In the last decade, there has been number of changes in the music industry. The competitive force model for this industry has considerably changed. The bargaining powers of suppliers were very high as the…
The artists have acquired more power as they have even started selling their music without the recording company. (Porter’s Five Forces- Strategic Management)
Building a successful profession requires network, money and resources. Money is required to invest into finance marketing and music videos. Network is also very essential in order to sell products, markets and advertisements. Contacts and networking are required at venues and concerts everywhere the artists perform. It is very difficult to be successful and receive sufficient market share especially for a new player. With the help of the internet, people have more contacts, networks and it has become easier to sell music online. (Porter’s Five Forces- Strategic Management)
Until some years back, there threat of substitutes was very low as the music was available in only one common channel. But in the recent past, there have been numerous cases of piracy which is becoming a major threat to the music industry and the recording company. (Porter’s Five Forces- Strategic Management)
The format by which music is made available, the channel and the source of the music are predetermined. There are no alternate sources available for the buyers to buy the music other than purchasing them at stores. But in the recent past, there have been several cases of music privacy which provides buyers to acquire the music through other channels paying very minimal amounts o nothing at all. Information regarding the artists, purchasing of song directly from iTunes can be made directly. The song video can also be viewed from YouTube. Online downloading of music has also been a major set back for the recording companies. Consumers now can download music for free with good quality instead of paying for the CD. This means that the recording companies need to reduce their prices and have different channels for promotion, advertising and sales. (Porter’s Five Forces- Strategic Management)
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