Technavio, a tech-focused market research firm, has published a new report on the global stock music market, which is expected to grow at a CAGR of more than 7% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global stock music market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Top three contributors for the global stock music market are elaborated below
Stock music market in the Americas: The US is the key leading country for stock music in the Americas as well as globally. The stock music market in the Americas is fragmented with the presence of various small and large players. Strict regulation of illegal music downloads by organizations such as ASCAP is the fundamental driving force behind growth of the stock music market in the Americas.
According to Poonam Saini, a lead analyst at Technavio, specializing in research on general retail goods and services, “Various players in the American market are adopting smart technologies that record the search and purchase history of the customers. Players are analyzing the recorded information using specific algorithms that predict customer preferences and offer personalized search results.”
Stock music market in EMEA: Europe is the largest market for stock music in EMEA. Germany, the UK, Italy, France, and Spain are the key leading countries in the European market. The players in Europe offer different genres of stock music for use in films, television, and media production. Strict regulation by various organizations on the use of stock music and the highly flexible stock music plans offered by the various players are expected to foster the growth of the stock music market in EMEA during the forecast period.
Stock music market in APAC: APAC is one of the fastest growing regions in the global stock music market. The rise in the adoption of mobile devices such as smartphones and tablets drive the growth of the market for stock music in this region. China, Australia, Japan, India, and Singapore are the leading countries for stock music in APAC.
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The leading vendors operating in the global stock music market are:
- Audio Network
- Getty Images
- Musicbed
- POND5
- Shutterstock
Other prominent vendors in the market include 123RF, AudioBlocks, Earmotion Audio Creation, Envato, Epidemic Sound, MARMOSET, MusicRevolution, NEO Sounds, The Music Case, and TrackTour Music.
A more detailed analysis is available in the Technavio report titled, ‘Global Stock Music Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Music Market 2017-2021
- Global Electronic Musical Instrument Market 2017-2021
- Global Online Jewelry Market 2017-2021
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