Stock Music Market is Estimated to Witness High Growth Owing to Opportunity to Provide Affordable Access to Music Rights
Stock music refers to royalty-free music that production companies and artists produce and license for use in television programs, films, advertisements, and other commercial projects. Key advantages of stock music include providing businesses affordable access to music rights without negotiating individual licenses, reducing legal risks compared to using unlicensed music. Stock music comes in a variety of styles and genres, making it easy to find music suitable for different commercial applications.
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 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing demand for affordable access to music rights from various industries presents a major market opportunity for stock music. As content creation and commercial video production continues to expand across media and entertainment, the need for cost-effective licensing of background scores and compositions is increasing. Stock music providers can cater to this demand by offering a large catalog of royalty-free music options at competitive rates. This allows businesses of all sizes to incorporate high quality music into their projects and campaigns without the complication of negotiating individual licenses. The affordable access to music rights through stock music is expected to drive further growth in its adoption over the forecast period.
Porter's Analysis
Threat of new entrants: Low startup costs allow new players to enter the stock music market easily. However, established players have strong brand recognition and catalog depth that makes it difficult for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of a variety of stock music options. They can negotiate on licensing terms and pricing.
Bargaining power of suppliers: Individual musicians and composers have low bargaining power as established stock music libraries own huge catalogs.
Threat of new substitutes: Alternatives like custom music and sound design pose a threat but do not effectively replace stock music.
Competitive rivalry: Intense due to the presence of major players with global operations and comprehensive catalogs.
SWOT Analysis
Strengths: Large catalogs of diverse music genres allow comprehensive options. Established brands inspire trust for legal and quality content.
Weaknesses: Rising licensing fees and subscription costs can impact smaller buyers. Changes in copyright laws internationally bring compliance challenges.
Opportunities: Growth in applications of stock music like in online videos and podcasts will boost demand. New digital platforms offer engagement avenues.
Threats: Free or low-cost music alternatives curb commercial use of paid stock music. Economic volatility can decrease media and advertising budgets.
Key Takeaways
The global stock music market is expected to witness high growth over the forecast period.
Regional Analysis: Rapid growth in digital media consumption will be a key driver of increasing stock music licensing. The Asia Pacific region is projected to grow at the fastest pace due to the expansion of internet and smartphone users in major countries like China and India. Advertising and corporate video production sectors will boost commercial music demand.
Key players operating in the stock music market are Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH, Harbin Electric Group, Zhejiang Xurui, Zippy Technology Corp., Honeywell International Inc., and Molex Incorporated. Regional players focus on specific language catalog needs while global firms provide multi-language options across all genres. Licensing and platform innovations will shape the future of this competitive industry.
Get more insights on this topic: https://www.newswirestats.com/stock-music-market-is-expected-to-be-flourished-by-high-demand-in-films-and-documentaries/
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