The stock music market share will post an incremental growth of USD 664.36 million, progressing at a CAGR of 7.94% during the forecast period. The rising adoption of the subscription model will offer immense growth opportunities to market vendors. The market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Stock Music Market by License Model, End-user, and Geography - Forecast and Analysis 2023-2027” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The stock music market is segmented by license model (Royalty-free, Rights managed), End-user (Television, Film, Radio, Advertising, Others), Geography (North America, Europe, APAC, South America, Middle East and Africa).
The growth of the stock music market size in the royalty free segment will be significant duirng the forecast period. The growth of this segment is primarily attributed to the increasing adoption of stock music, which is driven by an increase in global demand. North America is projected to contribute 43% by 2027. The presence of stringent copyright laws drives the growth of the market in North America.
The rising adoption of the subscription model will directly influence the sales of stock music market. In addition, the expanding variety of stock music is one of the major stock music market trends that will positively impact the market growth. However, factors such as the lack of ownership of streaming music and issues associated with integration will hamper the stock music market growth.
The market is fragmented due to the presence of several players. Some of the major stock music market vendors are Addictive Tracks Ltd., Adobe Inc., Artlist Ltd., Audio Network Ltd., Bensound, Envato Pty Ltd., Epidemic Sound AB, Filmstro Ltd., Footage Firm Inc., HookSounds, Marmoset LLC, Music Vine Ltd., MusicRevolution LLC, NEO Sounds Ltd., Pixabay GmbH, Shutterstock Inc., Smartsound LLC, SoundCloud Global Ltd. & Co. KG, The License Lab LLC, and Trad Ventures LLC.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2023-2027.
CAGR of the stock music market forecast during 2023-2027.
Market-level data on units, average selling prices, and values of the stock music market share.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the stock music market.
Stock music industry growth across North America, Europe, APAC, South America, and the Middle East and Africa.