Stock Music Global Market
Stock music is experiencing a time of global growth. Increase in the demand for the subscription model, online radio, better platform integration, Influencers, simper licensing, cheaper pricing, and higher quality music have all been identified as trends driving this growth.
- As mentioned in previous research, the market is predicted to grow steadily with a CAGR of 7.412% until 2023-2024. There are several trends that are fueling this growth which are shared in the below findings.
INCREASING DEMAND IN THE SUBSCRIPTION MODEL
- Podcasts, background music, social media, advertising, websites, video making, TV-style programming, and YouTube have created a surge in the subscription model. The user is able to integrate searches of music libraries across multiple platforms. Many companies now offer subscription based stock music plans to meet this need.
THE SHIFT TO ONLINE RADIO
- The shift to online radio has created a larger market for stock music, in regard to advertising and podcasts.
- Platform integration provides a better, intuitive search. This enables easier access of the stock music available.
RISE IN INDEPENDENT CONTENT CREATORS/INFLUENCERS
- The demand for royalty free and license music has increased due to the increase in popularity of influencers (independent content creators). Communities have emerged, such as the platform Tongal, where influencers can collaborate to develop video content. These communities are more likely to use stock music. This trend has also spurred an increase of sound libraries. The rise in use of stock music by influencers is also triggering the development of new and unique music, which again, is a benefit for the market.
SIMPLE LICENSING & PRICING
- Stock music is simpler to obtain a license and has a better price point than when one uses branded music. Vendors are starting to offer purchase plans based on how the music will be used, which is very attractive to the personal user. This has been identified as a key driver of the positive market share.
HIGHER QUALITY MUSIC
- The market is seeing an increase in the quality of stock music due to shifts to licensed music and sound libraries. The market used to be dominated by low-quality music, but new business models have been able to attract real composers to re-enter the game. This is a great benefit, as it will diversify the variety of stock music available. It has also been identified as a chief trend that will drive the market positively.
- The average return per stock music track has been declining over the last few years.
- 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."
To be included as a trend, a topic must have been mentioned multiple times in our research. We only chose trends that were backed with facts to indicated they will be around during the growth period discussed in the CAGR predictions.