Arizton Advisory & Intelligence

The global stock music market for large businesses dominated with a 51.37% share in 2022.

CHICAGO, ILLINOIS, UNITED STATES, April 26, 2023 /EINPresswire.com/ -- Arizton’s latest research report states that the stock music market will grow at a CAGR of 8.65% from 2022-2028. The rising demand for improving video and movie experience creates large avenues for the stock music market.  The rapid shift towards digital advertising is driving the market for sound effects. 

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Trends and Success Factors in the Stock Music Market: 

Datamining: Platforms such as YouTube, Facebook, Shazam, and Spotify have digital footprints that are increasingly being analyzed to help businesses learn about the demographics of music listeners. This can inform brands what, where, and when stock music and genres work to impact and increase revenues. 

Technological Advances: Technology has advanced and is giving sound engineers mediums to create an experience where the story revolves around the audience. For instance, the Dolby Atmos sound system has enabled sound designers to typically ‘heighten’ experiences by creating a 3D audio atmosphere that can realistically depict objects moving around the audience in a cinematic setting.  

Emerging sound technologies such as 3D atmosphere are rendering the creation of new listening experiences. Stock music companies that pay close attention to the type of music/sound effects that will maximize the experience using the technology expected to create demand. 

Rise of Independent Content Creators: A good count of creators is earning significant income from their channels, pages, and profiles, acting as influencers or content creators, all translating to high demand for paid stock music used largely as background music or with sound effects. Currently, demand is being spurred by royalty-free and licensed music owing to the growth in

independent content creation. However, stock music market vendors have also responded and designed their products and services around the trend of independent content creation, further fueling their uptake in the industry. For instance, AudioJungle introduced new licensing terms, away from the one-size-fits-all concept that allows audio files to be used in the different ways content creators would use them. 

Key Highlights:

North America is the largest market stock music, and the market in the region is expected to witness incremental revenues of $413.69 million by 2028.

Demand is being spurred for royalty-free and licensed music due to independent content creation growth.

Vendors have responded to and designed their products and services around independent content creation, further fueling their uptake in the market.

With the rise in individual content creators, the market recorded revenues of $148.28 million in 2022.

As customization gains high traction, on-demand personalization is on the rise.

Licensed stock music accounted for the highest share of 64.29% in 2022 and is expected to project incremental revenues of $509.76 million from 2022 to 2028.

The global media & entertainment market is growing rapidly. Technology and pervasive smartphone penetration have opened alleys for the widespread adoption of video games, creating large avenues for stock music.

The rise in video games and small-scale content creation is expected to drive the market for sound effects. Thus, the market is expected to record an absolute growth of 63.72% from 2022 to 2028.

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Stock music witnessed considerable growth in user base over the last few years owing to the growing media and entertainment industry. 

Platform integration is one such approach that is increasingly being witnessed across the stock music market. It is becoming an important tool that provides an intuitive search experience, facilitating easier and faster utilization of stock music by integrating music libraries across applications. Providing them in-program helps users from the hassle of leaving their workspace, enabling them to generate products by seamlessly utilizing their resources.  

These unified locations value creators’ workflow by making their creative processes a lot more structured. It also puts the control in the hands of the creator, helping reduce the costs of having to source content from outside and ridding users of the trouble resulting from coming to a grinding halt due to dependency and delays. Such moves create more opportunities to expand the distribution base while increasing the affinity in the market.  

The market demand is being spurred by royalty-free and licensed music owing to the growth in independent content creation. However, market vendors have also responded and designed their products and services around the trend of independent content creation, further fuelling their uptake in the market. For instance, AudioJungle introduced new licensing terms, away from the one-size-fits-all concept that allows audio files to be used in the different ways content creators would use them. These benefits both sellers and buyers of stock music as they are priced well enough to facilitate use by the independent content creator who may not have the budget of a TV commercial/show producer while simultaneously giving access to a large volume of customers to sellers. Musicbed developed a tool called SyncID that automatically clears copyright claims for monetization on YouTube.   

Geographic Analysis

North America dominates the global stock music market, accounting for an industry share of 50.86% in 2022. The region witnessed high growth for individual content creators in 2022, with rising attraction toward individual music production and content creation, which recorded revenue of USD 73.06 million. Moreover, the U.S. has one of the world's strongest, most influential, and most innovative music cultures, with audio naturally ingrained. It is the largest industry for radio globally, making up almost half the total radio revenues. While broadcast radio’s ad spending is dropping, it is still the biggest industry driving the growth of stock music volumes.

APAC is one of the most lucrative stock music markets, expected to reach USD 439.09 million by 2028. Driven by a highly dynamic economy, APAC is characterized by strong advertising spending. A decade ago, the region occupied the top spot, winning many international advertising awards. The biggest ad agencies have found their way and settled in APAC for decades. Currently, the rapidly changing media landscape is fueling industry growth.

Further, the European stock music market is driven by innovative market offerings. Europe was led by the UK, Germany, France, Italy, and Russia, where stock music is witnessing a surge in demand. Latin America was fueled by the growing number of local production and art films in the region witnessing international recognition, which likely will drive the small and medium business stock music market.

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