Stock music is a collection of pre-recorded and published instrumental pieces of music which can be licensed for use in films, television programs, advertisements, and other audio/visual applications. It offers businesses and individuals cost-effective options to use music without worrying about copyright issues. Some key advantages of using stock music include money-saving opportunities, flexibility of licensing terms, variety of genres, accessibility, and royalty-free options. The Global Stock Music Market Size is estimated to be valued at US$ 1515.32 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for royalty-free stock music is one of the major trends being witnessed in the market. Royalty-free stock music can be used indefinitely without ongoing licensing fees and provides wider usage rights than royalty-based licenses. This makes royalty-free music an affordable option for small businesses and individuals to use attractive music tracks in their projects and businesses. With the proliferation of online marketing campaigns and user-generated content platforms, there is significant demand for affordable yet high-quality music options. The wide availability of royalty-free stock music online is helping fulfill this demand and driving market growth over the forecast period.
Segment Analysis
The global stock music market is dominated by the commercial segment due to extensive usage of commercial music in movies, television shows, advertisements, and other commercial applications. Commercial segment includes music licensed for use in film, television, advertising, websites, and various other commercial applications. This segment has witnessed a high demand for affordable and reliable stock music from various end-use industries over recent years.
Key Takeaways
The global stock music market is expected to witness high growth over the forecast period from 2024 to 2031. By 2031, the market is projected to reach US$ 3116.34 Bn, expanding at a CAGR of 9.5%.
Regional analysis: The North American region currently dominates the global stock music market and is expected to maintain its leading position throughout the forecast period as well. Growing media & entertainment industry and increasing commercial applications are some of the key factors propelling the demand for stock music in North America. The Asia Pacific region is projected to witness the fastest growth over the coming years driven by booming digital media ecosystem, rising popularity of online streaming platforms, and surging demand from advertising industry in emerging economies such as China and India.
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., and Molex Incorporated. Littelfuse, Inc. is one of the prominent players providing stock music services through its digital media platform. The company offers an extensive catalog of tracks across various genres accessible through simple licensing options.
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