The stock music market refers to the music tracks and compositions that are licensed for use in television broadcasts, films, commercials, websites and other multimedia projects. Stock music is affordable and provides licensing flexibility. The growing demand for stock music from various industries including media and entertainment, commercials, gaming and web commercials is driving the market.
The global stock music market is estimated to be valued at US$ 1515.32 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
Key Takeaways
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, Harbin Electric Group, Zhejiang Xurui, Zippy Technology Corp., Honeywell International Inc., Molex Incorporated. These players are focusing on expanding their music libraries to cater to the growing demand from various end-use industries.
The key opportunities in the stock music market include growing digitalization and increased content generation across online platforms that is increasing the demand for Stock Music Market licensing. Additionally, the rising popularity of audio and video streaming is propelling the growth of the market.
Technological advancements in music creation tools and availability of royalty-free music is also fueling the demand for stock music. Advances in artificial intelligence and machine learning have made it easier to generate customized stock music tracks and compositions as per client requirements, simplifying the procurement process.
Market Drivers
Increased digitalization and digital content consumption across the globe is a major market driver. Digital content such as videos, online programs, tutorials, podcasts, games and mobile applications require stock music licensing. The growing online video and music streaming industry is augmenting the demand for affordable stock music licensing.
Current challenges in the Stock Music Market
The stock music market faces challenges related to copyright issues and piracy. Unauthorized use and illegal downloading of copyrighted music is a major concern for stock music providers. Different countries have different copyright laws which leads to legal complexities. The emergence of streaming platforms is also posing challenges as it has disrupted the traditional distribution model and revenue streams for stock music providers. Attracting new customers and retaining the existing ones is becoming increasingly difficult in the competitive market environment.
SWOT Analysis
Strength: Large digital libraries with millions of tracks provide variety and options to clients. Well established global distribution network.
Weakness: Growing dominance and bargaining power of music streaming platforms. Threat from freelance musicians directly selling music online.
Opportunity: Expanding scope in commercial advertising, online videos and gaming. Growth in Asia Pacific and Middle Eastern regions providing new customer base.
Threats: Piracy reduces sales and royalties. Changing consumer preferences towards curated playlists on streaming apps.
Geographical regions of market concentration
In terms of value, the North American region holds the largest share in the global stock music market currently. The US and Canada are major revenue generators owing to high media production activity and demand from advertising agencies.
Fastest growing geographical region
The Asia Pacific region is poised to witness the fastest growth during the forecast period. Rapid digitalization, growth of online content and flourishing media & entertainment industries in countries like China, India and Southeast Asian nations will drive the demand for stock music licensing in the Asia Pacific region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.