According to Hagel et al (2008), we live in a world where massive technological changes creating a new techno-economic paradigm that will shift the fundamental way firms engage in business. New innovations, such as the internet and mobile telephone have created new challenges and opportunities that transform industries and commerce. How to deal with the challenges and embrace the new opportunities have become the main issues.
Music industry is the remarkable example within the transition caused by the new technology. The advent of the internet has broken up the limitation of the space and times. Without the need for the storage and shops, all the digital music content can be uploading on the internet. The coverage of the internet nearly all places has allowed people streaming and downloading music through mobile phone and computers almost at anytime and anywhere. In addition, it provides multiple media platform for music and entertainment companies to link their products to consumers. For example, various consumption platforms such as Pandorla, Sportify, and Lulu, also the rise of the social-networking like MySpace and Facebook, which link the music content and the consumers. Internet has become the way consumers reach to the music content. However, the vastly expanded digital market has highlighted the flaws in the record companies whose monolithic structures were built around the physical music. At the same time, music consumers have found various peer-to-peer models to avoiding to pay for the music but to share it. Under those challenges and opportunities from the internet, the “Long tail” theory has been written in an article by Chris Anderson in the Wired magazine, which grew into the 2006 The Long Tail: Why the Future of...
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... “long tail” retails business model and the music industry. In the chapter2 the author investigates that the poor media leading system cannot promote all the music to be known by the consumers. It includes the traditional media such television, radio and magazine, and modern media such as music service providers, music list players and searching engines. The article will then examine that the urban-rural duel economic model is the challenge for the long tail music business model. The chapter3 will investigate that the “access” for music consumers is impossible to be established in the current environment in China. Finally, the article suggest the most effective methods to improve the current environment in music market in order to benefit from the long tail business model and recommend the right policy mix which can help to develop the music industry.
The music industry can trace its roots to the 18th century when classical composers such as Wolfgang Amadeus Mozart sought commissions from the church or aristocracies by touring to promote their music (Boerner). By the early 20th century, recorded collections of songs were available for purchase for home listening. Towards the middle of the century, record album production had become the norm for getting new music to the masses and album sales had replaced sheet-music sales as a measure of popularity, with the first gold-recor...
The Internet—as it did for almost everything—has radically changed the way people get music. The Internet has cut into the music industry's profits. It reduced the demand for CDs, increased the interest in singles and let people decide whether they want to pay for the new Prince album. This alone could be offset if all of the people pirating music would go to their favorite artists' shows. However, the hard economy has rapidly cut into people's ability to spend on luxury items and concerts rank right up there with sports in terms of practicality.
Pfanner, Eric. "Music Industry Sales Rise, and Digital Revenue Gets the Credit." Business Day Technology. The Nre York Times, 26 Feb 2013. Web. 21 Mar 2014.
An “analyst” was quoted in the case (in 2002) as saying that “people will pay for music on the Internet, eventually.” This person was skeptical of the willingness of consumers to pay for
The music industry is an ever-evolving revolutionary entertainment industry for the masses. Music provides entertainment to all different masses due to the variety of genres produced. Music is a very profitable and complex industry. Music has expanded to a worldwide industry for musical artist to express their art through the form of song to the masses. Music not only appeals to the ears but to every aspect of a person. Music allows for individuals to explore and let their imagination expand as they here a song. Throughout the years the industry has undergone dramatic changes. Whether it is genres, forms of how it is distributed, or even the impact the artist have had. The industry is diverse and ever changing as the years continue. In the past 20 years the industry has changed with help of the technological breakthroughs and adoptions.
The most significant down side to technology is the loss in revenue from album sales. Illegal downloading of music has become prevalent in today’s society, and many artists—major or independent—receive little to no profit from album sales. Many companies, such as Apple, have tried combating the issue with protected file formats, but a loophole has always been found to bypass the protection. Unsigned and independently signed artists hurt the most, as they pay almost everything out-of-pocket to produce their music. The only feasible response to the loss in revenue, artists have found, is to increase tour dates. In today’s age, it is not rare to find artists who tour more than eight months out of each year. Touring has become one of, if not the only, reliable source of income for many
Define and explain globalisation, then critically evaluate and illustrate the impact globalisation has had on a particular business, the industry it operates in, its country of origin and the country or countries the business has expanded into.
