SEATTLE, Aug. 10, 2021 (GLOBE NEWSWIRE) -- 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.
The global Stock Music market was valued at US$ 964.4 Million in 2020 and is estimated to account for US$ 2,137.5 Million in terms of value by the end of 2028
Market Drivers
- The rise in royalty free and license music has increased the demand for stock music
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.
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Market Opportunities
- The rising demand for music streaming applications such as YouTube and other social media platforms
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.
Market Trends
- 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.
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Competitive Landscape:
Major companies involved in the global contactless payments market are 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.
Market segmentation:
- By Type:
- Royalty-free Stock Music
- Licensed Stock Music
- By Application:
- Film Soundtracks
- Advertising
- Online Content
- Gaming
- Television and Radio Broadcasts
- Corporate and Educational Presentations
- Others
- By End User:
- Large Enterprises
- SMEs
- Individual Content Creators
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