Is Audio Marketing a New Dawn in the Music Industry?
Arizton’s recent research report on the stock music industry provides a comprehensive industry study, trend forecasts, and competitive analysis. The study segments the market by products (tracks and sound effects), license (royalty-free and licensed music), end-user (large business, SMEs, individual content creators), and geography (North America, APAC, Europe, and ROW).
The stock music industry is expected to generate revenue of around $1.5 billion by 2024, growing at a CAGR of around 9% during the forecast period.
The stock music industry is expected to grow due to increasing intuitiveness of filters, the prevalence of immersive sound designs, and increased audio-based user experiences.
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Increasing Intuitiveness of Filters
Sourcing music is akin to finding a needle in a haystack. And the days a traditional on/off tagging approach to find music are over. Hence, to ease the music search process, music discovery is now becoming a buzzword that is being driven by engaging with the audience through the provision of tools that allow users become ‘curators’ of the ‘right’ music for their projects. Filters, a way of suggestion tools, used by filmmakers, content creators, video game producers are finding their value in the market. They are becoming more intelligent, providing a wide range of options that work in tandem with the creative aspect of video production.
Players are shifting from traditional music genre type filters and expanding their categorization by including style, broadcast coverage (international, regional, national), scene types, age among other such criteria that the video is meant to reflect. The stock music market was the largest the market in 2918, and the market is expected to double its revenue by 2024. Also, the APAC region is likely to grow at the highest CAGR during the forecast period.
Growth of Platform Integrations
Platform integration is increasingly becoming an important tool in the stock music industry. It provides an intuitive search experience, facilitating easier and faster utilization of stock music through the integration of music libraries across applications. Platform integrations provide value to the creator’s workflow by making the process more structured. They help to curtail the cost for sourcing the content from outside. For instance, Storyblocks introduced a developer portal for a flat affordable fee and offers unlimited API calls and licensing through API. The licensed stock music market is expected to reach over $900 million by 2024.
Audio-based User Experience is Gaining Traction
Music cultures are beginning to offer a fresh path for sensory stimuli, thereby leading to audio marketing. Renowned brands are working toward developing their audio identities. Also, the massive penetration of IoT devices and wearable technology in the public environment and connected cars and devices that are dispersing information from music streaming to weather forecasts is paving a whole new trail for content delivery. The volume of audio-friendly content space is increasing at a massive rate. Businesses are consistently using audio to deliver a well-rounded experience. The widespread usage of such devices, brands, and businesses is expected to use the audio content to leverage the listening experience and stay relevant. The brands such as GE, Shopify, Uber, LEGO, BBC, and Slack are heavily investing in the audio-based content.
Audio Network, Getty Images, Shutterstock, Musicbed, and Envato are the prominent vendors in the stock music industry.
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The complete overview of the latest market research report on the stock music industry by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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