The global stock music market is expected to post a CAGR of more than 7% over the period 2018-2022, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global stock music market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the simple licensing and pricing of stock music. The demand for premium, high quality music is increasing as professionals such as brand managers and publishers are focusing on obtaining RF stock music that is unique, culturally relevant, and provides fresh perspectives. To meet this demand, the existing vendors are expanding their premium portfolios and new vendors are entering the market.
This market research report on the global stock music market provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increase in demand for different types of background music as one of the key emerging trends in the global stock music market:
Global stock music market: Increase in demand for different types of background music
The demand for different types of background music that are used in television programs, corporate video making, movies, on-hold production, and websites is increasing. Royalty Free (RF) music can be used in YouTube. YouTube is the main video-streaming service provider on the Internet. Users can use licensed RF music for video production. The availability of numerous tracks will enable customers to find their new soundtrack.
“Corporate customers can use stock music to make corporate video presentations. RF music is used in background scores in their presentations, which may be used for marketing activities. The use of appropriate music is essential as it can set the mood and impact audience behavior. Stock music can also be used in the backdrop of a website to promote products and activities,” says a senior market research analyst at Technavio.
Global stock music market: Segmentation analysis
This market research report segments the global stock music market by license models (royalty free and rights managed) and by geographical regions (APAC, EMEA, and the Americas).
The Americas led the market with the largest share in 2017, accounting for more than 55% of the market followed by EMEA and APAC. The market share of the three regions will witness small variation over the forecast period.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Five Forces Analysis
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