A key factor driving the growth of the global stock music market is the rising adoption of the subscription model. Stock music tracks are increasingly being used in various applications including Internet streaming, corporate presentations, background score, mobile applications, and video games. The integration of music streaming applications with various social media platforms including YouTube is one of the key factors driving the demand for music subscriptions. In addition, the growing demand for stock music is also encouraging vendors to offer customized solutions based on set prices as per the use of music. Stock music market players are also offering plans based on the type of projects. Thus, increasing popularity of subscription model among stock music enthusiasts is likely to foster market growth during the forecast period.
As per Technavio, the expanding variety of stock music will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global stock music market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global stock music market: Expanding variety of stock music
Rising demand for stock music is mostly influenced by the widespread use of background music. Stock music tracks are widely being used for TV programs, corporate videos, websites, and on-hold production. Corporate customers are using stock music to compile corporate videos and presentations. The use of appropriate music makes an impacts and helps to influence the audience. In addition, stock music also finds use as voiceovers to set the context for the promotion of products and services. Thus, the extensive use of stock music for personal and business applications is expected to drive the stock music market growth during the forecast period.
“Digital music is gaining popularity and acceptance among consumers across the world. The growing share of digital music can be attributed to the ease of accessing and downloading songs through the Internet. In addition, the rising penetration of mobile devices including smartphones and tablets coupled with the availability of high-speed Internet connectivity will drive the global digital music market,” says a senior research analyst at Technavio.
Global stock music market: Segmentation analysis
This market research report segments the global stock music market by license model (royalty free and rights managed), and geographic regions (APAC, Europe, North America, MEA, and South America).
North America led the market in 2018, followed by Europe, APAC, South America, MEA respectively. The market dominance of North America can be attributed to the presence of stringent copyright laws imposed by regulatory bodies in the region. In addition, the high spending capacity of the population in the US is likely to contribute significantly to the revenue generated by the stock music market.
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Some of the key topics covered in the report include:
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- Market segmentation analysis
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- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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