Global Stock Music Market 2019-2023
Global Stock Music Market: About this market
Stock music is an inexpensive alternative to the use of popular music in the production. Stock music tracks do not require specific permission or extra clearance fees. Technavio’s stock music market analysis considers the revenue generation based on license model that includes royalty-free (RF), and rights managed (RM). Our analysis also considers the sales of stock music in APAC, Europe, North America, MEA, and South America. In 2018, the royalty-free segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as affordability of RF music will play a significant role in the royalty-free segment to maintain its market position. , our global stock music market report looks at factors such as the rising adoption of the subscription model, the popularity of audio and video streaming, and increasing adoption of digital music. However, the lack of ownership of streamed music, intense competition and inconsistent user preferences, and illegal downloading of music tracks may hamper the growth of the stock music industry over the forecast period.
Global stock music market: Overview
Rising adoption of subscription model
The demand for music subscriptions has increased significantly in recent years, owing to the growing integration of music streaming applications with social media platforms such as YouTube. This has encouraged companies to offer subscription-based stock music plans based on the application or the type of project. Thus, the rising adoption of subscription model will fuel the expansion of the stock music market at a CAGR of close to 6% during the forecast period.
Expanding variety of stock music
The demand for stock music is influenced by its widespread use as background music in TV programs, corporate videos, websites, and on-hold productions. Stock music also finds use as voiceovers to set the mood and context for the promotion of products and services. The extensive use of stock music for personal and business applications is encouraging vendors to provide a wide variety of stock music. The expanding range of stock music is expected to be a key stock music market trends during the forecast period.
For the detailed list of factors that will drive the global stock music market during the forecast period 2019-2023, click here.
With the presence of several major players, the global stock music market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading stock music providers, that include Audio Network Ltd., Getty Images Inc., Pond5 Inc., Shutterstock Inc., and The Music Bed LLC.
Also, the stock music market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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