Stock Music Market:
Growth opportunities in the Stock Music Market look promising over the next six years. This is mainly due to their aggravating usage for different projects including, films, advertisements, video games, TV, and corporate productions, and the alteration in consumer’s choice.
Stock Music Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global stock music market is forecasted to experience significant growth in the near future. One of the most prominent drivers responsible for the market’s growth includes the increasing acquisition of subscription models led by the increasing preference of individuals towards social media, advertisements, YouTube, podcasts, video making, and background music. Also, it allows the users to integrate their findings of music libraries among different platforms. Furthermore, the widespread outbreak of the coronavirus pandemic positively influenced the market growth. This is because the nation’s lockdown helped raise the subscription revenue and streaming video on demand (SVOD) services, including, Hulu, Netflix, HBO, and Disney Plus.
In addition, the consequential switch in consumer’s preference from conventional radio devices towards online radio has resulted in enormous growth opportunities for the market, mainly concerned with podcasts and advertising. As per market analysis, there has been a substantial acceleration in the monthly widespread of online radio in the age group 25-54 in the U.S. in 2019. This factor has further contributed to the growth of the market in the coming years. Furthermore, the robust demand for royalty-free and license music driven by the mounting prominence of influencers, mainly independent content creators, is contributing to the market share. Various platforms such as Tongal, where influencers can merge to launch novel video content, are further promoting the market growth. However, the insufficient ownership of streaming music and varying user preferences are the two major factors that are restraining the market growth.
Regional Drivers
Based on the regional coverage, North America is expected to dominate the market during the forecast period. This is primarily attributed to the prevalence of stringent copyright laws and the easy availability of different music publishers and music streaming service providers. In addition to this, the expansion in spending population of the population is driving the market growth.
Stock Music Market’s leading Manufacturers:
- SoundCloud Ltd.
- Pond5 Inc.
- Epidemic Sound
- Audio Network Limited
- Shutterstock Inc.
- Inmagine Group
- Envato Elements Pty Ltd.
Stock Music Market Segmentation:
Segmentation by End-Users
- Personal
- Commercial
- Enterprise
Segmentation by Subscription Model
- One-time payment
- Monthly/Annual Payment
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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