Stock Music Market Size
To determine the market size of stock music for the purposes of assessing the viability of the market for a growing company.
Preliminary research shows that most information regarding the stock music market size is behind paywalls. However, with some available pieces of information, an approximate global market size can be calculated as follows.
- According to a 2017 report from Technavio, the global stock music market size is expected to grow at a CAGR of over 7% to reach almost $875 million in 2021.
- However, Technavio adjusted its CAGR to 6% through 2023 in 2019 (but an estimated market size was not provided). However, an incremental growth of $346.38 million expected between 2018 and 2023.
- An Arizton report from August 2019, put the CAGR of the global stock music market growth at 9% through 2024.
- ResearchandMarkets put the CAGR of the global stock music market growth at 7.46% through 2022.
- Using the 6%, 9%, and 7.46% CAGRs, the average CAGR for the global stock music market growth is 7.48%.
- Since the actual numbers are behind various paywalls, only an estimated market size is available.
- Assuming a CAGR of 7.48% and the expected market size of $875 million in 2021, the global market size for stock music would be $814,104,950 in 2020 ($875,000,000 / 1.0748), $757,447,851 in 2019 ($814,104,950 / 1.0748), and $704,733,765 in 2018 ($814,104,950 / 1.0748).
- The Americas represented 55% of the global stock music market in 2017. Assuming the market shares stayed approximately the same in 2018, the stock music market size for the Americas was approximately $387,603,571 ($704,733,765 x 0.55).
- In addition, North America led the market in 2018, so it can be assumed that much of the 55% market share belongs to North America.
- The top five global vendors in stock music are Audio Network, Getty Images, Musicbed, POND5, and Shutterstock.
Proposed next steps:
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Initial research shows that the actual market size for stock music is not readily available and may only be available behind paywalls. However, the approximate global market size and the market size for the Americans can be triangulated. As such, suggest an in-depth report on the state of stock music with a focus on the largest vendors and their revenues in the market.
Alternatively, if the global market size is not what is desired and the U.S. market size is preferred, we suggest continuing research to provide a triangulated approximate stock music market size for the U.S.