by Stock music refers to royalty-free pieces of audio that can be legally used and reused in commercial projects. Such music finds widespread use in films, advertisements, television shows, websites, and various other media. The demand for stock music is being propelled by the growing need for non-copyrighted music across different industries.
Stock music provides a cost-effective solution for background scores and instant audio for various commercial applications. It allows users to freely utilize non-exclusive music in their products and services without having to pay additional royalties. With tight budgets and quick turnarounds becoming the norm, stock music is increasingly being relied upon for its convenience and affordable licensing options. The Global Stock Music Market Size is estimated to be valued at US$ 1515.32 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising popularity of subscription and membership-based stock music sites is one of the key trends being witnessed in the market. Leading providers are focusing on launching subscription packages that offer unlimited downloads and usage of royalty-free songs for a monthly or annual fee. This allows content creators easy and convenient access to a vast catalog of high-quality audio assets without any pay-per-download charges. Such membership plans have improved accessibility while driving recurring revenues for stock music providers.
SWOT Analysis
Strength: Stock music provides an affordable option for businesses and individual creators to obtain licenses for use of music in their content. It saves time and money compared to hiring musicians.
Weakness: The variety and quality of stock music available may be limited compared to hiring professional musicians. Using stock music carries less prestige than commissioning original music.
Opportunity: As more businesses and individual creators produce online video and audio content, demand for affordable, licensed music will continue growing. Stock music providers can expand their catalogs to attract more customers.
Threats: Other royalty-free or low-cost music options may emerge as competitors. Stricter copyright enforcement could reduce legal uses of stock music.
Key Takeaways
The global stock music market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis shows North America currently dominates the market due to strong demand from content creators. However, Asia Pacific is projected to be the fastest growing region due to expanding digital media and entertainment industries in countries like China and India.
Key players operating in the stock music market are Littelfuse, Inc., RMCIP, Standex Electronics, Inc., Nippon Aleph, HSI Sensing, Inc., Coto Technology USA, PIT-RADWAR S.A., PIC GmbH, STG Germany GmbH, and Harbin Electric Group. These companies provide large catalogs of royalty-free music tracks and tools to help customers find the right songs for their needs. Continued expansion of offerings and improved search/selection capabilities can help them attract more subscribers.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
