The Impact of Music Business Successfully Weathering the Digital Storm - Essay Example

The Music Business Has Successfully Weathered The Digital Storm. Do You Agree? Table of Contents Table of Contents 2 Introduction 3 Invention of Technology in Music Industry 4 Role of Digitalisation in Music Industry 5 Benefits of Digitalisation in Music Industry 7 Disadvantages of Digitalisation in Music Industry 10 Conclusion 11 References 12 Introduction With the invention of new technology people are becoming more technically, sound in this contemporary era. Currently, people prefer more use of technical devises in their daily life. It is also observed that over the past decades with the diversified development of technology, technological landscape has emerging both in size as well as in nature. The adoption of technological application has becoming more common for every bushiness domain operating in the present scenario. Musical industry has become more concern regarding the adoption of technology within the industry during the previous decades (Wallis, 2001). With the rapid and continuous technological invention, several business industries have been developing quickly. Along with the technological development, business industries operating in the globalised era are inclining towards adopting digitalisation of their operations. The adoption of digitalisation can be regarded as one of the most innovative and useful approach. It is more visible that after the rise of application of technology in business, the industries are becoming more able to integrate huge amounts of profits by effective maintenance of business. It has been observed that with the technological implication in business process, numerous industries are earning more revenues. The concept of digitalisation in music industry will ensure the thorough growth as per economic perspective (Richard, 2000). The study is indented to describe the technological invention in the music industry. Apart from this, the study will explain the different technology development incorporated within the music industry. In this regards the study will evaluate how music industry has been benefited with the implementation of digitalisation. However, the study will also describe how technological implication can affect the authenticity of music industry. Furthermore, the paper would provide an in depth understanding of the different concepts that ere integrated into the music industry to manage the diversified needs of technology. Invention of Technology in Music Industry Music is recognised as sole factor that has the ability to connect people with other social factors. It can be stated that music has deep connection with social identities, which are further intensified with globalisation. It has been stated that the technological innovation within the music industry has develop the quality of music. People belonging to the music industry are benefited by the implementation of technological devices. Technological invention in music industry has enabled rapid globalisation of music and has enhanced the ability of the industry to meet with the needs of digitalisation. Music industry has been experiencing several technological innovations during the previous centuries. This technical developments as well as innovation have lead to the innovation of advanced and qualified music products. With technological implications as that in the recent years one can capture, store as well as replay the sound and create melodious music. It has been observed that the musical industry has been experiencing several advances though the implementation of technical advances (Parikh, 1999). It has been observed that current music industry has been progressing through different phases, which influences the industry to adopt technological support while performing the operational activities. The initial phase through which the music industry has been advancing is involved with creation of music. During the process of creation of music musician, lyrist and recording artist are majorly involved with nurturing their talent as well as creativity, which leads to a successful foundation of music. The process involved in the initial phase is noted to be an outcome of creativity and innovation. However, this development of creativity is very difficult, as it requires more coordination along with prefect collaboration among a large number of entities from same industry. After creation of music, proper marketing is required for the growth of industry. Marketing is a vast field that includes branding, information dissemination as well as community building among several elements related to the music industry. The review of the different literatures makes it evident that technological implication in music industry has been successful. In this regards, the technological implication has been used for creating music as well as for developing the marketing purpose as well (Mathew, 2013). Apart from this, distribution of music also requires technological implication to enhance the acceptance of the same in the global domain. The technological implication will help the industry to distribute music in a more even nature. More specifically, the digitalisation has brought several changes in the music industry. Implementation of technology within the media industries specifically with the development of digitisation has eliminated the traditional approaches related music (Balaban, 2001). Role of Digitalisation in Music Industry Technological waves have modified several industries and music industry is one such example for development of technology as well as digitisation. With the introduction of internet, there is certain diversification that has been evident within the domain of technological development that has further enhanced the growth of technological incorporation within the field. With the advent of new digital technology, the traditional value chain of music industry has transformed. There are diversified role of digitalisation that can be helpful for the progression of music industry. It has been observed that traditional value chain process of music industry has numerous phases such as, creation of music, publishing as well as distribution, retail and consumption. The process of consumption