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NEW YORK , Dec. 12, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global stock music market size is estimated to grow by USD 650.4 million from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. The report provides a comprehensive forecast of key segments below- Segmentation Overview License Model 1.1 Royalty-free 1.2 Rights managed End-user 2.1 Television 2.2 Film 2.3 Radio 2.4 Advertising 2.5 Others Geography 3.1 North America 3.2 Europe 3.3 APAC 3.4 South America 3.5 Middle East and Africa Get a glance at the market contribution of rest of the segments - Download a FREE Sample Report in minutes! 1.1 Fastest growing segment: Royalty-free (RF) music refers to the permission to use copyrighted materials without paying recurring royalties or license fees. RF music allows for one-time payment, regardless of usage frequency, number of copies sold, or timeframe. Traditionally, RF music was popular for TV productions due to its ease of use and elimination of complex licensing processes. With the rise of digital distribution, RF music adoption, benefiting both composers and buyers. Numerous websites offer a vast selection of RF music across various genres, making it a convenient choice for producers. RF music's affordability fuels the growth of the global stock music market, as it offers legal access to a wide range of musical content without the need for copyright infringement. Analyst Review The Stock Music Market is a dynamic and evolving industry that caters to the diverse audio needs of various sectors, from Millennials to corporations. Technology and social media have revolutionized the way we consume and create music, making music libraries an essential resource for content creators in the entertainment business. From TV and films to advertisements, video games, and corporate production, the demand for authentic and high-quality music is at an all-time high. The gig economy has given rise to a new generation of multimedia artists, providing them with an opportunity to monetize their creations through stock music platforms. Genres and styles vary widely, catering to the unique needs of different industries and audiences. The user base of streaming services and digital advertising continues to grow, making online marketing and podcasting increasingly important channels for reaching consumers. The Stock Music Market is a thriving business that is here to stay. Market Overview The Stock Music Market is a dynamic and evolving industry that caters to the growing demand for authentic and high-quality music in various sectors. With millennials leading the charge, technology and social media have revolutionized the way music is consumed and shared. Music libraries have become essential resources for content creators in TV, films, advertisements, video games, corporate production, and the entertainment business. Stock music producers offer licenses, attribution, and exploitable rights to market participants, enabling a diverse range of businesses to access original music for their brand assets. Affluent consumers, cultural change agents, touring musicians, and local musicians all contribute to this vibrant ecosystem. Brands like Coca-Cola and Budweiser have embraced music as a powerful branding tool, creating iconic brand anthems and sponsoring music festivals. The digital element has transformed the industry, with streaming services, podcasting, and online marketing leading the charge. Editing tools and platforms have made it easier for professionals to integrate music into their multimedia content, from magazines and newspapers to instore activations and digital efforts. The market continues to grow, fueled by media spending and the unified approach to platform integration. To understand more about this market- Download a FREE Sample Report in minutes! 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Venodr Landscape 11 Vendor Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia: https://www.prnewswire.com/news-releases/stock-music-market-to-grow-by-usd-650-4-million-from-2023-2028--report-on-ai-redefining-market-landscape---technavio-302328795.html SOURCE Technavio © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The Agenda revolves around job-creation, education and health care improvements, poverty reduction, and ensuring opportunities for success for all Nigerians. The eight key priority areas as outlined by the president are: Reform the economy to deliver sustained, inclusive growth; strengthen national security for peace and prosperity; boost agriculture to achieve food security, and unlock energy and natural resources for sustainable development. Others are: Enhance infrastructure and transportation as enablers of growth; focus on education, health, and social investment as essential pillars of development; accelerate diversification through industrialisation, digitisation, creative arts, manufacturing & innovation, and Improve governance for effective service delivery. In a chat with this reporter, a Senatorial aspirant on the platform of the All Progressives Congress (APC ) in the 2023 elections, Abubakar Abdullahi, sympathised with Nigerians over the current economic hardships occasioned by what he called “unavoidable government policy