Openup the new avenues for Stock Music Market

Market Overview:
The stock music market involves the licensing of pre-recorded music tracks to various clients for use as background music in films, television shows, advertisements, video games and other media. Typical uses of stock music include themes and background scores for video productions, websites, online content and other applications where original music composition would be unfeasible. Stock music is popular among both independent filmmakers and larger production houses due to its cost effectiveness and easy availability of a large library of tracks.
Market Dynamics:-
The growth of the stock music market is primarily driven by the increasing demand for royalty-free music from digital content creators and producers. With more individuals creating content for online platforms, there is significant demand for affordable yet high quality music options. Stock music fulfills this need well as it offers a wide catalog of songs for one-time licensing fees without any ongoing royalty costs. Additionally, the rising popularity of user-generated content on social media and video sharing platforms has led to higher uptake of stock music as background scores. For example, TikTok videos commonly use stock music to accompany the videos without legal difficulties. Furthermore, advancement of technologies like artificial intelligence is anticipated to give new dimensions to music licensing by enabling dynamic music selection and optimization of soundtracks based on video/audio content, which can boost the stock music market.
Segment Analysis:-
The stock music market is dominated by the royalty-free music segment, which held around 60% market share in 2023. Within the royalty-free music segment, the subscription model sub-segment led the market and accounted for over 30% revenue share due to the flexibility offered to users in terms of downloading an unlimited number of tracks at affordable prices.
PEST Analysis:-

  • Political: The regulations related to copyright and royalty collection are getting stronger globally, which is benefitting the growth of organized players in this market.
  • Economic: The improving global economic conditions and increasing discretionary spending on music content is driving the demand for cost-effective stock music options.
  • Social: With rising popularity of online streaming and digital audio, the social media usage is promoting the discovery and consumption of independent music, acting as a key driver.
  • Technological: Advancements in artificial intelligence and deep learning are enabling the automated creation of music tracks, which can boost the catalog size and choices for consumers.

Key Takeaways:-
The Global Stock Music Market Growth is expected to witness high, exhibiting a CAGR of 10% over the forecast period of 2023 to 2030, due to the increasing usage of stock music tracks in digital content like online videos, podcasts, mobile apps and social media. Regionally, North America captured around 35% of the global market revenue in 2023 and is expected to remain the fastest growing region due to high adoption of new media platforms.
The royalty-free music segment accounts for a major 60% share of the stock music market owing to its cost-effective and flexible usage models. Audio Network, Epidemic Sound, and Pond5 are among the key players dominating this segment.
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,, Soundsnap, Soundstripe Inc., Bensound, Jamendo, and ProductionHUB, Inc. Subscription and direct licensing revenue models are most commonly adopted by these leading industry participants to offer royalty-free as well as custom royalty music solutions.
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