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Digital Music Business - Case Study Example

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This paper "Digital Music Business" focuses on the fact that the music industry is characterised by the element of change that has been revolutionising the industry since its very inception. The emergence of advanced technology has revolutionized every aspect of this industry. …
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Extract of sample "Digital Music Business"

Download file to see previous pages The effort has been taken to provide insight into the company’s strategic management framework. Based on the same, recommendations have been provided to enhance its service in the digital music industry. A conclusion has been inferred from the entire analysis.
“In the year 2009 globally, for the first time, more than one-quarter of record companies’ revenues came from digital channels” (IFPI, 2010, p.3). People can acquire albums and tracks in ways which have been unimaginable a few years ago. Fans can get hold of their favourite tracks from download stores, subscription services, streaming sites, free download sites, accompanied by their broadband or mobile phone handsets. Despite these innovations, the market failed to report significant growth in this year. Digital piracy still remains the most insurmountable barrier for the market growth. The slowdown in sales and investment in the major music markets testifies this. The global sales fell by around 30 per cent from the year 2004 to 2010. Despite all these facts, the industry has been able to build up a US $ 4.2 billion digital business, up around 12 per cent on the trade value in the year 2008. The business is focused on customer friendly services. The digital sales have been experiencing a slowdown; however, this did not stop the success stories to evolve. These success stories would nonetheless struggle to survive unless the fundamental problem of piracy is dealt with in an appropriate way.
In this year, the music business has maintained its lead to the creative industries while entering into the digital revolution. The United States has been one of the leading music markets in the world. In the US, more than 40 % of music sales come from online and mobile revenues. The worldwide music industry is diversifying its business models and revenue streams. The a-la-carte download model which has been pioneered by iTunes is still the most significant revenue source in the online sector.  ...Download file to see next pagesRead More
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