The stock music niche is projected to grow by nearly $665 million by 2027 due to the expanding variety of stock music coupled with the increasing adoption of the subscription model.
The stock music market is set to grow by $664.36 million from 2022 to 2027, with the increasing adoption of the subscription model a significant factor driving growth. The subscription model in stock music is based on an application, and the integration of music streaming applications with social media platforms like YouTube has been a major aspect that has expanded the demand for music subscriptions.
Vendors that offer stock music provide audio tracks based on customers’ demand and charge prices according to the use of music. For example, Musicbed, a stock music vendor, offers plans based on the type of project, delivering various subscription plans based on Personal, Nonprofit, Wedding, Business, and Custom models. Adopting such subscription models is shown to fuel the growth of the global stock music market during the forecast period.
The expanding variety of stock music is an emerging trend driving the stock music niche growth. The demand for stock music is influenced by its widespread use as background music. Stock music tracks are commonly used in TV programs, corporate videos, on-hold production, and websites, while royalty-free music tracks are widely used in YouTube videos.
The extensive use of stock music for personal and business applications gives rise to the demand for a variety of stock music, which is likely to boost the market’s growth during the forecast period.
Digital music is a crucial part of stock music publishing, with the popularity of digital music a significant factor driving the growth of music streaming services. But the lack of ownership of streaming music (as opposed to downloading) and issues associated with integration may hinder the stock music market growth.
Digital content platforms that provide stock music require effective integration with different channels, such as mobile applications and social media. Business process issues and the demand for significant investments and time make it challenging for small vendors to deliver seamless service, hindering new vendors’ entry.