Latest News- Stock Music Market: Royalty-free is expected to lead the License Model segment during 2024-2028

The Stock Music Market is being driven by Rising adoption of subscription model

The Stock Music Market is expected to grow at a CAGR of 8.09% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 650.4 million. In the business world, the demand for royalty-free (RF) stock music is significant due to its extensive utilization as background music across various platforms. RF music tracks are frequently employed in TV programs, corporate videos, on-hold productions, and websites. YouTube, a prominent video streaming service, is a major consumer of RF music, enabling users to legally incorporate licensed tracks into their video content. Corporations utilize RF music to enhance the impact of their marketing presentations and videos, thereby catering to the increasing need for professional and engaging multimedia content. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• License Model
  • Royalty-free
  • Rights managed
• End-user
  • Television
  • Film
  • Radio
  • Advertising
  • Others
• Geography
  • North America
    • US
  • Europe
    • UK
    • France
  • APAC
    • China
    • Japan
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising adoption of subscription model
• Increasing adoption of digital music
• Popularity of audio and video streaming

However, the market also witnesses some limitations, which are as follows:

• Lack of ownership of streamed music and issues associated with integration
• Decline in the growth of advertising market
• Illegal downloading of music tracks

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Market Scope in Stock Music Market Research Report

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Research Analysis Overview

The Stock Music Market is a significant segment of the business world that caters to the demand for high-quality music in various industries. This market offers a wide range of genres and styles for multimedia artists, independent filmmakers, broadcasters, podcasters, online marketers, and digital advertisers. With the gig economy on the rise, the need for affordable and authentic music has become more crucial than ever. Stock music libraries provide a vast collection of tracks for video content creation, streaming services, and audio marketing. The entertainment business, including video games, advertisements, films, and TV, heavily relies on stock music to enhance their productions. Corporate production also utilizes stock music for presentations, conferences, and other business events. The user base of the stock music market includes millennials who consume vast amounts of digital content on social media and technology platforms. The demand for authentic and unique music is growing, making stock music an essential tool for content creators looking to engage their audience effectively. In summary, the stock music market is a thriving business that caters to various industries, from independent film to corporate production, and from podcasting to digital advertising. Its importance in the entertainment business and the gig economy continues to grow, making it an exciting and dynamic market to watch.

Market Research Overview

The global movies and entertainment industry encompasses businesses providing media, entertainment, and interactive media and services. This sector comprises companies engaged in advertising, broadcasting, cable and satellite, publishing, movies and entertainment, interactive home entertainment, and interactive media and services. Notably, this market includes entities producing and selling entertainment products and services, such as movie and television production and distribution, music production and distribution, entertainment theaters, sports teams, and online content providers. Technavio determines the size of the global movies and entertainment market by aggregating the revenues generated by these companies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/