Stock Music Market
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Stock Music Market Propelled by Growing Demand from Animation and Gaming Industries

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Stock Music Market

Stock music refers to pre-recorded music that producers license for use in various media, including film, television, radio, YouTube and other digital channels. Licensing stock music allows businesses and content creators access to a wide range of copyright-free or affordable music tracks without having to commission an original soundtrack. Users can search music libraries by mood, genre, instrumentation or lyrics to find the perfect piece of music for their project. Standard licenses start as low as $29 for a single track, providing a cost-effective solution compared to hiring musicians. The global stock music market is estimated to be valued at US$ 1315.38 Mn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the major trends currently impacting the stock music industry is the growth of music libraries on online streaming platforms. As more users consume digital content through on-demand streaming services like YouTube, more music libraries are making their catalogs available via APIs for placement in streaming videos and playlists. This allows content creators to easily browse and license music tracks directly from major online libraries. It also creates new revenue streams for music suppliers. With increasing competition, suppliers are enhancing their catalogs with more niche genres and commissioned tracks to give users more unique options beyond just production music. Personalized recommendation engines are being developed to help match tracks more precisely to a project’s theme or style.

Porter’s Analysis
Threat of new entrants: The stock music market size has moderate threat of new entrants due to already well established players and requirement of large investments. However, ease of online distribution lowers the bar of entry.
Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of multiple options and possibility of developing in-house content.
Bargaining power of suppliers: Content creators and producers have low to moderate bargaining power due to dependence on platform players for distribution and discoverability of content.
Threat of new substitutes: Threat from substitutes is moderate as other forms of intellectual property like podcasts and video content emerge as alternatives for creating and delivering audiovisual experiences.
Competitive rivalry: The stock music industry sees moderate to high competition among platform players owing to similar product offerings and pricing models.

Key Takeaways
The global stock music market is expected to witness high growth over the forecast period.

Regional analysis – North America accounted for the dominant share of the stock music market in 2023 attributed to an early adoption of digitization and presence of major market players in the region. The Asia Pacific is projected to witness the fastest growth during the forecast period backed by increasing demand from the media & entertainment industry in emerging economies like India and China.

Key players operating in the stock music market are Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH, Honeywell International Inc., Molex Incorporated. Key players are focusing on developing cost effective and technologically advanced product offerings to cater to the rising demand from end use industries.Players are also investing in new product launches and mergers & acquisitions to strengthen their market position.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it
Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.