choices.” He urged Nigerians to be resolute “in these trying moments,” adding that President Tinubu was committed to building a strong and proud country that works for the good of all citizens. He said, “Like several other nations, we are currently grappling with diverse challenges, but we remain resolute in our inalienable destiny to build a strong and proud country that works for the good of all citizens irrespective of status, tribe, religion and creed. “Let me assure you that this administration is committed to its promise of working sacrificially to deliver the dividends of democracy to every Nigerian citizen. This government of President Bola Ahmed Tinubu is very much aware of and deeply sympathises with all Nigerians over the economic conditions we are passing through. “These have been occasioned by unavoidable policy choices, including the removal of fuel subsidies, that his administration has had to make. “Notwithstanding the daunting challenges, ceaseless efforts are being made to cushion the immediate impact and to create new opportunities on the short, medium and long-term basis, through diligent implementation of the Renewed Hope Agenda. “These policies and programmes are being implemented for long-term solutions to these problems and I assure us all that in no distant time, under the leadership of President Bola Ahmed Tinubu, the trajectory of our socio-economic development would soar higher in the positive territory.” The Director General of National Automotive Design and Development Council (NADDC), Joseph Osanipin, highlighted some accomplishments of the Tinubu administration which, according to him, have positively impacted Nigerians. He said President Tinubu followed through with his promises on easing transportation difficulties Nigerians experienced with the establishment of the Presidential CNG Initiative (Pi-CNG) and the launch of the first phase of buses, powered by hybrid Compressed Natural Gas (CNG). According to him, this is work in progress because the Presidential Initiative is designed to expand across all geo-political zones of the country. He said, “The government has also commissioned the first retrofitted CNG train head for the Abuja-Kaduna track. This is intended to cut the cost of travel by up to fifty percent when fully operational. In order to encourage conversion to CNG-powered land transportation, the government has also commenced the distribution of CNG conversion kits at no cost to Nigerians. “The benefits of the CNG transport system to Nigerians are huge reduction in costs. The Presidential Initiative on CNG marked its first year of implementation recently, with the number of vehicle conversion centers in the country rising from fewer than 10 to more than 120. “The goal is to make CNG a fuel of choice for private and commercial transportation in Nigeria, bringing down costs by as much as 50 to 60 percent. We are already seeing enthusiastic uptake of the initiative, and the government is supporting this by way of fiscal incentives and subsidised conversions.” Speaking on the policies of President Tinubu on education, an associate professor of Development Communication, Bright Etekamba, said on so many fronts, the outgoing year has brought significant policy and legislative milestones that are helping to cement the very foundations of the president’s grand vision for Nigeria. He said, “Take the examples of the Students Loan Fund and the Consumer Credit Corporation, two institutions targeted at putting more resources in the pockets of the Nigerian people, empowering them to turn their dreams into opportunities. “With the Students Loan Fund, we are seeing, for the first time in decades, Nigerian students at tertiary level, getting targeted federal assistance to pursue their academic ambitions, through long-term loans (and stipends) that are designed to not be burdensome in any way. In less than one year, more than 300, 000 Nigerian students have already benefitted. “The Nigerian Students Loan Fund initiative of the Tinubu administration has disbursed the sum of N2.5 billion to over 22,120 beneficiaries across the nation’s higher institutions. This is a welcome relief for parents and an opportunity to access education by indigent students. “The young people of Nigeria now have a clearer path to sustainable tertiary education through the Student Loans (Access to Higher Education) Act 2024, which has established the Nigerian Education Loan Fund (NELFUND). Complementing this is the new Consumer Credit Corporation, established to guarantee access to low-cost and flexible consumer credit.” On the rising prices of food items, a member of the Presidential Initiative on Livestock Reform, Danasebe Maiyaki, said the government has reduced tariffs on importation of certain categories of food in order to crash prices. “One of the major issues facing Nigerians is rising food prices. To bolster food security, availability and ensure affordability of food, the government has removed tariffs on the importation of certain categories of food. In addition, the government has distributed fertilizers, farm inputs and other critical items to boost dry season food production,” he said. He praised President Tinubu’s establishment of the Ministry of Livestock Development as a game-changing move to unlock the sector’s vast potential and maximise its value-chains. “Most recently, President Bola Ahmed Tinubu took a bold and transformative step by establishing and operationalising a dedicated Ministry for Livestock Development. This strategic move underscores the administration’s recognition of the immense potential within the livestock sector, often referred to as an untapped gold mine. “Food security is at the core of the nation’s national security, survival, stability and sovereignty; it is in realisation of this that President Tinubu, upon assumption of office, renamed the Federal Ministry of Agriculture and Rural Development to the Federal Ministry of Agriculture and Food Security. “The current administration is committed to tackling the multifaceted challenges hindering self-sufficiency in food production, leveraging the nation’s vast arable land, favorable climate, and youthful population. “Nigeria, blessed with vast arable land, favourable climatic conditions, and a youthful population, has the potential to be a global agricultural powerhouse. Yet, we face significant challenges in attaining affordability and self-sufficiency in food production. This on-going challenge is what has informed the special attention that the president is paying to this very important sector, which happens to be the biggest employer of labour in the country,” he said. He highlighted that early in his administration, President Tinubu launched three critical agricultural interventions – declaring a State of Emergency on food insecurity; initiating a food security and sustainability intervention project, and cracking down on hoarders, smugglers, and saboteurs to ensure affordability, availability, and accessibility of essential commodities. “Nigeria’s path to food security is not insurmountable, particularly through our collective resolve; we can transform our nation into a land of abundance, where no Nigerian goes to bed hungry,” he said further. Speaking on the socio-economic front, a political economist, Dr. Njamenze Orbih, hailed the president for his giant strides despite the global economic recession. He said, “Undoubtedly, one of the significant setbacks to rural socio-economic development in Nigeria has been the absence of direct fiscal control by elected local government administrations. “In a landmark move, President Tinubu has taken a decisive step toward implementing local government autonomy by getting a verdict from the Supreme Court. This action demonstrates his administration’s commitment to a deep-rooted restructuring of the country, enhancing governance and development at the grassroots level, and promoting effectiveness and accountability in local governance. “In addition, a lot of work is going towards ensuring macroeconomic stability, stabilising the foreign exchange regime, reforming the tax system to make it more efficient, and less burdensome on Nigerians, repositioning our oil and gas sector to attract new investment, and prioritising the diversification and expansion of government revenues. “Under the visionary leadership of President Tinubu, we have initiated transformative policies and reforms aimed at correcting the missteps of the past and repositioning Nigeria as an economic superpower in the near future. “Despite the global economic headwinds and the transitional pains accompanying some of the reforms, the president has remained focused in his efforts towards reviving our economy and returning the country to the path of prosperity and sustainable growth.” Likewise, an IT expert and chief executive officer of Falcon Eye Network, Reni Tyioda, said initiative by the present administration to create jobs for youth in the digital economy sector is yielding results. He said, “The federal government has set up the structures to create three million jobs for the Nigerian youth through the 3Million Technical Talent (3MTT) Programme. The initiative, being driven by the Federal Ministry of Communications, Innovation and Digital Technology, is an incubator for the education and skills desired to enhance the capacity and value of the youths in national security intelligence. “The 3MTT Programme is an affirmation of President Tinubu’s vision of factoring youth development into the overall national development strategy. To lay a formidable framework towards achieving this, the administration is also prioritising the economic security of Nigerian youths, towards building a more secure and prosperous country.” Meanwhile, a foremost entrepreneur and president of the Dangote Industries Limited, Aliko Dangote, has commended President Tinubu for the positive impact of the Naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country. To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers. “To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he said. In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.” “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value-chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets,” the statement read in part. Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry. Similarly, travellers have thumbed up President Tinubu’s 50 per cent subsidised holiday transport services across the country. The initiative which was officially flagged off by the Minister of Transportation, Sen. Said Ahmed Alkali, is aimed at ensuring seamless travel for citizens for the festive season, covers both road and rail operations and is scheduled to run from December 24, 2024, to January 5, 2025. observed that travellers were seen at the Eagles Square in Abuja boarding the transport services to their various destinations after being officially flagged off by the Minister of Transportation, Sen. Said Ahmed Alkali. A traveller, Madam Juliet Okoli, boarding the transport service to Lagos state, said the initiative is commendable considering the economy cash crunch in the country. “I am happy that I can travel to Lagos at a cheaper rate to spend the Christmas celebration with my family and I urged the federal government to do more for Nigerians by reducing the fuel price to as low as N300 to N400,” she said. Another traveller, Joseph Akor, who couldn’t hold his excitement, commended the federal government for the transport service initiative and urged the transport unions to make it accessible for all Nigerians.
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From the season’s outset, Timberwolves coach Chris Finch said Minnesota would leave itself the flexibility to close games with whatever lineup the coaching staff felt was needed to secure a victory. ADVERTISEMENT Sometimes, he noted, he’d get the choice right. Surely, there would be other times when he wouldn’t. “Hopefully, I do way more than I don’t,” Finch said this week. Sunday evening, however, was a checkmark in the “not right” column, at least based off the result. The Timberwolves didn’t score in the final 4:47 of their loss to Golden State. Finch said this week that Mike Conley’s inclusion in the closing lineup would’ve added organization to the equation. But he was quick to add that, with the ill-advised shots Anthony Edwards was taking, may not have mattered. ADVERTISEMENT Finch also reiterated what he said after the game, that Nickeil Alexander-Walker was playing “so well,” so he was hesitant to take him off the floor. “Maybe the other thing I could’ve done was go small,” Finch said, “but we’ve not really done that a ton.” That was the cry of many Wolves’ followers on social media on Sunday. Minnesota has proven rather inept at late-game offense when Conley isn’t on the floor. But all recognized Alexander-Walker had also earned the opportunity to close. You certainly won’t take Edwards off the floor in those situations, and the Wolves wanted Jaden McDaniels on the floor to guard Steph Curry. That left Julius Randle and Rudy Gobert as the only options to take off the court in favor of Conley, and that would’ve left Minnesota small. And, as Finch noted, the Wolves simply haven’t gone small this season. Like, at all. None of Naz Reid, Randle or Gobert have played more than 17 minutes this season without another big man next to him. ADVERTISEMENT It’s not something the Wolves practice, either. McDaniels said he’s only repped minutes at the four in practice when one of the bigs have been unavailable. Still, Finch said it wasn’t that he was “uncomfortable” rolling out a small-ball look Sunday. “But I worry a lot about rebounding. We struggle to rebound with our bigger lineups, at times. So, I know our smaller lineups have really struggled,” Finch said. “That’s some of the reason not to go small is really rebounding issues. But I think our guys are comfortable playing in all different combinations. But I haven’t really thought about going small, necessarily.” ADVERTISEMENT Indeed, Minnesota is just 12th in the NBA this season in defensive rebounding rate, grabbing 71.3% of opposing missed shots. The glass was especially an issue Sunday, as Golden State grabbed 14 offensive rebounds that led to 19 second-chance points. But it’s worth noting many of those came by guards in situations in which size was no factor on the play. McDaniels said he’s comfortable playing any position, including the power forward slot. And Minnesota certainly has the wing depth to roll out more small ball lineups if the situation ever called for it. There could be a playoff matchup that does just that, though Finch noted it could also go the other direction where the Wolves’ advantage would be to lean bigger. Versatility rules come April and May. But the Wolves don’t seem overly urgent to trot out any small-ball looks just to see how they perform at this juncture in the campaign. ADVERTISEMENT “Usually, it’s better with Naz at the four (than me),” McDaniels said. There is, however, at least one proponent of doing a little experimenting: Conley. “I think (small ball) kind of promotes a different level of spacing and speed to the game. You’re going to have to rely on guard-guard situations, guard pick and rolls,” Conley said. “Maybe me setting the screen and roll, Just creating different advantages for ourselves, as opposed to our typical offense or typical flow of things. I would love to see it, maybe — see how it works.” ADVERTISEMENT ______________________________________________________ This story was written by one of our partner news agencies. Forum Communications Company uses content from agencies such as Reuters, Kaiser Health News, Tribune News Service and others to provide a wider range of news to our readers. Learn more about the news services FCC uses here .