Music industry final revision
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Post on 18-Jan-2015
<ul><li> 1. MUSIC INDUSTRY FINAL REVISION FACTS AND FIGURES! </li></ul> <p> 2. Consumption: People buying CDs, downloading music, paying for live concert tickets and purchasing any related products Convergence Technological: Hardware and software coming together across media. Cross-media: Companies coming together across similar boundaries of production, distribution and consumption Distribution: Promoting music and getting it into shops, on the radio and downloaded for payment. Production: The process of creating and recording music 3. Push Marketing: A one way push of content; from institutions to audiences. Institutions deliver content in one direction. Audiences have no opportunity to interact. For example print and TV adverts. Pull Marketing: A concept where audiences demand and retrieve content on their own terms; for example downloading tour dates or streaming a music video from YouTube. Long Tail : Used to refer to the large number of products that sell in small quantities; niche, as contrasted with the small number of best-selling products. 4. Subsidiary: A record label owned by another larger label or music group Synergy: The interconnected marketing and distribution of related media products across a range of platforms and sectors The 'Big 3' / Conglomerate: The 3 MAJOR music labels: Sony Music Group, Universal Music Group and Warner Music Group. Formally 'The Big Four', became 3 after EMI's merger with Universal and Sony in November 2011. Horizontal Integration: The process of two companies coming together through merger Vertical Integration: When a media company profits from all areas of production, distribution and consumption 5. Web 2.0: The second phase of the internet, where the focus shifts from people receiving information and services to people creating and sharing material Exhibition: Public display of a media product, specifically in the music industry, live concerts, etc. Proliferation: Refers to the rapid increase and growth of hardware, software, and content for the institutions and audiences. Exchange: How music products are given and received, i.e. peer-to-peer sharing, torrents, iTunes Music Store, Spotify, etc. 6. Licensing: Allowing third-parties to use work legally; i.e. adverts, trailers, etc. Publishers: A publishing contract is made with artist; the publishing company then collect royalties from commercial use, public performance (live, radio), mechanicals (recorded music sales). 7. Sony Music Entertainment Part of The Big 3; Universal, Sony, Warner Purchased EMIs publishing division in 2011 Controls 30% of the music industry Has divisions in film, gaming, computing, home electronics, etc. Benefits from horizontal integration; EMI, Syco Music, other subsidiaries with specialization in specific genres Vertical integration; benefits from all processes including production, distribution, marketing, promotion, and consumption/exchange MONEY MAKING: UMG - 39% WMG - 19% SME - 30% Indies - 12% 8. http://qesfcmusicindustry.blogspot.co.uk/2014/04/sony-as-case-study.html 9. Sony utilizes cross-media convergence by marketing their artists/products via different mediums such as TV (The X-Factor and Got Talent) Creates synergy for their artists and music products Cross-media convergence and synergy by releasing new music via the video game Rock Band (also an example of technological convergence) 10. UK MUSIC INDUSTRY This is made up of: 1.6bn from musicians, composers and songwriters; 634m from recorded music; 662m from live music; 402m from music publishing; 151m from music representatives such as agents and management; 80m from music producers, recording studios; 1.4bn from exports. The industry employs 101,680 full time jobs. 11. The major concerts and music festivals that take place in the UK attract more than 6.5m music tourists in 2012. Direct spend by music tourists buying tickets, paying for transport and accommodation was worth 1.3 billion. Further indirect music tourism spend additional spending along the supply chain generated by music tourists - adds a further 914m, making a total spend of 2.2bn. (3) 12. UK artists accounted for 8 per cent of global music revenues in 2012. The UK remains one of the few net exporters of music, with royalties from abroad outweighing the payments sent outside of the country. The core UK music industry generated estimated exports of 1.398bn in 2012. This was made up of an estimated 509m from music publishing, 321m from recorded music and 235m from music representatives - namely collecting societies, music managers and music trade bodies. British artists secured five of the worlds top 10 best-selling albums in 2012. British acts have had the worlds top-selling album for five of the last six years. In 2012, Adeles 21 was the global top seller for a