Stock Music Market is Expected to be Flourished by Growing Demand from Commercial Video Producers
Stock music refers to prerecorded music tracks or compositions that are licensed for use in film, television, radio, podcasts and other media. Stock music provides a cost-effective option for media creators to incorporate high-quality music without the expenses associated with commissioning original pieces or negotiating sync licenses. Stock music comes in a variety of genres and styles allowing content creators to easily find music that matches the mood, tone and pacing of their productions. The growing demand for personalized user-generated content across various online platforms has significantly boosted the demand for stock music in recent years.
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 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for personalized music and visual content has been a major driver of growth for the stock music market. As more users create content for platforms like YouTube, social media sites and other digital channels, there is increased need for easy and affordable access to copyright-cleared music tracks. Stock music libraries allow content creators to search through large collections of music and incorporate tracks into their videos and productions without the risk of copyright claims. This has made stock music an attractive option for personalized content compared to hiring composers or negotiating sync licenses. The availability of customizable and personalized music licensing options tailored for user-generated content continues to support the demand for stock music.
SWOT Analysis
Strength: Stock music is a cost-effective option for creators compared to commissioned music. It allows filmmakers, advertisers and content creators to access a large library of music for a nominal fee or through a subscription plan.
Weakness: Stock music lacks uniqueness and fails to create a memorable impression. Creatives prefer commissioned tracks that are tailor-made for their specific needs. There are also concerns around copyright issues if tracks are not used appropriately.
Opportunity: Growth in digital content and platforms like YouTube, social media and video games is driving the need for supplementary and filler music. Stock music fulfills this need cost-effectively. The rise of virtual production techniques also presents an opportunity.
Threats: Free music platforms and music subscription services offer inexpensive alternatives. Changing copyright laws and regulations around digital music usages pose compliance challenges.
Key Takeaways
The Global Stock Music Market Share is expected to witness high growth over the forecast period. 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 8.1% over the forecast period 2023 to 2030.
The stock music market in North America currently dominates due to extensive digital content creation across industries like video, television, online streaming and gaming in the region. Asia Pacific is expected to witness the fastest growth on account of the rising digital economy, growing middle class and increasing popularity of digital platforms in countries like China and India.
Key players
Key players operating in the stock music market are Ajinomoto Co. Inc., McCormick & Company Inc., Associated British Foods PLC, General Mills Inc., Orkla ASA, Aryzta AG, Paulig Ltd, Asli Fine Foods, Capital Foods Pvt. Ltd, Bigham€TMs Limited, The Spice Tailor Limited, and Quality Ethnic Foods Inc.
For more details on the report, Read- https://www.zupyak.com/p/3963503/t/the-growing-usage-of-stock-music-drives-the-stock-music-market
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