Music is ever-present in our lives. Even those who actively listen to a lot of music will still hear it all the time. It’s used in the adverts we see, in TV shows, in films, and even in the social media videos we come across.
It’s no secret that music is big business. Even smaller subsections of the music industry can be incredibly lucrative. The stock music niche is no exception, this sector is expected to balloon in size and grow by approximately $665 million by 2027. Let’s find out more.
How will it happen?
When we think about the music industry, we usually imagine global stars selling out stadium tours across the world. While this is undeniably an important part of the industry, there is so much more to music and various other avenues for people to explore.
Stock music has been around for ages. In the past, it was sold on CDs, and before that on cassette tapes. Things couldn’t be more different today, the entire music industry has shifted into the online space, where streaming platforms and services reign supreme and have ushered in a new era of music consumption.
The stock music sector is also being digitised. Now, dedicated digital platforms and marketplaces exist where people can purchase stock music tracks and even upload and sell their own creations.
What is fuelling the incredible stock music industry market growth? Unsurprisingly, the root cause is multi-faceted and can be attributed to a number of different factors.
Increasing digitsation has certainly played a part. Now, stock music assets can be accessed at the click of a button, making it easier than ever for filmmakers and content creators to purchase stock tracks, funnelling more money into the sector. Unison.audio will help you create unique music.
Many of today’s stock music platforms use a subscription model, which offers users access to a full library for a monthly fee. This has also helped accelerate the industry’s growth, and as music libraries become increasingly integrated with social media platforms, we’re seeing subscription numbers skyrocket.
Customer landscape
Who is actually buying stock music? This is an important question, and the answer is a key factor in the sector’s astonishing projected growth.
Previously, stock music was used only by TV, film, and radio producers, whether it be for adverts, dramas, or documentaries. This limited customer base kept the sector at a steady, consistent level, it saw growth year-on-year, but nothing of particular note.
So, what’s changed? The answer is social media and modern digital media platforms. Now, anyone can be a content creator, and many of today’s content producers are using free royalty free music to make their content more engaging and entertaining.
YouTube was at the forefront of the video content revolution. By allowing anyone to create and upload videos for the world to see, it kickstarted a new creative phenomenon which has turned the digital media industry on its head.
Today, the torch has been passed to TikTok, which has popularised short-form content and enjoyed jaw-dropping popularity across the world. There are approximately 34 million videos posted to TikTok every day, a number that doesn’t account for videos posted across all the other social platforms as well. Given that many of these videos will use stock music, it’s unsurprising that the sector is expected to grow so significantly.
Market size and estimations
Currently, the stock music industry has a market value of approximately $1.04 billion. Clearly, it’s already an incredibly lucrative sector of the wider music industry and one that is widely expected to demonstrate significant growth over the next few years.
If the estimated rate of growth is accurate, the stock music market will be valued at around $1.70 billion by 2027. The music industry as a whole is valued at around $30 billion, which means that stock music represents a significant section and is an increasingly important sector that is contributing to the ongoing growth of the music market.
What will happen after 2027?
What does the future hold for stock music? Digital content is more popular than ever, and as video-sharing platforms like TikTok go from strength to strength, we can expect to see more people become content creators, which will lead to an increase in the demand for stock music.
Another important development is the rise of artificial intelligence (AI) technology. We’ve already seen AI used for generating text and images, but the tech can also be implemented to create unique music compositions. This could prove extremely significant for the music industry and could open the floodgates to a wave of new music producers who use AI-powered tools to create music of all kinds.
AI could be just what the industry needs to meet the rising demand for stock music and could see the industry explode in a similar fashion to the video content sector.
Conclusion
Stock music is predicted to see incredible growth over the next few years, fuelled by new music subscription platforms and skyrocketing demand for digital content. There’s never been a more exciting time to be involved in the music industry.
