we consume and create music, making music libraries an essential resource for content creators in the entertainment business. From TV and films to advertisements, video games, and corporate production, the demand for authentic and high-quality music is at an all-time high. The gig economy has given rise to a new generation of multimedia artists, providing them with an opportunity to monetize their creations through stock music platforms. Genres and styles vary widely, catering to the unique needs of different industries and audiences. The user base of streaming services and digital advertising continues to grow, making online marketing and podcasting increasingly important channels for reaching consumers. The Stock Music Market is a thriving business that is here to stay.

Market Research Overview

The Stock Music Market is a dynamic and evolving industry that caters to the growing demand for authentic and high-quality music in various sectors. With millennials leading the charge, technology and social media have revolutionized the way music is consumed and shared. Music libraries have become essential resources for content creators in TV, films, advertisements, video games, corporate production, and the entertainment business. Stock music producers offer licenses, attribution, and exploitable rights to market participants, enabling a diverse range of businesses to access original music for their brand assets. Affluent consumers, cultural change agents, touring musicians, and local musicians all contribute to this vibrant ecosystem. Brands like Coca-Cola and Budweiser have embraced music as a powerful branding tool, creating iconic brand anthems and sponsoring music festivals. The digital element has transformed the industry, with streaming services, podcasting, and online marketing leading the charge. Editing tools and platforms have made it easier for professionals to integrate music into their multimedia content, from magazines and newspapers to instore activations and digital efforts. The market continues to grow, fueled by media spending and the unified approach to platform integration.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• License Model
• Royalty-free
• Rights Managed
• End-user
• Television
• Film
• Radio
• Advertising
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio