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Global Stock Music Market
Global Stock Music Market
The GMI Research expects the Stock Music Market to notice an augmentation in demand over the forecast period. This is mainly due to their mounting demand by freelancer or production organizations, increasing prominence of video streaming, and their ability to offer a massive range of music produced by various artists.
Introduction of the Stock Music Market
According to the Stock music market report, it refers to a term used to describe music recorded and purchased as a part of a large music album. It is also called archive or library music and belongs to a music archive that anyone can approach. Further, the music is designed with an explicit motive in mind and is used for particular projects, mainly audio-visual like video games, TV, films, advertisements, and corporate productions.
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Key Players of Market:
· SoundCloud Ltd.
· Pond5 Inc.
· Epidemic Sound
· Audio Network Limited
· Shutterstock Inc.
· Inmagine Group
· Envato Elements Pty Ltd.
Stock Music Market Dynamics
The growth in the global stock music market is driven by the aggravating endorsement of subscription models as a result of the growing drift of individuals towards video making, advertisements, social media, YouTube, podcasts, and background music. In addition, it permits users to incorporate their recommendations of music libraries across different platforms, which thereby impels market growth. Apart from this, the sudden spread of the coronavirus pandemic has bolstered the market growth by fuelling the subscription revenue and streaming video on demand (SVOD) services, like, Netflix, Hulu, HBO, and Disney Plus.
In addition, the notable change in consumer's preference from conventional devices towards online radio has raised the market growth, especially for podcasts and advertising. For example, the substantial surge in the monthly outstretch of online radio between the age group of 25-54 in the U.S. in 2019 has contributed to the market growth. Additionally, the vigorous demand for licensed and royalty-free music led by the rising admiration of influencers, primarily independent content creators, is another factor raising the market growth. Besides this, different platforms such as Tongal, where influencers have the flexibility to amalgamate in order to launch new video content, support the stock music market size. However, the inadequate ownership of streaming music and changing preferences of users are restraining the market growth.
Regional Drivers
Based on the regional coverage, North America is contemplated to maintain its prominence over the next few years. This is mainly attributed to the rigorous copyright norms and the easy accessibility of different music publishers and service providers. In addition to this, the excessive purchasing power capability of the population further drives global stock music market size.
Stock Music Market Segmentation:
Segmentation by End-Users
· Personal
· Commercial
· Enterprise
Segmentation by Subscription Model
· One-time payment
· Monthly/Annual Payment
Segmentation by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o UAE
o Brazil
o South Africa
o Saudi Arabia
About GMI Research
The consulting and market research enterprise's large team of enriched analysts and industry professions offer business acumen and research reports to different companies. Our explicit reports help clients enact strategic business policies and attain sustainable growth in the specific market domain. The market research reports provide a comprehensive analysis, including precise forecasts, a view of the competitive environment, major driver affecting the market growth, and other market insights to assist the organization in reaching a managerial decision. The organization always prognosticates to succor our clients stay ahead of current trends.
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