Small Businesses to boost Royalty free Music Market | Arizton
The global stock music market is expected to generate revenue of around $1.5 billion by 2024, growing at a CAGR of around 9% during 2018-2024.
The stock music market is touching new heights and is expected to flourish in the coming years due to simplification of the licensing process, growth of platform integration, and the growing popularity of the sound design-first approach.
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Modularity has become increasingly relevant in the stock music market place
In 2018, the global royalty free music market by track was estimated at around $ 721.8 million. Currently, the industry is undergoing a paradigm shift. The low-quality stock music that once dominated the industry kept musicians out of the game, thereby keeping track quality low. However, as emerging business models harmonize the quality and price, genuine composers are re-entering the field and raising the standard of the industry.
Emerging businesses are harmonizing the quality and price, and genuine composers are re-entering the field to raise the standard of the industry, which is contributing to the growth of the royalty free music market. Further, modularity has become increasingly relevant in the stock music marketplace with players putting musical expression at the fingertips by enabling users to build their own track with component tracks, re-balance the music to fit audio elements and voice-overs.
Several vendors are turning toward offering complete music solutions/brand soundtracks for hotels, stores, exhibitions, and other public areas, wherein they schedule, license, update and handle the technicalities for end-users.
Growing Number of Small Businesses to Boost Royalty Free Music
Small businesses are dominating the world business sector. Japan, India, and South Africa have the highest proportion of SMEs, and they are growing rapidly in India and China. The growth of online radio services has fuelled small business advertising via audio channels as it offers reliability by allowing tracking and targeting, which is boosting the royalty free music market globally. Further, SMEs are more engaged in new marketing practices than larger firms, they are likely to explore innovative forms of marketing to push their product or service forward. Thus, utilizing audio as part of their branding will further the use of stock music.
Licensed music is gaining prominence due to high quality and easy user interface
The licensed segment captured more than half of the royalty free music market in 2018. The music licensing industry is witnessing progressions and innovations. Consistency in terms of better standards has kept the demand for licensed music stable and is expected to continue during the forecast period. The licensed music market is expected to witness promising growth prospects as the community grows tight knitted and is evolving as a whole. Some platforms are acting as base builders for artists - upcoming artists allow the use of their music for free provided they are credited for the track.
Audio Network, Getty Images, Shutterstock, Musicbed, and Envato are identified as prominent vendors in the royalty free music market.
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The complete overview of the latest market research report on the royalty free music market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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