The trend of free audio and video editing software is surging amidst the coronavirus (COVID-19) outbreak. For instance, Apple, the multinational technology company, announced a free 90-day trial for its professional-grade video editing and music making software, Final Cut Pro X and Logic Pro X. Vendors in the video and audio editing software market are extending their free trial period offers, as increasing number of online entrepreneurs, emerging YouTubers, and social media influencers are creating online content due to the COVID-19 lockdown.
An unprecedented migration toward work-from-home mandates has seen increased demand for audio and video editing software. Vendors in the audio and video editing software market are increasing the availability of free tools so that users can gain hands-on experience of the software and boost their conversions.
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Growing Digital Media Culture Fueling Innovations in Video Editing Software
Video is considered as the future of digital marketing. This trend has fueled innovation in audio and video editing software. For instance, Adobe Systems Inc. — a global leader in products and software for digital media, is promoting its software, the Adobe Premiere Element, which is gaining increased attention as an all-round video solution for editors. Increasing number of online entrepreneurs, YouTubers, and social media influencers are adopting audio and video editing software to induce creativity in their online video content.
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The growing trend of digital marketing for both big as well as small businesses is generating incremental opportunities for companies in the audio and video editing software market. As such, the audio and video editing software market is largely consolidated with leading players accounting for ~60%-65% of the market stake. Vendors are increasing the availability of software that operate in both Windows and Mac OS systems.
Small Businesses Educate Audience via High-quality Product Explainer Videos
Manufacturers are targeting small businesses with their audio and video editing software offerings to broaden their revenue streams. Moreover, the growing startup culture worldwide is creating incremental opportunities for vendors in the audio and video editing software market, since not all businesses and startups have the budget to hire professional video editing companies. As such, small-scale entrepreneurs are becoming increasingly ambitious with the influx of digital marketing in order to promote and market their products through enticing online video content.
The audio and video editing software market is estimated to reach ~US$ 3 Bn mark by the end of 2030. This is evident since online entrepreneurs are educating their audience about their products and services through cost-efficient and easily traceable digital marketing strategies. An emerging name in the market for audio and video editing software is Pinnacle Studio, a full-fledged video editing application that has hundreds of in-built effects and correction tools that enhance the quality of the videos.
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Beginner-friendly Video Software with Flexible Manual Editing Meets User Requirements
Since small businesses are tied to budget limitations, they are preferring new audio and video editing software to develop professional HD (High Definition) videos that attract target customers. This has led to a favorable growth of the audio and video editing software market, which is projected to expand at a CAGR of ~7% during the forecast period. However, if not done right, not all product videos can be created as equal. This leads to uncertainty in the digital impressions and reach for the video, and can potentially sway the audience away from the product. Hence, companies are introducing easy-to-use audio and video editing software.
Vendors in the audio and video editing software market are tapping into opportunities in the mobile apps segment by enhancing the UI (User Interface) and UX (User Experience) of editing software. For instance, Videoshop is a beginner-friendly video software, which is available in the form of a mobile app. Innovators are increasing efforts to introduce flexible manual editing instead of automated effects in the app so that users can customize their videos according to their personal taste and preferences.
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