Globalization and the Music Industry

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In this paper I will review how globalisation has impacted the Music Industry in recent years, and in particular the US multi-national Universal Music Group (UMG). The term globalisation is defined as “the process by which businesses or other organisations develop international influence or start operating on an international scale” (Definition of globalization). People’s view of globalisation varies depending on a number of factors including where they live, their religion, social status, political ideology, cultural background and wealth. The world-renowned British scholar David Held said, “Globalisation denotes transcontinental or inter-regional flows and networks of activity, interaction and power. It is, in short, about the interconnections between different regions in the world – from the cultural to the criminal, the financial to the environment – and the ways in which they change over time”. This descript definition demonstrates just how many things globalisations has an effect on across the world, and describes its action of connecting people, countries, and businesses through “networks of activity, interaction and power”. In addition, Kenichi Ochmae, a Japanese organisational theorist, said that globalisation is the “onset of the borderless world” (Al-Rodhan, 2006). This provides a simple explanation of globalisation because the phrase “borderless world” describes exactly what globalisation is about, however the weakness is that it is very non-specific. Relationships and activities (business and otherwise) between countries are changed through globalisation. It results in the sharing of information, skills, knowledge and capital across the world and an increased mix of cultures. The six main aspects of globalisati... ... middle of paper ... Staff, B. (2013, July 8th). SoftBank's $8.5 Billion Takeover Bid of Universal Music Group Rejected by Vivendi (Report). Retrieved January 8th, 2014 from Billboard: The British Recorded Music Industry (BPI). (2013). BPI Yearbook 2013. United Kingdom. Throsby, D. (2002, October). THE MUSIC INDUSTRY IN THE NEW MILLENNIUM: Global and Local Perspectives. From • Vivendi. (2012). Vivendi Annual Report 2012. Retrieved January 18th, 2014 from Vivendi: Wetherly, P., & Otter, D. (2011). The Business Environment - Themes and Issues (2nd ed.). Oxford.

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