PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1238737
PUBLISHER: Arizton Advisory & Intelligence | PRODUCT CODE: 1238737
The global stock music market is expected to grow at a CAGR of 8.65% from 2022 to 2028
MARKET TRENDS & DRIVERS
Rising Need for Authenticity
Stock music made in studios devoid of inclusivity, diversity, and authenticity was a norm across marketing material from key brand assets to advertisements. Most music did nothing to set one brand apart from another owing to its familiarity, thereby not always resonating with its audience. They could also not trust advertising, which became akin to white noise. Marketing is, thus, being revolutionized, one that has its roots in authenticity. With the media and marketing industry becoming increasingly subtle, end-users of stock music are looking at not being a sell-out. Consumers, specifically millennials with their penchant for technology and all things social, find genuineness appealing. This led marketers to ditch these giant sprawls of repeatedly used internet-famous audio content and embrace authenticity as core to audio marketing. Such factors are projected to propel the stock music market.
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 fuelling 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.
The Podcast Renaissance
Podcast demographics are exploding, and the young generations have embraced the medium, encouraging many of these audio products globally. Countries such as China, apart from the US, use the medium to dole out all kinds of content, giving rise to new business models. These factors mean that stock music has a significant opportunity, whether used in podcasts or by brands advertising or aurally sponsoring story-driven content. Most podcast creators depend on stock music for ease; as paid podcast subscriptions grow, so are the industry revenues, thereby boosting the stock music market. The diversity for the kind of stock music required is vast as consumers tune in for everything from stories to education, marketing, training, and more.
INDUSTRY RESTRAINTS
Increasing Interest in Custom Music
Brands with a global base are exploring strategies to localize their offerings to develop a close equation with discerning customers. Essentially, they commission custom music from cultural change agents, i.e., touring musicians who work with specific genres or local musicians who have managed to create a deep impact in their respective regions. Through careful selection, brands have been working on evolving their global presence. For instance, brands such as Budweiser and Coca-Cola have their branding strategies rooted in music. Music, therefore, becomes a point of passion for its consumers. In scenarios such as these, stock music does not make sense. Although certain stock music composers try to create localized tracks, these tracks are mostly way before time leading to disinterest. This requirement for localization has created a substantial gap in the stock music market and has driven down the demand for stock music to a certain extent.
SEGMENTATION INSIGHTS
INSIGHTS BY PRODUCT
The global stock music market by product segments into the track and sound effect. The track segment dominated the global industry and was valued at USD 957.87 million in 2022. The global stock music market by tracks is witnessing steady growth fueled by the age of personal creation. The industry is undergoing a paradigm shift. The low-quality stock music that dominated the industry not too long ago kept great musicians out of the game, keeping track quality low. However, as emerging business models harmonize the quality and the price, genuine composers are re-entering the field and raising the industry's standard, thereby driving the demand for stock tracks. The music track segment is highly diversified. From players dealing with brand-name artists, such as Ricall Express and Song Freedom, to offering tracks from virtually unknown artists for low-budget use, it covers the entire spectrum of demands.
Segmentation by Product
INSIGHTS BY END-USER
The global stock music market for large businesses dominated with a 51.37% share in 2022. Audio or sonic branding, where brands create musical signatures, is witnessing growth as audio marketing comes to the forefront as part of innovative campaigns. The shift in consumption preferences of digital content from passive, video-based to audio-based content is underpinned by the understanding of the importance of marketing strategies that make it easy to consume content. This has caused the age of look and feels to be overridden by listen and feel, fostering the use of audio branding where consumers can easily identify with the brand. As a result, audio branding has come a long way since traditional iconic jingles, radio ads, and commercial ad music among large businesses.
Segmentation by End-User
INSIGHTS BY LICENSE
The license fee-based global stock music market accounted for 64.29% of the industry's revenue in 2022. Since content marketing has become integral, the strategy has been capitalized with bland and over-optimized content. However, quality is now beginning to trump quantity. Hence, marketers prefer low-volume, high-quality content instead of low-quality content. This is shifting focus from royalty-free to licensed music, given that the latter's quality, appeal, feel, and authenticity is objectively better. Furthermore, there has been quite some progress and innovation in the music licensing segment.
Segmentation by License
GEOGRAPHICAL 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 in the culture. 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.
Segmentation by Geography
COMPETITIVE LANDSCAPE
The global stock music market is moderately consolidated. The market has three types of agencies: single artists, community-based, and mass players. These agencies represent different types of products based on exclusivity. While players such as Getty Images and Shutterstock have imposed a consumer-facing business model (i.e., low price, high volume), the industry has come a long way. Several specialist agencies are catapulting the industry forward as they keep up with technology and demand developments. The five major vendors that dominate the stock music market are Audio Network, Getty Images, Shutterstock, Musicbed, and Pond5.
