Extract of sample "Music Cultures & Marketing Principles"
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Presently, digital media is a mass source in context of production, consumption and distribution of music.
The growing competition in the entertainment industry has resulted in a greater demand for strong marketing strategy so that the industry is protected from piracy and distribution is not hampered in the process. The music industry can be classified in two sectors: music recording and musical events (Vaccaro and Cohn, 2004). The paper focuses on discussing various components of marketing mix that has positive impact on the industry as a whole.
Music industry is primarily defined by the creation and selling of music by an individual or by certain company. The recording industry is one of the primary sources of income in the music and entertainment industry. There are a number of individuals who operate within the music industry namely, music composer, lyricists, instrumentalists, music publishers, producers, sound engineers and legal managers. The functions in the recording industry do not end with just creation of music; it is rather the first step which is followed by several other steps such as giving the music shape of commodity in the form of CDs, DVDs and soft copies, marketing and promoting the recorded sound and selling the same at a pre-decided price (Hull, Hutchison and Strasser, 2011).
Rapid evolution of interactive marketing methods and online distribution channels, following ongoing marketing trends may not prove sufficient for recording companies. The companies need to focus developing marketing strategy for the future while considering current trends as the base. Two important measures that these companies require adopting include legalisation of the music they produce so as to gain control and undertake measure to compete with piracy as going by the trend, it is almost impossible for even legal institutions to stop piracy. In the following section, each element of marketing mix has been discussed elaborately that record
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