Stock music refers to pre-recorded music that can be licensed for use in commercial media and projects, such as video productions, TV shows, advertisements, internet, and corporate videos. Common uses of stock music include underscore, montage, scene transitions, background music, and generic scenes that do not require specially created music. Stock music provides commercial video producers a cost-effective alternative to commissioning original music scores or obtaining licenses to use popular songs. With the proliferation of commercial video content across various digital platforms, the demand for stock music is on the rise.
The global stock music market is estimated to be valued at US$ 1315.38 Mn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand from commercial video producers: Commercial video production has seen exponential growth in recent years driven by increased digital content consumption across platforms. Stock music provides commercial video producers flexibility and cost savings over commissioning original music or obtaining licenses for popular songs. This has fueled the demand for affordable yet diverse stock music libraries.
Increasing availability of stock music libraries: Major stock music providers have expanded their libraries by adding thousands of new tracks every month catering to various genres and moods. Their user-friendly websites and mobile apps have simplified the search and licensing process for commercial video creators. The increasing availability of niche collections within enormous stock music libraries is another key driver promoting their adoption.
Segment Analysis
The global stock music market is dominated by the subscription model segment which holds around 45% share of the total market. The segment is dominating as it provides cost-effective and easy access to a wide collection of tracks to customers. The production music segment is another major segment and holds around 30% share. It offers tracks tailored specifically for various media productions.
PEST Analysis
Political: The stock music market is impacted by copyright laws and regulations related to the usage of music. Changes in such policies can influence the business models of market players.
Economic: A growing economy favors the stock music industry as organizations increase their advertising and media production budgets which drives demand for tracks. Macroeconomic factors like recession can impact the overall market growth.
Social: Changes in consumer preferences and increasing usage of digital media are driving the adoption of stock music. Users prefer convenient licensing models to access music for various creative needs.
Technological: Advancements in digital media platforms and content delivery technologies are supporting the growth of the stock music industry. Players are expanding their catalogs and offering tracks across multiple formats to leverage new opportunities.
Key Takeaways
The Global Stock Music Market Share is expected to witness high growth at a CAGR of 8.1% during the forecast period of 2023 to 2030. The market size is projected to reach US$ 1315.38 Mn in 2023.
Regional analysis
The North American region currently dominates the stock music market with around 35% share owing to a large number of music publishers and artists in the region. Countries like the US and Canada are major revenue generators. The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rising digital media consumption in developing nations such as China and India.
Key players
Key players operating in the stock music market are Ajinomoto Co. Inc., McCormick & Company Inc., Associated British Foods PLC, General Mills Inc., Orkla ASA. The licensing model is seeing increased adoption worldwide for affordable access to premium tracks. Leading companies are expanding their catalogs through acquisitions and strategic collaborations to enhance their service offerings.
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