What Is Sync Licensing
Sync licensing refers to the process of obtaining the rights to use pre-existing music in various forms of media, such as films, television shows, commercials, video games, and more. It’s a multi-billion-dollar industry, with some of the largest industries investing heavily in it. Here are the five industries that spend the most on sync licensing and some statistics to back it up.
Top 5 Industries In Music Sync Licensing
- Film and Television: Film and television are the largest consumers of sync licensing, accounting for nearly 50% of the industry’s revenue. This is due to the growing popularity of streaming services and the increasing number of original content produced by major studios.
- Video Games: The video game industry has experienced explosive growth in recent years, and this is reflected in its sync licensing spending. According to a recent report, the video game industry spent an estimated $1.5 billion on sync licensing in 2020, making it one of the largest consumers of sync licensing.
- Advertising: Advertising is another major player in the sync licensing industry. Companies spend millions of dollars each year on licensing music for commercials and other promotional materials. In 2020, the advertising industry spent an estimated $1 billion on sync licensing.
- Streaming Services: Streaming services have become increasingly popular in recent years, and as a result, they have become significant consumers of sync licensing. Companies such as Netflix, Amazon Prime, and Hulu spend millions of dollars each year on licensing music for their original content.
- Theme Parks: Theme parks, such as Disney World and Universal Studios, are also major players in the sync licensing industry. They spend millions of dollars each year on licensing music for use in their attractions and shows. In 2020, the theme park industry spent an estimated $500 million on sync licensing.
The film and television, video games, advertising, streaming services, and theme park industries are the largest consumers of sync licensing. With the growing popularity of media and entertainment, it’s likely that these industries will continue to spend heavily on sync licensing in the coming years.