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.
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- 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.
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