Music Management - Coursework Example

Music Management Table of Contents Introduction 3 A Brief Overview of EMI Group 4 An Overall Management Study of EMI Group 4 Artistic Direction of the EMI Group 7 Overall Management Responsibility of the EMI Group 7 Administration and Operational Management of the EMI Group 8 Financial Management of the EMI Group 9 Marketing Management of the EMI Group 9 Conclusion 11 References 12 Introduction Music is an important form of cultural heritage of any country. Music management is regarded as a holistic approach for any music organisation. The conception of music management deals with several aspects. The several aspects include forming meaningful explanation of music which is quite easy to maintain and executing those music explanations to build proficient music access procedures that would support the users to participate in large music collections (Pachet, 2005). The initial phase of music management is identification of music. The recognition of music is the major part of music management. This major part of music management i.e. identification of music has achieved enormous importance in the music industry and also in the music organisations (Pachet, 2005). In terms of music management, generally, a music administrator plays an important role in the part of music management. A music manager can also be acknowledged as a band manager who deals with various musical events that are performed with singers and with Disc Jockeys (DJs) (Kennedy & Wenham, 2010). The main function of the music managers from the perspective of music management is to determine several decisions that are generally made regarding sponsorships, advertisements business transactions and contracts of recording (Kennedy & Wenham, 2010). In the paper, from the viewpoint of music management, EMI Group, a multinational music company, is taken into concern. Various aspects such as the different business operations that the music company i.e. EMI performs in terms of management grounds is discussed in the following pages. A Brief Overview of EMI Group The EMI Group or EMI Music or simply EMI is one of the foremost multinational music companies having its headquarters situated in London. EMI has various well known as well as successful recording artists who work with the organisation (EMI Group Limited, 2012). The music company holds its own network of licensees which ultimately facilitate them to conduct musical events and shows throughout the world. In recent times, the EMI Group has made certain noteworthy agreements with its several digital partners that have helped the music company to distribute their music globally (EMI Group Limited, 2012). An Overall Management Study of EMI Group EMI Group has in its possession a number of high quality management officials who have helped the music company to successfully attain their expected outcomes to a certain extent. In this context, it can be found that the Chairman as well as Chief Executive Officer (CEO) of EMI Group i.e. Roger Faxon has completed his graduation in BA concerning with the study of Political Economy and International Relations. Roger Faxon is very much conversant with advocating the matters related with television, film and music industries (EMI Group Limited, 2012). In the year 1994, Roger Faxon joined as a Senior Vice President in the EMI Group, who looked after the business progression and advancement of EMI. In order to look after the business progression and advancement of EMI, Roger Faxon works deliberately upon the planning procedures of EMI and also has focused upon a successful business strategy i.e. the strategy of acquisition along with proper investments that are to be made in various segments (EMI Group Limited, 2012). In the year 2010, Roger Faxon was appointed as the CEO of EMI Group to look after the major operations that are performed by EMI Group relating with music recording and publishing (EMI Group Limited, 2012). Apart from the roles and the responsibilities that are performed by the CEO and Chairman i.e. Roger Faxon, the other members also possess certain important and specific responsibilities for maintaining successful business functions of the EMI Group (EMI Group Limited, 2012). The EMI Group’s Chief Operating Officer (COO) i.e. Leo Corbett performs his responsibilities as a major operational official of the company dealing with the venture capitalists and enhancing the business functions along with the function of data mining (EMI Group Limited, 2012) The other quality management official is Shane Naughton who acts as a Chief Financial Officer in the EMI Group. His roles and responsibilities are to look after the finance or monetary operations that the company executes while operating its business operations (EMI Group Limited, 2012). Shane Naughton plays a significant role in the business operations that are executed by the EMI Group as he looks after the financial matters of the company which is regarded as one the vital aspects of business functions of any company. Another member or the management official of the EMI Group is David Kessler. David Kessler is the other Chief Executive Officer (CEO) who is in charge of the businesses of the music company especially operating in Europe and other parts of the world outside South and North America. He is mainly in charge for driving the operational and strategic turnarounds in the acquired companies (EMI Group Limited, 2012). Colin Finkelstein is the other Chief Operating Officer (COO) looking after the North American segment of the EMI Group. His role as a COO is to look after the daily responsibilities that the music company performs especially in the United States and Canada. He is very much familiarised with all the operations that are performed by the EMI Group due to the fact that he possesses an invaluable experience as a financial as well as a media business professional and had worked with numerous industries such as film, music and television (EMI Group Limited, 2012). Kyla Mullins is another member cum management official of the EMI Group who is appointed as a General Counsel for the company. The main working activity of Kyla Mullins, acting as a General Counsel for the EMI Group, is to go through the global responsibilities of the company relating with various lawful, business and government dealings of the music company. She also holds the responsibility for the legal dealings along with business advancement within the company (EMI Group Limited, 2012). Artistic Direction of the EMI Group One of the artistic directions of the EMI Group is the confirmation of releasing “Little Broken Hearts” music album which is presented by the renowned artist i.e. Norah Jones. The album presented by Norah Jones exposed the artwork for the new album and is viewed as an appealing step towards the artistic evolution of the EMI