Key Company Profiles
Other Prominent Vendors
KEY QUESTIONS ANSWERED
LIST OF TABLES
Table 1 Key Caveats
Table 2 Currency Conversion 2016-2022
Table 3 Global Stock Music Market by Product 2022-2028 ($ million)
Table 4 Global Stock Music Track Market by Geography 2022-2028 ($ million)
Table 5 Global Stock Music Sound Effect Market by Geography 2022-2028 ($ million)
Table 6 Global Stock Music Market by End-user 2022-2028 ($ million)
Table 7 Global Large Businesses Stock Music Market by Geography 2022-2028 ($ million)
Table 8 Global SMEs Stock Music Market by Geography 2022-2028 ($ million)
Table 9 Global Individual Content Creators Stock Music Market by Geography 2022-2028 ($ million)
Table 10 Global Stock Music Market by License 2022-2028 ($ million)
Table 11 Global Licensed Stock Music Market by Geography 2022-2028 ($ million)
Table 12 Global Royalty-Free Stock Music Market by Geography 2022-2028 ($ million)
Table 13 Global Stock Music Market by Geography 2022-2028 ($ million)
Table 14 North America Stock Music Market by Product 2022-2028 ($ million)
Table 15 North America Stock Music Market by End-User 2022-2028 ($ million)
Table 16 North America Stock Music Market by License 2022-2028 ($ million)
Table 17 APAC Stock Music Market by Product 2022-2028 ($ million)
Table 18 APAC Stock Music Market by End-User 2022-2028 ($ million)
Table 19 APAC Stock Music Market by License 2022-2028 ($ million)
Table 20 Europe Stock Music Market by Product 2022-2028 ($ million)
Table 21 Europe Stock Music Market by End-User 2022-2028 ($ million)
Table 22 Europe Stock Music Market by License 2022-2028 ($ million)
Table 23 Latin America Stock Music Market by Product 2022-2028 ($ million)
Table 24 Latin America Stock Music Market by End-User 2022-2028 ($ million)
Table 25 Latin America Stock Music Market by License 2022-2028 ($ million)
Table 26 Middle East & Africa Stock Music Market by Product 2022-2028 ($ million)
Table 27 Middle East & Africa Stock Music Market by End-User 2022-2028 ($ million)
Table 28 Middle East & Africa Stock Music Market by License 2022-2028 ($ million)
Table 29 Envato: Major Product Offerings
Table 30 Entertainment One: Major Product Offerings
Table 31 Getty Images: Major Product Offerings
Table 32 Musicbed: Major Product Offerings
Table 33 Shutterstock: Major Product Offerings
Table 34 Tribe of Noise: Major Product Offerings
Table 35 Media Music Now: Major Product Offerings
Table 36 SoundCloud: Major Product Offerings
Table 37 123RF: Major Product Offerings
Table 38 Artlist: Major Product Offerings
Table 39 Audiosocket: Major Product Offerings
Table 40 Bensound: Major Product Offerings
Table 41 Dreamstime: Major Product Offerings
Table 42 FyrFly: Major Product Offerings
Table 43 Jamendo: Major Product Offerings
Table 44 Motion Array: Major Product Offerings
Table 45 Music Vine: Major Product Offerings
Table 46 Videvo: Major Product Offerings
Table 47 Storyblocks: Major Product Offerings
Table 48 Soundsnap: Major Product Offerings
Table 49 Earmotion: Major Product Offerings
Table 50 Epidemic Sound: Major Product Offerings
Table 51 Pond5: Major Product Offerings
Table 52 MusicRevolution: Major Product Offerings
Table 53 Marmoset: Major Product Offerings
Table 54 Soundstripe: Major Product Offerings
Table 55 Neosounds: Major Product Offerings
Table 56 The Music Case: Major Product Offerings
Table 57 Global Stock Music Market by Geography 2022-2028 ($ million)
Table 58 North America Stock Music Market by Product 2022-2028 ($ million)
Table 59 North America Stock Music Market by End-User 2022-2028 ($ million)
Table 60 North America Stock Music Market by License 2022-2028 ($ million)
Table 61 APAC Stock Music Market by Product 2022-2028 ($ million)
Table 62 APAC Stock Music Market by End-User 2022-2028 ($ million)
Table 63 APAC Stock Music Market by License 2022-2028 ($ million)
Table 64 Europe Stock Music Market by Product 2022-2028 ($ million)
Table 65 Europe Stock Music Market by End-User 2022-2028 ($ million)
Table 66 Europe Stock Music Market by License 2022-2028 ($ million)
Table 67 Latin America Stock Music Market by Product 2022-2028 ($ million)
Table 68 Latin America Stock Music Market by End-User 2022-2028 ($ million)
Table 69 Latin America Stock Music Market by License 2022-2028 ($ million)
Table 70 Middle East & Africa Stock Music Market by Product 2022-2028 ($ million)
Table 71 Middle East & Africa Stock Music Market by End-User 2022-2028 ($ million)
Table 72 Middle East & Africa Stock Music Market by License 2022-2028 ($ million)
Table 73 Global Stock Music Market by Product 2022-2028 ($ million)
Table 74 Global Stock Music Track Market by Geography 2022-2028 ($ million)
Table 75 Global Stock Music Sound Effect Market by Geography 2022-2028 ($ million)
Table 76 Global Stock Music Market by End-User 2022-2028 ($ million)
Table 77 Global Large Businesses Stock Music Market by Geography 2022-2028 ($ million)
Table 78 Global SME Stock Music Market by Geography 2022-2028 ($ million)
Table 79 Global Individual Content Creators Stock Music Market by Geography 2022-2028 ($ million)
Table 80 Global Stock Music Market by License 2022-2028 ($ million)
Table 81 Global Licensed Stock Music Market by Geography 2022-2028 ($ million)
Table 82 Global Royalty-Free Stock Music Market by Geography 2022-2028 ($ million)