Copyright Licensing Market to Grow 1.6X by 2030, Significant Expansion of Film & Entertainment Industry Remains Key Growth Lever
Strong involvement of film and entertainment industry with technological developments has paved the way for rapid innovations in the industry, which results in increased need to implement and execute compatible licenses and regulations. Apart from music and films, copyright licensing of literature work continues to gain significant momentum to protect original works of authorship. Moreover, mounting demand for protection of content and credibility of author has facilitated numerous growth opportunities for companies active in the copyright licensing market.
In recent years, digital marketing has helped companies to reach their targeted customers and position their products accordingly. Today, numerous companies outsource their digital marketing content for conveying features of their product/services. Subsequently, these companies are inclined towards obtaining copyright license to secure their content and impose legal charges on the ones who misuse the created content. In general, copyright protects works such as image, writing, software code, photographs, poetry, movies, music, video games, videos, plays, paintings, sheet music, recorded music performances, novels, sculptures, photographs, choreography, and architectural designs.
Increasing adoption of digital marketing strategy by companies is opening up new avenues for the copyright licensing market growth. According to a new study, the copyright licensing is poised to grow at CAGR of 5% and account for revenue worth US$ 1,650Mn by 2030-end.
Key Takeaways of Global Copyright Licensing Market Study
- Copyright licensing for literature work is estimated to account for 24% share of the total market revenue in 2020, and lose50 BPS in its market share by 2030 over 2020.
- Literature work continues to influence growth strategies of copyright licensing market players, which is expected to be valued at US$ 220 Mn in 2020 and reach US$ 370 Mn by 2030, growing at a CAGR of 5.5% during the forecast period.
- In terms of vertical, copyright licensing for animation has registered a notable growth rate over the historical period. It is expected to record a CAGR of 6% and create an absolute $ opportunity of US$ 161 Mn during the forecast period.
- North America’s copyright licensing market is projected to hold a prominent share of the global market value.
- South Asia’s copyright licensing market is projected to resister the highest growth rate in terms of value during the forecast period.
“Adoption of digital marketing strategy and increasing number of OTT platforms will continue to facilitate numerous growth opportunities for copyright licensing market players,” says the report analyst.
Regulatory Authority to Focus on Protection of Intellectual Property
WIPO (World Intellectual Property Organization) is integrated group of 190+ countries to protect intellectual property (IP). WIPO’s exercises include facilitating gatherings to examine and shape universal IP rules and strategies, offering worldwide types of assistance that enlist and secure IP in various nations, settling trans limit IP debates, associating IP frameworks through uniform norms and foundation, and filling in as a general reference database on all IP matters – this incorporates giving reports and measurements on the territory of IP assurance or development both all-inclusive and in explicit nations.
COVID-19 Impact Analysis
North America is one of the most affected regions by COVID-19, which has faced a decline in film and music production activity, thereby potentially decreasing the need for copyright licensing. Currently, halt in media operations and literary works in European countries such as Germany, Italy, and the UK, which account for a high death rate of COVID-19, may have a negative impact on the global copyright licensing market. Aforementioned region will continue to experienced stiff decline in number of application for copyright licensing during the pandemic.
These insights are based on a report on Copyright Licensing Market by Fact.MR.