Group (EMI Group Limited, 2012). In the year 2002, another artistic direction of the EMI Group was the album deal made with a great pop artist named Robbie Williams with EMI Group which is viewed as one of the greatest contracts of music recording industry (EMI Group Limited, 2012). Thus, it can be stated that the artistic directions that are possessed by the magnificent and well known artists in their respective arenas of the EMI Group brought wealth and fame for the company in the music industry. Their experiences of various deals with the EMI Group successfully made the groundwork of the company. Overall Management Responsibility of the EMI Group After the initial foundation of the EMI Group, it has been divided into two distinct groups. One group generally specialises upon the singing along with promoting the recordings of the recorded artists and the other group i.e. EMI Publishing, specialises upon the advancing and the promoting the songs of the songwriters (Maltby Capital Limited, 2010). In the year 2010, Roger Faxon was selected as a Chief Executive Officer of the EMI Group and thus he possessed the power of executing overall responsibilities and the management of both the distinct groups of the EMI Group namely EMI Music and EMI Publishing (Maltby Capital Limited, 2010). Roger Faxon plays a superior administrative role in the overall responsibility of the management of EMI Group. Roger Faxon reports the various management affairs of the two groups to Maltby Capital Limited, the group that purchased the EMI Group in the year 2007. The overall management responsibility of Roger Faxon included the administrative affairs, operational issues, financial related matters and marketing issues among others (Maltby Capital Limited, 2010). Administration and Operational Management of the EMI Group EMI Group as a music company carries out its business functions in such an artistic form that eventually generates a considerable impact upon the people and makes a noteworthy contribution towards the communities throughout the world. The administration and the operational advancement of EMI Group have risen significantly since after the acquisition made by Maltby Capital Limited (Maltby Capital Limited, 2010). The conception of operations management of any industry such as the EMI Group is the activity of managing the overall operating functions that include the activities relating with the manufacturing, allocation and delivery of the products of an organisation (Shim & Siegel, 1999). From the viewpoints of administration and operational management of the EMI Group, it is observed that through the successful business operations of the company, there has been release of a huge number of hit albums performed by renowned artists, which ultimately raised the profitability of the EMI Group to a certain extent (Maltby Capital Limited, 2010). Financial Management of the EMI Group The conception of financial management of any organisation such as the EMI Group is one of the vital activities which is mainly related with the financial or monetary transactions of an organisation. In terms of the financial management of the EMI Group, the company maintained the level of their revenues despite the business situations and the weakening condition of the global economy during the period 2009-2010 (Maltby Capital Limited, 2010). The EMI Group successfully introduced various albums with quite a few reputed and fresh artists that ultimately raised their revenue to a significant level (Maltby Capital Limited, 2010). The financial management of the EMI Group is related to various financial affairs of the company such as the profits or losses and expenditures. In the year 2010, the revenue of the EMI Group had amounted to £1,651 million and the cash flow that had been created from operating functions and reviews amounted to £250 million (Maltby Capital Limited, 2010). Marketing Management of the EMI Group The notion of marketing management of any industry generally emphasises upon the application of marketing procedures along with analysing the different opportunities of market for better attainment of organisational purposes. In terms of the marketing management of the EMI Group, the company enthusiastically enhanced the competence of marketing and promotional concerns by emphasising upon monetising its extensive catalogues (Maltby Capital Limited, 2010). Conclusion The conception of music is not in itself a form of knowledge but adequate knowledge of music is very much necessary for managing as well as organising large scale collections of music. In order to understand or to evaluate the working procedures especially of the music industry, a comparative study of various aspects of the music industry is necessary. The various aspects that can deliver a better idea regarding the working procedures of the music industry include the conception of music management, adequate direction and control of the management officials working within the music industry and the artistic directions that prevail within the music industry. The other aspects include the overall management responsibility, operational, managerial, financial and marketing management practices of a music company. Thus, it can be stated that by following the above discussed various aspects any individual can acquire a better idea regarding the working patterns of the music companies such as EMI Music Group. References EMI Group Limited, 2012. Home. About EMI Music. [Online] Available at: http://www.emimusic.com/about/ [Accessed March 19, 2012]. EMI Group Limited, 2012. Management. Roger Faxon. [Online] Available at: http://www.emimusic.com/about/management/roger_faxon/ [Accessed March 19, 2012]. EMI Group Limited, 2012. News Releases. Norah Jones Confirms Release Date For New Album Little Broken Hearts. [Online] Available at: http://www.emimusic.com/blog/2012/norah-jones-confirms-release-date-for-new-album-little-broken-hearts/ [Accessed March 19, 2012]. Kennedy, J. & Wenham, A., 2010. Investing Music. Discovering and Nurturing Talent. [Online] Available at: http://www.ifpi.org/content/library/investing_in_music.pdf [Accessed March 19, 2012]. Maltby Capital Limited, 2010. EMI Reports. Overview of EMI. [Online] Available at: http://www.emimusic.com/wp-content/uploads/2010/02/MCL_AR_09101.pdf [Accessed March 19, 2012]. Pachet, F., 2005. Knowledge Management and Musical Metadata. Introduction. [Online] Available at: http://www.google.co.in/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=0CC8QFjAA&url=http%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fdownload%3Fdoi%3D10.1.1.75.6804%26rep%3Drep1%26type%3Dpdf&ei=ULxmT8zrCsrLrQei59G9Bw&usg=AFQjCNFdVzVo804Xs2dd6AK8F_Gs4AqaiQ&sig2=NR95_xE626lrchLObj9ovw [Accessed March 19, 2012]. Shim, J. K. & Siegel, J. G., 1999. Operations Management. Barron’s Educational Series. Read More