The global stock music market size is expected to grow by USD 367.47 million between 2020-2024, according to the latest market research report by Technavio.
The growing popularity of audio and video streaming is one of the key factors anticipated to drive the stock music market growth during the forecast period, the report notes.
More from the report:
The engagement of music enthusiasts with streaming, especially with paid subscriptions for audio and video streaming has increased considerably in the recent years.
In addition, the rising demand for video production with stock music tracks to be used in voice-overs and background scores is further expected to drive the stock music market during the forecast period.
Furthermore, stock music libraries offer a wide variety of music composed by various artists in different moods, styles, tempos, and genres, ranging from classical orchestrations to animated cartoon compositions. All these factors are anticipated fuel of the growth of the global stock music market.
The research notes a continuous increase in the adoption of DAW, particularly in emerging economies. DAW is mainly available in two forms, namely virtual musical instruments and music production software. Music composers are adopting music production software instead of physical instruments as it enables better mobility and fewer hassles. Moreover, this helps them to record music at anytime and anywhere, also in the absence of a proper environment/studio.
Companies have started offering music production software equipped with a fully functional music creation studio containing a complete sound library equipped with instrument pre-sets for electronic musical instruments. Thus, with the rising adoption of digital audio workstation (DAW), the demand for stock music is likely to surge considerably in the forthcoming years, says the research company.
“The rising adoption of a subscription model, increasing popularity of digital music, expanding variety of stock music, and the surging growth of the advertising market are other factors that will boost the stock music market during the forecast period,” says a senior analyst at Technavio.