Global Stock Music Market is valued at approximately USD 1.58 billion in 2023 and is projected to grow with a healthy growth rate of more than 8.09% over the forecast period 2024-2032. Stock music, also known as production or library music, is pre-recorded music available for licensing in various media, including films, TV shows, commercials, and video games. This type of music provides creators with a vast library of tracks to choose from, enabling them to select music that best fits the mood and atmosphere of their projects. The convenience, cost-effectiveness, and variety of stock music options make it an increasingly popular choice across multiple industries.
The expansion of the stock music market is primarily driven by the rising adoption of subscription-based models and the increasing popularity of digital music formats. The shift towards digital consumption of music, coupled with the widespread use of streaming services, has significantly influenced the growth trajectory of the market. Consumers are increasingly favoring the convenience and accessibility offered by streaming platforms, which are becoming integral to how people access and enjoy music and video content. As these trends continue to shape the market, they underscore a broader cultural shift towards digital content consumption, impacting both consumer behavior and industry dynamics.
In the dynamic landscape where millennials drive trends and technological advancements fuel innovation, the demand for authenticity and versatility in music is paramount. Stock music libraries cater to a diverse range of content creators, from filmmakers to advertisers, offering a wide array of genres and styles to meet varying needs. This market also plays a crucial role in audio marketing and digital advertising, enhancing online marketing strategies and podcasting experiences. As video content and broadcasting thrive, the expansion of the user base is heavily reliant on high-quality soundtracks that resonate with audiences. The synergy between creativity and commerce in the stock music market supports the evolving needs of the entertainment business, including video games and beyond.
One of the key drivers of market growth is the increasing adoption of subscription models. Streaming platforms integrated with social media channels like YouTube have made it easier for consumers to access stock music through subscription services. Vendors offer a range of subscription plans tailored to different types of projects, such as personal use, non-profit work, weddings, business needs, and custom models. These flexible subscription options cater to the varied needs of users, further driving the growth of the market.
However, the market faces challenges, particularly regarding the lack of ownership of streaming music and integration issues. While digital music plays a significant role in stock music publishing, streaming services often do not grant ownership of the music, which can deter some consumers. Additionally, the integration of digital content platforms across various channels, such as mobile applications and social media, requires substantial investment in software coding and customer support, posing challenges for small and medium-sized enterprises (SMEs) and new entrants in the market.
North America is estimated to be a significant contributor to the growth of the global stock music market during the forecast period. The region's stock music market is more mature than others, with strong growth driven by the popularity of digital music services like streaming and downloading. Strict copyright laws and the presence of numerous music publishers and streaming service providers make the United States the largest stock music market globally. The high spending capacity of the population also contributes to the market's expansion in this region. Whereas, the market in Asia Pacific is likely to rise at a fastest CAGR owing to the growing use of streaming services, surge in use of subscription-based models and the rising inclination towards digital music formats.
Major market players included in this report are:
Addictive Tracks Ltd.
Artlist Ltd.
Audio Network Ltd.
Bensound
MusicRevolution LLC
NEO Sounds Ltd.
Filmstro Ltd.
HookSounds
Music Vine Ltd.
Pixabay GmbH
Marmoset LLC
Shutterstock Inc.
Envato Pty Ltd.
Epidemic Sound AB
Footage Firm Inc.
The detailed segments and sub-segment of the market are explained below:
By License Model:
Royalty-Free
Rights Managed
By End-user:
Television
Film
Radio
Advertising
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
