Digital Stock Music is the largest segment driving the growth of...

Digital Stock Music is the largest segment driving the growth of Stock Music Market

Posted 2023-11-15 14:31:36

The global Stock Music Market is estimated to be valued at US$ 1315.38 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:-

· Strengths: Licensing and subscription-based business models provide affordable access to a vast music library. High-quality, finished tracks suit diverse commercial needs.

· Weaknesses: Heavy reliance on limited number of popular mainstream genres. Limited opportunities for customization of tracks.

· Opportunities: Growing demand from content creators on digital platforms expands commercial opportunities. Emerging technologies spur innovative usage of stock music.

· Threats: Increasing availability of free and low-cost music options online challenges high-price tiers. Piracy and copyright issues affect revenue streams.

Key Takeaways:-

The Global Stock Music Market Size was valued at US$ 1315.38 Mn in 2023. The market is expected to grow at a CAGR of 10% during the forecast period owing to the extensive use of stock music across various media and entertainment verticals.

The North American region currently dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to high production of films, TV shows, advertising, and other commercial content in the region.

Key players operating in the stock music market are Audio Network Limited, Envato Elements Pty Ltd., Epidemic Sound, Pond5 Inc., Shutterstock, Inc., SoundCloud Ltd., Inmagine Lab Pte Ltd, The Music Bed LLC, Music Vine Limited, Storyblocks.com, Soundsnap, Soundstripe Inc., Bensound, Jamendo, and ProductionHUB, Inc. Strategic collaborations and licensing agreements are some of the key strategies adopted by these players to expand their customer base and libraries.