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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:-

Stock music refers to pre-recorded music tracks that are licensed for use in media and other productions, such as films, television shows, advertisements, podcasts, video games, and others. Stock music provides creative solutions to productions with affordable licensing options and broad genres of music.

Market key trends:-

One of the key trends in the stock music market is the shift towards subscription and streaming-based business models. Previously, stock music was primarily licensed and purchased on a per use or one-time fee basis. However, with the advent of digital music libraries and streaming platforms, many stock music providers now offer subscription plans that allow unlimited access to their music libraries for a monthly or annual fee. This flexible licensing approach has boosted the uptake of stock music among individuals and small businesses. Furthermore, the availability of stock music across different genres and formats has enabled its integration into diverse applications and productions. The growing media and entertainment industries are expected to drive increased demand for stock music over the forecast period.

SWOT Analysis:-

• Strengths: Licensing and subscription-based business models provide affordable access to a vast music library. High-quality, finished tracks suit diverse commercial needs.
• Weaknesses: Heavy reliance on limited number of popular mainstream genres. Limited opportunities for customization of tracks.
• Opportunities: Growing demand from content creators on digital platforms expands commercial opportunities. Emerging technologies spur innovative usage of stock music.
• Threats: Increasing availability of free and low-cost music options online challenges high-price tiers. Piracy and copyright issues affect revenue streams.

Key Takeaways:-

The Global Stock Music Market Size was valued at US$ 1315.38 Mn in 2023. The market is expected to grow at a CAGR of 10% during the forecast period owing to the extensive use of stock music across various media and entertainment verticals.

The North American region currently dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to high production of films, TV shows, advertising, and other commercial content in the region.

Key players operating in the stock music market are Audio Network Limited, Envato Elements Pty Ltd., Epidemic Sound, Pond5 Inc., Shutterstock, Inc., SoundCloud Ltd., Inmagine Lab Pte Ltd, The Music Bed LLC, Music Vine Limited, Storyblocks.com, Soundsnap, Soundstripe Inc., Bensound, Jamendo, and ProductionHUB, Inc. Strategic collaborations and licensing agreements are some of the key strategies adopted by these players to expand their customer base and libraries.

Read More - https://www.insightprobing.com/stock-music-market-share-and-forecasts-analysis/