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Music industry Strategy and Business Models Report

Music industry Strategy and Business Models Report

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Published by Silvia D
This report analyzes the challenges and opportunities for the music industry within electronic marketplaces, statistical data highlight that the online sales in the UK alone will reach £78bn a year by 2010 (Econsultancy, 2009). The marketing endeavors have to be directed to the effective online promotion of music and keep in regard issues of design, security copyright management. Furthermore the Internet interactivity and customizability peculiarities have affected the communication model towards the emission of targeted and personalized contents. In this scenario the music business encourage the proliferation of niche markets based SMEs that focus on the satisfaction of their market segment with a comprehensive service inclusive of music and side products. Through the examination of the business model developed and implemented by the e-commerce music, merchandising and technological equipment website 'www.Trackitdown.net', this research aims to critically evaluate the best practice in the strategic management of the online music business.
This report analyzes the challenges and opportunities for the music industry within electronic marketplaces, statistical data highlight that the online sales in the UK alone will reach £78bn a year by 2010 (Econsultancy, 2009). The marketing endeavors have to be directed to the effective online promotion of music and keep in regard issues of design, security copyright management. Furthermore the Internet interactivity and customizability peculiarities have affected the communication model towards the emission of targeted and personalized contents. In this scenario the music business encourage the proliferation of niche markets based SMEs that focus on the satisfaction of their market segment with a comprehensive service inclusive of music and side products. Through the examination of the business model developed and implemented by the e-commerce music, merchandising and technological equipment website 'www.Trackitdown.net', this research aims to critically evaluate the best practice in the strategic management of the online music business.

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Published by: Silvia D on Jul 03, 2011
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TRACKITDOWN: THE ONLINE DANCE MUSIC COMMUNITY1.EXCECUTIVE SUMMARYThis report analyzes the challenges and opportunities for the music industry withinelectronic marketplaces, statistical data highlight that the online sales in the UK alonewill reach £78bn a year by 2010 (Econsultancy, 2009). The marketing endeavorshave to be directed to the effective online promotion of music and keep in regardissues of design, security copyright management. Furthermore the Internetinteractivity and customizability peculiarities have affected the communication modeltoward the emission of targeted and personalized contents. In this scenario themusic business encourage the proliferation of niche markets based SMEs that focuson the satisfaction of their market segment with a comprehensive service inclusive of music and side products. Through the examination of the business model developedand implemented by the e-commerce music, merchandising and technologicalequipment website 'www.Trackitdown.net', this research aims to critically evaluatethe best practice in the strategic management of the online music business.2.INTRODUCTION'Producers can pick up on consumer trends, repackage them and sell them back topaying costumers' (Bilton, 2007 p.152).This report aims at critically investigating the business model deployed by the onlineservice www.Trackitdown.net. This online retailer for dance music and associateproducts has cleverly mirrored its segment market, as states the above quotation, tosatisfy its needs and build up long-term commitment and bond of trust withconsumers (Chaffey et al, 2009). The Trackitdown director described the website asa community where DJs and fans find the electronic music sub- gender they prefer,the technological kit to play the tracks, the merchandising and the news related to thedance background. The exploration of the website products and services will beexpounded throughout the company communication and revenue strategy. Thus willbe explored the contemporary opportunities and challenges the music industry isfacing after the electronic marketplaces blown up and capsized the established major label control (Graham et al, 2004). The realization of a complete and factual analysisof the case study implies the exploration of economical, marketing, technological,design and legal matters. According to Chaffey (2009) generating an e- business
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strategy means blending the traditional marketing, business and supply chainmanagement with the information system peculiarities. The study will keep in regardthe matter of fact of that the Internet is a consumer-generated medium (Jenkins andDeuze, 2008). Websites are developed with CSS (Cascade styling sheets)technology: 'style sheet language that allows authors and users to attach style tostructured documents' as asserts the word web consortium (www.w3.org). Thefeasibility of customization changed the media communication standard, the usersare no longer passive receiver of the media content (push strategy) but they areempowered to find information (pull strategy) (Hutchinson, 2006), and manipulate thecontents (Pelsmacker, 2010).The online commerce has to grant security and data encryption in the transactionalphase, stated by the Distance selling Regulation(www.berr.gov.uk/Policies/consumer-issues/buying-and-selling/distance-selling). Inaddition, the sale of music implies the safeguard of intellectual property andcopyrights of the wide choice of tracks on the website archive (England and Finney,2007). While providing all these components, the online service has to build up aneffective structure in which consumer can easily and effectively find and completetasks (Rubin, 2008). This exploration of the convergence of different fields of studiesin an unique business strategy will refer both to the academic and industry literature,and will be supported by the direct evidence emerged from the declarations of thedirector of the company (see Appendix 1).2. OVERVIEW:2.1 Trackitdown BackstoryThe original idea of Trackitdown project dates back at the end of 90's, when thecompany partners were DJs performing dance music mixes around UK music clubs.They witnessed the at that time cutting edge, CD mix technology put side by side tothe traditional turntable plats. The music was still just sold in vinyl, but producers andDJs were using digital technology to compose and easily restyle and remix tracks.The professional dance music community started a massive interchange of CD withtheir creations, the production of tracks increased while the clubbing culture wastaking over, also thanks to this huge network of artists (Leyshon et al, 2005). Thebasic idea of the Trackitdown founders has been to adapt the iTunes electronicdelivery model to the dance music background.
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2.2 The online music shopThe core product (Chaffey et al, 2009) of the website is the music download. Thefeatured music player follow the user in the exploration of the variegate dance musicgenres, enabling the track preview and the creation of the play list to enjoy whilereading or commenting the news of the sphere, the updated artist profiles or justchecking out who's ranking in the chart. This is the Trackitdown atmosphere. As wecan deduce from the prior events, the music product online shop has essentiallybeen designed for the insiders, DJs and producers can easily find material for their performances and they are supported by the secure download and the continueupload of new tracks within the catalogue. The ulterior music genres diversificationcharacterizes the intent to engage the client through an accurate segmentationaccording to users taste (Mintzberg et al, 2002).The business action plan entails the 'affiliate programme', Trackitdown allows other websites to present either all the music catalogue or select a part of it. Trough theEDI (electronic data interchange) technology, a communication protocol andstandard for the data interchange among computer, the host website access to thepatron music database and can store it 'behind' its interface thanks to the CSStechnology. In this manner, the consumers don't feel redirected to another websiteduring the purchase phase. This forethought endorses the consistency of navigation,a core trait of web usability (Sdl, 2010). The enterprise runs stores for Mixmax: theonline dance information service (http://mixmax.co.uk/), Kiss Fm: am online radio andTV (vwww.totalkiss.com), and Dogsonacid: a Drum n' Bass massive onlinecommunity (www.dogsonacid.com).The benefits of the cooperative sub contraction form (Graham et al, 2004) arenoticeable: extension of the business, prestige acquisition within the businesscontextual relationships (Mintzberg et al, 2002) and also lower transaction costs andless pricing competition (Laudon and Traver, 2009). Those advantages require highstandard commitment from Trackitdown in the management of the chain of suppliers,both in the contractual phase and in the long- term venture, in fact even the minimalvariation of the website structure could affect the affiliates operative (Reymond,2005).
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