involves the digitisation and emergence of smart phones. The application of digital model in music business is recognised to be useful. Adoption of digital model within the domain of music industry has been evident to be able to achieve the different phenomenon attached with music business (OHara, 2004). It has been observed that technology is playing an important role for development of modern music culture. Application of digital conceit within the peripheral of music industry has successfully illustrated a new model. The technological implication within music industry is helpful for developing new music trend. Technology or digitalisation is prominent within the different peripherals of music industry. From creation to music distribution, the technological implication is evident in mostly all phases of the industry. With the active participation of technology music industry has been effectively successful in creating and distributing sound melodious music. With the introduction of digital instruments, musicians are able to create music in a much more advanced and efficient way. Digital instruments even noted to be supporting the creativity and innovation related with creation of music samples. Digitalisation in musical instruments can help the music companies to make effective musical composition that adds value to the listeners. Digitalisation in marketing domain can be anticipated as helpful for musical industry for developing the overall attributes related with the selling of the developed products. With the enhanced application of digitalisation, an effective channel related to distribution could be developed further enhancing the sustainable domain of the specific industry. Effective distribution channel is helpful for facilitating even distribution of songs and music to customers. With the creation of a digital distribution channel the customers, accessibility to the songs will be increasing over the years (Waldfogel, 2013). Apart from this, the media technology or music digitalisation will encourage musicians towards the composition of new music. The media players such as, I-pod, walk man, radio are increasing the access of music and is reaching across borders with the different digital appliances. Presently, people can hear songs as well as videos at any point of time with the effective implication of new technology. At the initial stage of technology involvement in music industry, radio and gramophones were used as appliances for listening music. Following this and with the huge technology progression the devices that were use at the initial years of inception was completely eliminated and new devices such as music CDs, Video player, home theatre, sound system as well as many small musical devices were introduced to develop the value of music (Parikh, 1991). Benefits of Digitalisation in Music Industry Technological invention is recognised to be one of the most innovative progressions that have been evident for the period of a few decades. It will be worth mentioning that the implication of the new technology has redeveloped the music industry and attained a different genre for the same. It has been observed that after the implication of technology in music industry, it has experienced major development economically. Furthermore, the development of technology and rapid progression in the notion of digitisation has implemented a huge transformation within the industry. Digitalisation is important for developing a business model as it has an impact over the ‘content creation’, ‘aggregation’, ‘consumption of music’ and distribution along with creation of value networks. Transformation of music industry due to digitalisation will provide a competitive position to develop the overall attribute of the industry (Albornoz & Gallego, 2012; Leurdijk & Nieuwenhuis, 2012). The imposition of internet as well as digitalisation has a major impact over the music industry. It is observed that initially after implication of technology in music industry it has been experiencing major profits from rapid progression in sales as well as through enhancement in revenues. After the imposition of internet, it becomes easier for everyone to access songs and music at any point of time. However, digitalisation also helps music companies to accesses a diversified market across the world. Digitalisation also improves the company’s ability to add in customers’ feedback for better improvement of its products as well as services and meet with the need of the future trends. Besides, the technology and digitalisation raises collaboration among the different factors that are related with the progression of the music industry. Apart from this, technology will encourage musician to take effective participation in various competition with eradicating the barriers that has been affecting the development of technology within the domain of music industry (KPMG International, 2007). It is also observed that a different regulation that has been incorporated by the government towards the Television and music industry is noted to be assisting the development of profit earning of the company. Through the implementation of digitalisation in television as well as music industry, it is evident to be boosting up the subscription revenues that are related with the development of industry. Apart from this, the implementation of digitalisation in music and television industry is noted to be a positive factor in terms of consumers’ preferences. Consumers will be more beneficial as they can easily access the music and songs with the minimum rate of subscription. Moreover, the adoption of digitalisation by the music and television industry will support those industries to remain in market on a long-term basis. The approach will be helpful in developing the market demand as well as marinating the major portion of market share within the industry (KPMG International, 2007). With the integration of a tech savvy environment, people are becoming sounder and are often inclined towards consuming quality products as well as services at a cheaper and affordable rate. In this, regards the music industry has decided to make an approach towards the customers through the application of internet marketing, social media marketing, and mobile