The rising demand for improving video and movie experience creates large avenues for the stock music market.
Arizton estimates that the stock music market will grow at a CAGR of 8.65% during 2022-2028. The rising demand for improving video and movie experience creates large avenues for the stock music market. The rapid shift towards digital advertising is driving the market for sound effects.
TRENDS AND SUCCESS FACTORS IN THE STOCK MUSIC MARKET:
Platforms such as YouTube, Facebook, Shazam, and Spotify have digital footprints that are increasingly being analyzed to help businesses learn about the demographics of music listeners. This can inform brands what, where, and when stock music and genres work to impact and increase revenues.
Technology has advanced and is giving sound engineers mediums to create an experience where the story revolves around the audience. The Dolby Atmos sound system, for instance, has enabled sound designers to typically ‘heighten’ experiences by creating a 3D audio atmosphere that can realistically depict objects moving around the audience in a cinematic setting.
Emerging sound technologies such as 3D atmosphere are rendering the creation of new listening experiences. Stock music companies that pay close attention to the type of music/sound effects that will maximize the experience using the technology expected to create demand.
Rise of Independent Content Creators
A good count of creators is earning significant income from their channels, pages, and profiles, acting as influencers or content creators, all translating to high demand for paid stock music used largely as background music or with sound effects. Currently, demand is being spurred by royalty-free and licensed music owing to the growth in independent content creation. However, stock music market vendors have also responded and designed their products and services around the trend of independent content creation, further fueling their uptake in the industry. For instance, AudioJungle introduced new licensing terms, away from the one-size-fits-all concept that allows audio files to be used in the different ways content creators would use them.
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Stock music witnessed considerable growth in user base over the last few years owing to the growing media and entertainment industry.
Platform integration is one such approach that is increasingly being witnessed across the stock music market. It is becoming an important tool that provides an intuitive search experience, facilitating easier and faster utilization of stock music by integrating music libraries across applications. Providing them in-program helps users from the hassle of leaving their workspace, enabling them to generate products by seamlessly utilizing their resources.
These unified locations value creators’ workflow by making their creative processes a lot more structured. It also puts the control in the hands of the creator, helping reduce the costs of having to source content from outside and ridding users of the trouble resulting from coming to a grinding halt due to dependency and delays. Such moves create more opportunities to expand the distribution base while increasing the affinity in the market.
The market demand is being spurred by royalty-free and licensed music owing to the growth in independent content creation. However, market vendors have also responded and designed their products and services around the trend of independent content creation, further fuelling their uptake in the market. For instance, AudioJungle introduced new licensing terms, away from the one-size-fits-all concept that allows audio files to be used in the different ways content creators would use them. These benefits both sellers and buyers of stock music as they are priced well enough to facilitate use by the independent content creator who may not have the budget of a TV commercial/show producer while simultaneously giving access to a large volume of customers to sellers. Musicbed developed a tool called SyncID that automatically clears copyright claims for monetization on YouTube.
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