second consecutive year. 13. UK artists accounted for one in seven albums sold and four of the top five selling albums in the US in 2012. They included One Direction, who became the first British group ever to have two albums debut at number one in the Billboard 200. UK artists share of single track sales in the US increased for the third successive year in 2012 and moved to a five-year high of 10.8 per cent. UK artists secured over 18 per cent of album sales in France in 2012. In each of the last seven years, UK acts have accounted for over 15 per cent of album sales in Germany (16.1 per cent in 2012). UK artists share of world album sales increased to 13.3 per cent in 2012, up from 12.6 per cent in 2011 and the highest share ever. 14. http://www.ukmusic.org/research/economic- research/ 15. Music Case 1: launching Plan Bs album A tweet to unlock campaign promoted via TV and online video pre-rolls where the hashtag #illmanorsalbum unlocked pre-released tracks. A Tag London campaign where fans tweeted their opinions on the social and political climate using the hashtag #ILLMANORS. Subsequently, these were projected onto the Houses of Parliament, Olympic locations and other iconic London venues. More than 100,000 fans took part in the albums launch party. This was streamed live online via YouTube. Online, mobile and in-game advertising via PS3 and Xbox provided platforms for teasers and homepage takeovers using music, games, film and lifestyle forums. Fans could vote for their favourite album track on Facebook to win tickets to Plan Bs performance at the iTunes Festival. The combined impact of the various initiatives resulted in 5.9m Facebook fans, 342,000 Twitter followers, 8.3m YouTube views of new album content and a boost in sales. Ill Manors became Plan B's second number one album in the UK, and was nominated for numerous best album awards including at the Brit Awards, the Mercury Music Prize, the MOBOs and the Urban Music Awards. UK music acts have been some of the most quickest to embrace social media marketing - often as part of a multi-media strategy - to increase word of mouth, sharing and positive interest innew releases. The launch campaign for the Plan B album, Ill Manors, was a good example of this: it was powered by traditional and digital media working in tandem. The Ill Manors album was written as the soundtrack for the movie of the same name which the artist wrote and directed. There were five main components used to engage fans of the unique hip-hop act: 16. Music Case 3: Newton Faulkner - broadcasting the studio Zoo Faulkner and his label, RCA - part of Sony, decided to open up the recording process, making it visible via cameras that were accessible on social media channels. The 24/7 feed kept fans interested even in the technical demands of recording, thanks to a concerted campaign by Powter, Livestream and RCA. In the five weeks of the live stream, the Newton Faulkner experiment attracted more than 50,000 visitors to Livestream and generated 505,822 page views. Vistors came on average for more than 11 minutes and 6% bought from the site. The initiative also created 10,000 Tweets and brought the artist another 2,120 Twitter followers. Guitar virtuoso Newton Faulkner had accumulated two number one releases, multiple platinum discs and a nomination for the Brit Awards, the UK music industry prize, by the time he was ready to record his fourth album. The artist's challenge was how to innovate with the new release and engage his social followers in the lead up to the new album's launch. 17. MUSIC CASE: LAUNCHING THE XX'S ALBUM VIA DATA VISUALISATION When The XX, the UK indie pop group, scored a word of mouth success with its debut release, XX, it also created a challenge for itself. The band's follow-up, Coexist, needed at least to match its predecessor's performance, and this time the band could no longer capitalise on its novelty as a new act. Working with Microsoft's Internet Explorer business, the group's record label,XL Recordings, part of Beggars Group, wanted to transform the word of mouth process into a dramatic experience that people could follow in real time and used data visualisation techniques to bring this to life. The label agreed to allow the music to be streamed free from a website for a limited period before the official release of the album to sales channels. The idea was to send the first streaming link to a single, "super-fan" of the group via Facebook and then chart how this link was forwarded on from fan to fan until it brought in listeners in many countries. After a slow initial start - it appeared that the original super-fan wanted to listen to the music first before sharing it - the site was eventually swamped by demand from millions of streaming users. The average listener streamed the music for more than two hours. </p>
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