The global stock music market is expected to grow at a CAGR of about 9% during the forecast period.
CHICAGO, IL, UNITED STATES, August 21, 2019 /EINPresswire.com/ — Arizton's market research report on the global stock music market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. It includes insights on segmentation by-products (tracks and sound effects), license (royalty-free and licensed music), end-users (large business, SMEs, and individual content creators), and geography (North America, APAC, Europe, and ROW).
The global stock music market is driven by the following factors:
• Increased traction of audio-based user experiences
• Growth of platform integration
• Increasing intuitiveness of filters
The demand for subscription licenses of tracks, loops, and sound effects and lifetime licenses of theme tunes is expected to shape the demand in the stock music market. The growth of TV-style programming, and the growing popularity of sound design-first approach are contributing to the growth of the stock music market size. The demand for royalty-free and licensed music is spurred, and vendors are designing their products and services around the theme of independent content creation. There has also been an emergence of new platforms such as Tongal, which is a global community of creators that collaborate with studios, networks, and brands to develop video content for several platforms. Such communities are more likely to rely on stock music than commission its production, thereby taking stock music to major brands.
The study considers the present scenario of the global stock music market and its market dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It profiles and examines leading companies and other prominent companies operating in the stock music market.
Stock Music Market: Segmentation
The research report includes a detailed segmentation of the market by product, license, end-user, and geography. The age of personal creation is fueling the stock music market by tracks. As the market was once dominated by low-quality music and kept great musicians out of the game, emerging business models harmonize the quality and price. This helps genuine composers to re-enter the field and raise the standard of the industry, thereby driving the demand for stock tracks. Also,modularity has become increasingly relevant in the stock music marketplace with players putting musical expression at the fingertips by enabling users to build their own track with component tracks, re-balance the music to fit audio elements and voice-overs. The tracks segment dominated the market in 2018. The rise of sound libraries is an emerging trend in the market. The stock music market size by sound effects is expected to grow at a high CAGR during the forecast period. The increasing trend of“quality over quantity” is shifting focus from royalty-free to licensed music, thereby accelerating the growth of the licensed music segment. Several SMEs and individuals are finding the royalty-free model appealing and economical. The intensifying start-up culture in high-growth countries such as India is expected to boost the demand for royalty-free music. Further, key vendors are focusing on online affiliates and organic search, aimed at gaining speed and building authority in search listings by offering strong content, which is expected to drive the stock music market globally.
SMEs and individual content creators are growing at high CAGRs and are expected to fuel the market in the coming years. The rise in corporate profits that have created more income for employers is driving marketing spend. The shift of listeners to digital channels has created opportunities for stock music players. The growth of online radio services has fueled small business advertising via audio channels since they offer reliability by allowing tracking and targeting. This is boding well for the growth of the SME stock music market. The growth of influencers (individual content creators) has led to the rapid ascent of subscription licenses, specifically among high audio-visual oriented sectors such as travel, fashion and style, photography, food, lifestyle, sports and fitness, and DIYs. This evolution is expected to contribute significantly to the growth of the global stock music market.
Market Segmentation by Products
• Sound Effects
Market Segmentation by License
• Licensed Music
Market Segmentation by End-user
• Large Business
• Individual Content Creators
Stock Music Market: Geography
The growing need for audio-visual and interactive storytelling is emerging as a new opportunity in the North American stock music market. The APAC region is characterized by strong advertising spending. Rapidly changing media landscape is fueling growth. The growth of the European stock music market has picked up and is stimulated by attractive financing conditions and growing corporate profitability. The market has entered the post-desktop banner phase, thereby driving up the usage of video and mobile, taking over TV advertising spending back in 2015. There is a high reliance on services that allow brands to leverage user-generated social content and develop personalized videos with brand messages integrated into them. Stock music has thus found new spaces for growth further amplified by the growth of programmatic video advertising.
Market Segmentation by Geography
• North America
o South Korea
o South Africa
Key Vendor Analysis
The global stock music market is moderately consolidated. Single artist, community-based and mass players are the three types of agencies present in the global stock music market. There are a number of specialist agencies that are catapulting the industry forward just as they keep up with technology and demand developments.In addition, there are several small and large vendors that are altering the stock music business by new approaches and models such as subscription-only. Further, vendors will compete on quality, distribution capabilities, brand recognition and reputation, degree of localization, and customer service.
• Audio Network
• Getty Images
Other Prominent Vendors
• Epidemic Sound
• Motion Array
• Music Vine
• The Music Case
Key market insights include
1. The analysis of the stock music market provides market size and growth for the forecast period 2019–2024.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the stock music market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of stock music market segments and the regional outlook of the market.
5. The study offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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Source: EIN Presswire