The latest market report published by Credence Research, Inc. “Global Stock Music Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global stock music market is anticipated to grow at a substantial CAGR of 11.30% in the upcoming years. The global stock music industry was estimated to be worth USD 1.3 billion in 2022 and was expected to be worth USD 2.75 billion by 2030.
Stock Music Market Major Challenges is a significant topic in the music industry today, as it poses several hurdles for both creators and consumers. One of the major challenges is the issue of quality control, which arises due to the vast amount of low-quality stock music available on various online platforms. This can lead to an oversaturation in the market, making it difficult for talented composers to stand out and get their work noticed by potential clients. Additionally, licensing rights also pose a challenge since many different parties may have ownership over certain aspects of a particular piece of stock music.
Performance of Major Segments:
In 2022, the royalty-free stock music segment accounted for the largest share of the market, driven by its ease of use and popularity among manufacturers. This trend is expected to continue during the projected period.
The film soundtracks segment was anticipated to hold a prominent share in the global stock music market in 2022. The rising demand for production-issue or stock music from various applications, including movie soundtracks, is expected to drive the market growth.
The individual content creators segment accounted for the largest market share in 2022. The increasing demand for royalty-free stock music among independent content creators is fueling the expansion of this segment.
In 2022, North America held a prominent share of the global stock music market. The region’s developed market, widespread streaming and downloading services, strict copyright regulations, and strong purchasing power of the population contribute to market expansion.
The United States was anticipated to hold a significant share of the North American stock music market in 2022, driven by its influential and innovative music culture.
The United States held a prominent share of the North American stock music market in 2022, with a strong radio sector and significant demand for stock music in various applications.
India was anticipated to hold a significant share of the Asia-Pacific stock music market in 2022, driven by urbanization, rising per capita income, investments in technology, and contributions from the country.
Impact of the Economy:
The COVID-19 pandemic has affected businesses worldwide, including the stock music market. However, the limitations on movement and closures have opened doors for the software sector, favoring the growth of the stock media software market.
Organizations have faced disruptions in supply chains, digital operations, and value control, highlighting the need for robust strategies. The report provides recommendations to support the profit graph in the coming years.
The stock music industry has a competitive landscape with major players such as Audio Network Limited, Envato Elements Pty Ltd., Epidemic Sound, and more.
New licensing conditions, such as those offered by AudioJungle, have provided affordable pricing and access to a sizable consumer base, benefiting both stock music buyers and sellers.
Technology advancements, such as Dolby Atmos sound system, have allowed sound designers to create immersive experiences with 3D audio environments. Companies that leverage such technologies to enhance user experiences are expected to see increased demand.
Epidemic Sound AB, for example, offers music for content producers approved for use on various platforms. Their stock music, including royalty-free music for videos, streaming, and podcasts, is popular among clients.
Several players in the stock music market are changing the industry with new strategies and business models. Subscription-only models
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Stock Music Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the End-User and Types
- Major nations in each region with their import/export statistics
- The global Stock Music Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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