Sounds have become core to user-centered, utility-focused design wand and this is also evident in digital products. Hence, fueling the growth of the global stock music market worldwide.
According to the latest Arizton's market research report, the global stock music market size to reach approximately USD 2 billion by 2026, growing at a CAGR of over 10% during the forecast period.
Global Stock Music Market Growth Analysis
Music culture is beginning to offer a fresh path for sensory stimuli, paving the way for audio marketing. Brands are working on their audio identity that matches visuals. Sounds have become core to user-centered, utility-focused design wand and this is also evident in digital products. Hence, fueling the growth of the global stock music market worldwide. The penetration of IoT devices and wearable technology in public environments, connected cars and devices such as Google, Alexa, and Siri are paving a new path for content delivery. Businesses want to use audio to deliver a well-rounded experience with music and sounds in a completely branded ecosystem.
What’s Trending in the Market?
- Entertainment One focuses on improving user experience by keeping its music easy to license and store, download, and edit tracks later by eliminating the expiry date, unlike other platforms.
- Musicbed was among the pioneers in leveraging aural artists to provide quality music to filmmakers.
- Shutterstock is also looking at serving production companies that are its primary audience by introducing the capability to search by commercial project types.
- Getty Images offers partner collections in collaboration with Tribe of Noise and Cuttlefish Music.
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product type, license, end-user, and geography
- Competitive Landscape – 5 Key Company Profiles and 23 Other Prominent Vendors
Is North America Leading in the Global Stock Music Market?
In 2020, North America was the largest market for stock music with a market share of over 52%. Magazines and newspapers are considering new survival strategies in response to the shifting of advertising money to Facebook and Google in the region. There is a strong dependency on audio-visual and interactive storytelling is creating new opportunities for global stock music market. The film industry in North America generates the highest revenues in the world thereby, creating lucrative opportunities for the global stock music market players in the region. Ad spending in the region is around 10% for radio in comparison with the global average of 7%. Hence, the stock music has huge potential in the region, particularly for radio, in comparison to other regions.
What are the Strategies Adopted by the Global Stock Music Market?
There are several small and large players in the global stock music market that are altering the stock music business with new approaches and models such as subscription-only. Some players offering only royalty-free stock music, others are offering both royalty-free music and custom services. Focusing on certain pockets of the market, such as video game sound effects or curation of in-store stock music over and above, offering a huge database of music and sound effects can help brands acquire a unique position in the market. The global stock music market players are strategizing personalized and purposeful customer experience that can go great lengths in building customer loyalty.
Looking for more information? Click Here
About Arizton Advisory & Intelligence
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize fool proof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including– Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Arizton Advisory & Intelligence
Chicago, Illinois, 60605
Call: +1-312-235-2040/+1 302 469 0707
Jun 25, 2021
What are the Factors Impacting the Growth of the Global Smart Coatings Market?
Sherwin-Williams, AkzoNobel, PPG Industries, 3M, and Axalta Coating Systems are the major players an...
Jun 25, 2021
Is Cloud Based Service the Big Thing in the Data Center Market in US?
South East is the developed data center market in US. Recently, more than 35 data centers were devel...
Jun 24, 2021
Digital Health Technologies are on the Rise During the COVID-19 Pandemic – Arizton
The search volume for COVID-19 related healthcare products has increased by 200% during the pandemic...