Platform integration is a new trend that provides an intuitive search experience, facilitating easier and faster utilization of stock music
The global stock music market is expected to generate USD 1.5 billion by 2024, growing at a CAGR of 9% during the forecast period. The trend of independent content creation is catching up in the stock music market. The demand for royalty-free and licensed music is spurred, and vendors are designing their products and services around the theme of independent content creation. There has also been an emergence of new platforms such as Tongal, which is a global community of creators that collaborate with studios, networks, and brands to develop video content for several platforms. Such communities are more likely to rely on stock music than commission its production, thereby taking stock music to major brands.
The demand for subscription licenses of tracks, loops, and sound effects and lifetime licenses of theme tunes is expected to shape the demand in the stock music market. Podcast players, which offer podcasting tools to create, distribute, and measure podcasts, have partnered with stock music companies to offer a whole library of royalty-free music for podcasts to enable podcast creators to heighten the audio experience for listeners.
The market is witnessing an increase in the audio-based content, which is expected to affect the stock music market. In addition, platform integration is a new trend in the market that provides an intuitive search experience, facilitating easier and faster utilization of stock music through the integration of music libraries across applications.
Hence, the rise in independent content creators, the growth of TV-style programming, the growth of the platform integrations, and the growing popularity of sound design-first approach are contributing to the growth of the stock music market size.
STOCK MUSIC MAKRET: SEGMENTATION
The research report includes a detailed segmentation of the market by
STOCK MUSIC MAKRET: PRODUCT
The rise of sound libraries is an emerging movement in the music stock market
The music track segment is highly diversified. The age of personal creation is fueling the stock music market by tracks. As the market was once dominated by low-quality music and kept great musicians out of the game, emerging business models harmonize the quality and price. This helps genuine composers to re-enter the field and raise the standard of the industry, thereby driving the demand for stock tracks. Also,modularity has become increasingly relevant in the stock music marketplace with players putting musical expression at the fingertips by enabling users to build their own track with component tracks, re-balance the music to fit audio elements and voice-overs. The tracks segment dominated the market in 2018.
The rise of sound libraries is an emerging trend in the market. Sound libraries are increasingly offering toolkits, which cover all sound design and musical effect needs. They are specifically crafted for editors and help in customization and curation to speed up workflow. Sound effects are widely used in creative storytelling, UX, and film industries. The stock music market size by sound effects is expected to grow at a high CAGR during the forecast period.
STOCK MUSIC MAKRET: LICENSE
Innovation and increasing standards of curation are driving the licensed music market at a rapid pace
The increasing trend of“quality over quantity” is shifting focus from royalty-free to licensed music, thereby accelerating the growth of the licensed music segment. Further, innovation and increasing standards of curation are driving the market at a rapid pace. The market is expected to witness growth as some platforms are acting as base builders for artists - upcoming artists allow the use of their music for free, provided they are credited for the track.
Several SMEs and individuals are finding the royalty-free model appealing and economical. The intensifying start-up culture in high-growth countries such as India is expected to boost the demand for royalty-free music. Further, key vendors are focusing on online affiliates and organic search, aimed at gaining speed and building authority in search listings by offering strong content, which is expected to drive the stock music market globally.
STOCK MUSIC MAKRET: END-USER
Online radio services have fueled small business advertising via audio channels
SMEs and individual content creators are growing at high CAGRs and are expected to fuel the market in the coming years. The rise in corporate profits that have created more income for employers is driving marketing spend. The shift of listeners to digital channels has created opportunities for stock music players. Digital channels offer better quality and can get rid of the static of the radio. Further, directional audio is becoming a trend driving demand for sound effects as major retailers bank on audio to improve time spent in-store and drive preference over e-commerce.
The growth of online radio services has fueled small business advertising via audio channels since they offer reliability by allowing tracking and targeting. This is boding well for the growth of the SME stock music market. Further, SMEs are engaged more in new marketing practices than large firms; they are likely to explore innovative marketing strategies to push their products or services. Thus, utilizing audio as part of branding will further drive the stock music market.
The growth of influencers (individual content creators) has led to the rapid ascent of subscription licenses, specifically among high audio-visual oriented sectors such as travel, fashion and style, photography, food, lifestyle, sports and fitness, and DIYs. This evolution is expected to contribute significantly to the growth of the global stock music market.
STOCK MUSIC MAKRET: GEOGRAPHY
Attractive financing conditions and growing corporate profitability are stimulating the growth of the European stock music market
While the value of stock music in developed economies has been affixed, stock music in developing and emerging economies is just about gaining importance in the marketing mix that is outside of traditional channels and movies. The advertising space in the North America region has grown exponentially due to the occurrence of cyclic events such as the Olympics and elections. Further, the growing need for audio-visual and interactive storytelling is emerging as a new opportunity in the North American market.
TheAPAC region is characterized by strong advertising spending. Rapidly changing the media landscape is fueling growth. Digital marketing, specifically mobile, is on the rise driven by the huge number of new internet users.
The growth of the European stock music market has picked up stimulated by attractive financing conditions and growing corporate profitability. The market has entered the post-desktop banner phase, thereby driving up the usage of video and mobile, taking over TV advertising spending back in 2015. There is a high reliance on services that allow brands to leverage user-generated social content and develop personalized videos with brand messages integrated into them. Stock music has thus found new spaces for growth further amplified by the growth of programmatic video advertising.
KEY VENDOR ANALYSIS
The global stock music market is moderately consolidated. Single artist, community-based and mass players are the three types of agencies present in the global stock music market. There are a number of specialist agencies that are catapulting the industry forward just as they keep up with technology and demand developments.In addition, there are several small and large vendors that are altering the stock music business by new approaches and models such as subscription-only. Further, vendors will compete on quality, distribution capabilities, brand recognition and reputation, degree of localization, and customer service.
The stock music market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Licensed Music
- Large Business
- Individual Content Creators
- South Korea