Subscription-based libraries are becoming the norm, and the global market size for stock music in 2019 was $1.153 billion. The CAGR (Compound annual growth rate) will be 7.412% until 2023-2024.
If you think that the stock music marketplace is oversaturated and there’s no room for you to earn money selling you music, then you are in for a great awakening.
Stock music is experiencing a time of global growth and with it the increased demand for the subscription model.
The demand for royalty free music has increased in the past few years due to the increase in popularity of independent content creators, like podcasters, influencers, social media personalities, website owners, video editors, film makers and YouTubers.
The downside of the subscription model is that the average return per track has been declining over the last few years, making it harder for composers to earn more.
Many composers are against this trend of subscription-based libraries, but the truth of the matters is that the marketplace is always changing and those that adapt and evolve, will succeed.
Watch the video to hear my thoughts on the matter.