Digital Advertisement Revolutionizing the Stock Music Industry

21 April 2021

Stock music industry are becoming micro multinationals via social platforms such as Facebook, Amazon, eBay, and Alibaba. Most popular video content genres include entertainment that is information-based and comical. Marketers are investing in video in full gush, and content marketing has shifted to video streaming. Educational videos are more in demand with about 63% of consumers preferring such videos on social media. The stock music market is rapidly growing across the world. Rising demand for improving the movie and video experience is creating large avenues of stock music used by the large businesses. Rapid shift in digital advertisement is expected to drive the market for sound effect stock music market with the absolute growth rate of over 22%. The interesting development in the market is AI music composition platform. Player such as Amper have introduced Amper Score an end-to-end platform that can churn out tunes to fit a specific length, style, and structure.

License based stock music is witnessing high traction that enables the market growth with a CAGR of over 10% from 2020 to 2026. According to the trend, there is a lot going on in terms of offerings and products. In the emerging trend of customisation, players are working out ways to allow for an environment that has always been pretty rigid. For instance, Envato introduced music kits that will enable the user to manipulate tracks and craft it entirely without the need for custom music production. Some players in the market offer transposable tracks with a high degree of customization.

Audio Network, Getty Images, Shutterstock, Musicbed, and Pond5 are the major players dominating the stock music industry.  Several small and large companies are altering the stock music business by new approaches and models such as subscription only. Shutterstock is large player in the stock music market. It had about 1.8 million active paying customers, over 350,000 contributors, more than 9 million video clips, and 170 million images available for license. In November 2019, Shutterstock announced an unlimited monthly subscription plan for stock music segment. The aim behind introducing this plan was to boost content creators and provide them to access wide range of track lengths and flexibility to license music tracks. Global stock music market is expected to grow 2x from 2020 to 2026 in terms of revenue.

Read: Stock Music Market Global Outlook and Forecast 2021-2026

Growth of Platform Integrations and Need for Authenticity

Platform integration is one such approach that is increasingly being witnessed across the stock music industry. This is becoming an important tool that will provide spontaneous search experience, facilitating easier and faster utilization of stock music through the integration of music libraries across applications. The unified location provide value to creators’ workflow by making their creative process more structured. These will put entire control in the hand of the creators and helping in reducing costs to sources content from outside and ridding users of the trouble resulting from coming to a grinding halt owing to the dependency and delays. With video editing to website creation, several players in the market are offering APIs to introduce their libraries to an extensive and relevant user base.

Stock music made in studios is devoid of inclusivity, diversity, and authenticity as a norm across a range of marketing material from key brand assets to advertisements. 90% of the consumers Stock music made in studios that are devoid of inclusivity, diversity, and authenticity as a norm across a range of marketing material from key brand assets to advertisements. Consumers specially the millennials with their affinity towards technology and all social things, find appeal in jibes with them: rawness and genuineness. This led the marketers ditching these giant sprawls of repeatedly used internet-famous audio content and embracing authenticity as audio marketing. For instance, on Audioblocks, searches for Arabic Instrumental, Japanese, and African Vocal, among others, have all grown by more than 100% in 2018. All these factors are driving a shift in the stock music industry.

Geographic Analysis of the Global Stock Music Industry

In North America, the audio in video game development is becoming more cinematic than ever, as the US is one the largest market gaming industry and is creating large avenues for stock music. In 2020 the region witnessed high growth in individual content creator with rising attraction towards individual music production and content creation that recorded revenue of over USD 65 million. Over the past six years, the advertising space in North America has grown exponentially. The film industry in North America generates the highest revenues in the world. North America is expected to observe absolute growth of around 80% for individual content creator segment from 2020 to 2026. Players are investing in other revenue streams that are moving into spaces such as video and podcasts. Retail, automotive, telecom, financial services, and restaurants are the highest spenders on advertising, dictating the demand for relevant stock content, internet-centric plays such as Amazon are expected to grow at the fastest rate. Track based stock music in North America is projected to record absolute growth of around 80% and incremental revenue of over USD 348 million by 2026.

APAC is one of the most lucrative market for stock music which is expected to reach over USD 392 million. Smartphones have given rise to 500 million new internet users, led by China and India, opening up a world of possibilities for marketing. Growth in digital marketing and rise in number of individual internet users to propel the market for individual content creators. China is dominating the APAC stock music industry with market share of around 48% in 2020 and will grow at a CAGR of over 10% in near future. International companies are making huge investments and will expand their footprint. These ad agencies are extremely busy as creating ads for active consumers are localized to the region. This is surging the demand among the stock agencies with the use of supporting audio content.

Read: Art Auction Market Global Outlook and Forecast 2019-2024

FAQs about the Global Stock Music Industry:

Q. What is the market size of the stock music?

A. The global stock music industry size to reach around USD 2 billion by 2026

Q. What is the market growth of stock music?

A. The global stock music industry is projected to grow at a CAGR of over 10% during the forecast period.

Q. What is the market segmentation of the stock music?

A. The global stock music industry is segmented by product type, license, end-user, and geography.

Q. What is the market insight of the stock music?

A. The sound-effect stock music market is expected to record an absolute growth of over 77% by 2026 due to the rise in video games and small-scale content creation.

Q. What are the major regions in the stock music industry?

A. The leading regions in the global stock music industry include APAC, Europe, North America, Latin America, and MEA.

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