The stock music market has witnessed robust growth in the past few years owing to the growing popularity of stock music and increasing demand from several industries. Stock music refers to commercially licensed music tracks that can be used by content creators, producers, marketers, publishers and other individuals for their productions, advertisements, podcasts, videos and other audio-visual content without having to pay artist royalties. The growing popularity of online video platforms and surge in video content consumption have increased the demand for cost-effective stock music from various industries including media & entertainment, gaming, advertising, real estate, technology and healthcare. Furthermore, the affordability of stock music licenses as compared to custom music compositions is a major factor propelling the market growth.
The global stock music market is estimated to be valued at US$ 1515.32 billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the stock music market include 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 and Zhejiang Xurui. These key players are focusing on expanding their music libraries by acquiring smaller independent catalogues and studios to strengthen their foothold and gain competitive advantage in the market. Furthermore, growing demand for Stock Music Market from emerging economies of Asia Pacific and Latin America due to increasing internet penetration and digitalization presents significant growth opportunities for players in the coming years. Major stock music providers are expanding their presence in developing markets through strategic partnerships and licensing deals to leverage the high growth potential in these regions. For example, Shutterstock, Inc. entered into a licensing agreement with Tiktok in 2021 to provide music for the platform's global users.
Some of the major drivers for the stock music market include growing preference for cost-effective and convenient licensing of music instead of custom compositions, increasing demand from digital content creators, rapid growth of online video platforms and prevalence of user-generated content. Furthermore, continuous additions to music libraries by stock music providers and easy accessibility through digital platforms is positively impacting the market growth. However, availability of pirated and free music content online is one the key restraints hampering the market demand. Difficulty faced by creators in finding the right track suited to their specific project requirement also slightly hinders the market progression to some extent.
Key drivers for stock music market include-
- Growing demand for affordable and easy to use stock music from content creators and digital publishers instead of expensive custom compositions
- Proliferation of online video content across various digital platforms boosting the requirement for large music libraries
Key restraints for stock music market include-
- Availability of pirated and free music through various illegal platforms affecting the demand and revenue of paid tracks
- Difficulty in finding niche and specific tracks suited for creatives' projects thereby slowing down market growth to some extent.
Segment Analysis
The stock music market is dominating by commercial segment. The commercial sub-segment includes various music that can be used for commercial use like in advertisements, films, television programs, videos, and other commercial multimedia content. It holds around 60% of total stock music market share owing to wide application in different commercial purposes. The non-commercial sub segment includes music that can be used for non-profit motives like in YouTube videos, podcasts, personal projects and websites.
Global Analysis
North America region holds the major share in stock music market and is expected to witness highest growth during the forecast period. Factors such as rising demand for personalized and contextual music experience along with growth in digital media consumption are fueling the market growth in this region.Additionally, presence of leading players in United States and Canada is positively impacting the regional market expansion. Asia Pacific is projected to emerge as the fastest growing region during the coming years. Increasing application of stock music in entertainment & media industry coupled with rising penetration of internet and smartphones across developing nations including China, Japan and India are propelling the market growth.
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