marketing for promotion. As per the current scenario, people prefer digitalised promotional approaches as it helps them to get a better review of the services being provided. It has been observed that after imposition of digitalisation music companies are free from the different obligations over the recording companies. The implementation of digitalisation removes the different barriers related with production of music contents such as CDs and cassettes (Mathew, 2013). However, after the implementation of digitalisation producers can distributes their music and songs through electronic trailers as well as with the use of advanced digitised networks. Prior, recode companies are primarily responsible for the promotion of album to the customers. In the current scenario, record companies are not responsible for the promotion of the album to the customers. The technological invention within the music industry has been able to cut off their cost of sales and distribution. It is also noted that the advent of digitalisation has reduced the distribution cost as compared to other traditional distribution approaches (Wallis, 2001). Disadvantages of Digitalisation in Music Industry The major impact of digitalisation is helpful in bringing development within music industry but is noted to be engulfed with several limitations. It can be stated that the implementation of digitalisation in musical world has brought several challenges. Most of the people are of the notion that the implementation of digitalisation within music industry has eliminated the positive attributes of traditional approaches of music. The music industry in the global domain is earning revenues at a greater rate owing to the incorporation of electronic trailers through enhanced distribution channels. It has been stated that the incorporation of copyright laws through the implementation of digitalisation (American Musicological Society, Inc, 2012). The violation of copyright law without taking any acknowledgment can create the scope of musical piracy. The impletion of digitalisation can be very expensive in nature. During the implementation of digitalisation, the initial cost is involved with the same is noted to be very high (Leurdijk& Nieuwenhuis, 2012). Digitalisation in music industry enables the easy access of songs and videos thorough internet. The practice of accessing internet and downloading songs through online will enable free accessibility to the different genre of songs and digital files will encourage the illegal distribution of songs as well as music. The music recording companies are making huge loss with implementation of digitalisation in music industry. With the effective practice of digitalisation in music industry, there are chances of committing huge loss in maintaining customer relationship as well as increase the competition (Condry, 2004). Conclusion From the study, it has been stated that digitalisation is recognised as one of the modern approaches in the present business industry. By evaluating different attributes related with the specific study it has been stated that people belonging from the present environment prefer digital approaches for every products as services they avail. Use of technological approaches is recognised as profitable for all business purposes. Contextually, the advent of technology within the music industry is recognised to be a positive factor. The study reveals that implementation of technology is useful for the development of the different performances of music industry. The research conducted in the specific filed has even proved that digitalisation has emerged to be incorporating profitability within the domain of the music industry. These developments are visible with different technological development at various phases prominent within the music industry. Implementation of digitalisation also reduces production cost involved with music recording. The adoption of digitalisation has increased the revenues via implying subscription processes. The study also explained that the invention of technology is harmful for development of music industry. The increased use of technology there has been a huge shift in the concepts related with the different phases of music and enhanced the ability of the industry to spread globally. Irrespective of the different challenges imposed by digitalisation, the music business has emerged and has regained its excellence in the global domain. References American Musicological Society, Inc, 2012. American Musicological Society. Society for Music Theory, pp.1- 171. Albornoz, L. A. & Gallego, J. I., 2012. The Popular Music Industry In Spain: Independent Record Labels In The Digital Era. Article, Vol.15, No.2, pp.1-18. Balaban, D., 2001. The Battle of the Music Industry: The Distribution of Audio and Video Works Via the Internet, Music and More. Fordham Intellectual Property, Media and Entertainment Law Journal, Vol.12, Iss.1,pp. 236-288. Condry, I., 2004. Cultures of Music Piracy: An Ethnographic Comparison of the US and Japan. Intl Journal Cultural Studies, Vol. 7, Iss. 3,pp.1-31. KPMG International, 2007. The Impact of Digitalization – A Generation Apart. Information, Communications & Entertainment, pp. 1-36. Kruse, H., 2010. Local Identity and Independent Music Scenes, Online and Off. Popular Music and Society Vol. 33, No. 5, pp. 625–639. Leurdijk, A. & Nieuwenhuis, O., 2012. Statistical, Ecosystems and Competitiveness Analysis of the Media and Content Industries: The Music Industry. JRC Technical Report, pp.1-107. Mathew, P. S., 2013. Case Study: Impact of Digitization on Music Industry in the Recent Times. International Journal of Management and Social Sciences Research, Vol. 2, No. 9, pp.12-13. OHara, R. You Say You Want a Revolution: Music & Technology-Evolution or Destruction? Gonzaga Law Review, pp.248-293. Parikh, M., 1991. The Music Industry in the Digital World: Waves of Changes. Institute for Technology and Enterprise, pp. 1-9. Wallis, R., 2001. Best Practice Cases in the Music Industry and their Relevance for Government Policies in Developing Countries. Royal Institute of Technology, pp. 1-52. Waldfogel, J., 2013. Digitization and the Quality of New Media Products: The Case of Music. University of Minnesota and NBER, pp.1-53. Read More