Music Business Music Business Exam Number One Question 1 - What is The music publishing industry at a glance would seem to be those who print sheet music, method books, lead sheets, and all of the texts or notated music that musicians (and those aspiring to be musicians) use. Years ago, this was what most music publishers did, but as the industry has evolved, the process has become much more complex. Music is not just ink and paper, intellectual material and property to the individual who writes it. Therefore, the song does not become "a song" when it is written down. This is not an easy concept to grasp because the song itself has no physical makeup.
When it comes to the music industry, an artist makes a song, the label sells the song and then the listener buys it? In the world today, the music industry is knowledgeable of digital downloads, music videos, file sharing, and now social media. Social media is the voice of an individual and captures joy, emotions or thoughts in pictures, tweets or status updates. It is a reachable space that is used to keep in touch and to reach out. Social media allows listeners to shares their favorite artists, post their favorite songs and really created a genuine connection with the artists. The music industry has changed because social media is a tool needed to connecting with the listeners. Social media is necessary to maintain a career in the music business.
The music industry impacts the lives of people from around the world. With the implementation of technology, the influence of the music industry has spread to affect anyone with access to technology. Streaming services have contributed to the increased popularity of music. While there are positive effects to being able to stream music and have multiple ways of listening to it, the music industry suffers from the lack of revenue and illegal activity associated with technology. Technology has had both positive and negative effects on the music industry by affecting how people access music and how music is produced
The influence that music has throughout the world is immeasurable. Music evokes many feelings, surfaces old memories, and creates new ones all while satisfying a sense of human emotion. With the ability to help identify a culture, as well as educate countries about other cultures, music also provides for a sense of knowledge. Music can be a tool for many things: relaxation, stimulation and communication. But at the same time it can also be a tool for resistance: against parents, against police against power. Within the reign of imported culture, cross cultivation and the creation of the so-called global village lies the need to expand horizons to engulf more than just what you see everyday. It is important to note that the role of music in today’s world is a key tool in the process of globalization. However, this does not necessarily provide us with any reasons that would make us believe that music has a homogenizing affect on the world.
Organizations and individuals have to strategically position themselves in order to take advantage of the growing technology and achieve business competitive advantage while at it (DeHaven 2010 pg 1). Technology has enabled globalization; where ideas, products and services have been shared. This has promoted foreign businesses thus helping different economies all across the globe. Different organizations and individuals have realized that technology will keep growing and changing and the best strategy will be to adapt it other than holding to rigid ways of doin...
As society grows and evolves, technological advancements and innovations continue to develop and consistently change different aspects of our society. For an organization, understanding how to manage these innovations is essential for their proper utilization and implementation. With technological advancements and innovations constantly emerging, it is important for an organization to stay aware of which new technological innovations can help them be successful. Organizations are always looking to set themselves apart from competition through innovation.
The music industry started in the mid 18th century with Wolfgang Amadeus Mozart. Through the decades there has been a great increase in this industry; however, the revenues for this industry have declined by half in the last 10 years. This has been caused by music piracy, which “is the copying and distributing of copies of a piece of music for which the composer, recording artist, or copyright-holding record company did not give consent” . After 1980’s, when the Internet was released to public, people started to develop programs and websites in which they could share music, videos, and information with...
Advances in technology have changed businesses dramatically, in particular the communication and information technology that are conducted in firms, which changed the appearance and pace of businesses over the past few decades. ICT in particular, has evolved a lot over the past 30 years; important information can be stored in computers rather than being in drawers enabling information to be transferred at a greater volume and speed (Guy, 2009). ICT has also expanded various forms of telecommunications and workload conducted in businesses, internet examples of this include: e-mails can be used to communicate with others...