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The Music IndustryAnna LynchBrittana TatumDorota Glosowitz

Final Group Paper Consumer Behavior April 28, 2009

Copyright 2009 Anna Lynch, Brittana Tatum, Dorota Glosowitz


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The Music Industry

Understanding the Music Business, Consumer Behavior in Response to the Economic Recession, &

Developing Opportune Marketing Initiatives

!! Over the past year we have seen the economy slump like never before. With the country in

hundreds of billions of dollars of debt, it is difficult to see the upside. So how did we get into this mess?

Some say it was the unreliable credit lending trillions of dollars to homeowners, who wouldnt be able

to pay back the money. When the housing boom peaked and prices began to drop, foreclosures began to

ripple through our country, at which point banks decided it was time to stop lending. Its no wonder than

that so many banks began to collapse with so much money gone out the door and little coming back in.

! Many analysts say that this was merely the trigger of our current situation. They say the realproblem comes from Americas overwhelming trade deficits and the fact that foreign countries now

finance 47 percent of the outstanding federal deficit. This means that we are spending well above our

limits, and the only way we are currently staying afloat is by printing money; even this cannot suffice for

long.

! This overarching economic problem translates to even more hardship for the consumers in ourcountry; the result of which being a significant rise in layoffs, less disposable income and low consumer

spending. There will be no quick and easy solution for all this, rather it will most likely take years before

America can stand up once again, regain her strength and revitalize key industries as well as reinforce

consumer stability.

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! The current economic crisis has had and continues to have a major impact on consumer behaviorunder various market segments. While some market segments struggle to maintain their presence and

financial stability during such an acute economic crisis, there are a select few industries that may prove to

be recession-proof; the music industry being one of them.

The Music Industry: An Overview

! The music business is comprised of various players and various sub-segments that influence theindustrys overall financial standing. The music industrys success is dependent upon sales of concert

tickets as well as sales of music - both physical and digital. Given that this particular industry is so

widespread, it serves a diverse array of market segments that can be categorized according to

demographics as well as behavior-graphics and psychological factors; it is important to take notice when

observing consumer behavior specific to the music market that some of these segments are more

involved/responsive than others. (The conundrum is familiar: Does the music industry ignore certain

consumers because they don't buy music, or do certain consumers not buy music because the industry

doesn't bother selling it to them?) Analyzing the different market segments of music consumers will

provide a revealing look at comprehensive marketing possibilities and assist in explaining why the music

industry is so unique.

! Even during a time of acute financial crisis the music industry is constantly changing andevolving. It is a marketplace that is in transition from physical to digital; Americans bought more music

in 2008 than ever before. According to the Nielsen Co.'s year-end figures, music purchases attained a

new high of 1.5 billion, up 10.5% over 2007.*1 So again I pose the question; could the music industry

be recession-proof or even be benefitting from this economic recession? As the economy suffers, the

2

** CD, vinyl, cassette and digital purchases of entire albums (grouped together as total albums), plusdigital track downloads, singles and music videos

1Barnes, Ken. "Music sales boom, but albums fizzle for '08." USA Today. 4 Jan. 2009. 22 Feb. 2009.


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music industry is hoping an old truism will hold: that as a relatively low-cost commodity with sentimental

attachments, music willprove recession-proof.2

! The objective of this paper is to gain a comprehensive understanding of the relationship betweenindustry and consumer and further develop marketing initiatives that are tailored to specific consumer

behavior under the current economic climate. After developing our understanding of both integral facets

of the marketplace (the business and the consumer) we can evaluate our findings and identify marketing

opportunities that will preserve the well-being of this industry in todays economic environment.

Identifying the Music Consumer

There are various ways to approach the segmentation of the music consumer market:

A.) Demographically, music consumers can be categorized by age groups: Pre-Teens/Teenagers,

Young Adults, and the Over-35 and seemingly neglected market segment.

B.) Psychographically, the music consumer can be identified based upon the extent of their enthusiasm

for music and their tendency to adopt or reject new technology (specifically pertaining to the

advancements of music.) The

aforementioned attributes can be defined/

recognized on a continuum (as seen

Figure 1)

C.) Segmenting via attitudinal factors, the

market could be divided depending on the

genre of music preferred.

!

3

2Sisario, Ben. "For Record Companies, Optimism Isn't Irrational." New York Times. 24 Dec. 2008. 21Feb. 2009.

Figure 1


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! These defining factors arent necessarily mutually exclusive and can define a broad spectrum ofmusic consumers. Each segment has their own unique set of needs and responses; the behavior

demonstrated by each respective market segment is undoubtedly affected by this current economic

climate. The extent of this affect and how it has manifested in the music industry merits further research

and evaluation.

The Structure & Current State of the Music Industry

The music industry is comprised of a very widespread and diverse network of businesses that are all

connected by the selling the same product; the music or brand of the artist. The key players in the

industry coordinate their efforts in order to sell the product to the consumer. The relationship between

these businesses is illustrated in the following diagram:

!

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Figure 2


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This diagram outlines the businesses at the forefront of the music industry; while there are other players

in the music business it is important to identify clear and simplified parameters in order to keep our

research comprehensive.

! There are several major companies thatdrive the music industry- it is the sales of these

companies that determine the industrys overall

financial well-being. The four major labels that

dominate include Sony BMG, EMI, Universal Music

Group, and Warner Music Group- each of which

consists of many smaller companies and labels

serving different regions and markets.3 Nielson

Soundscan reported that The Big Four accounted

for 71.7% of music sales worldwide and 81.87% of music sales in the U.S in 2005.4

! The company that dominates the retail segment of the music market is iTunes; as of April 3,2008 Apple announced that they had surpassed Wal-Mart as the number one music retailer in the U.S.

iTunes has sold over four billion songs and features the worlds largest music catalog of over six million

songs.5

! Analysis of the physical/digital music sales segment of the industry is fairly complicated; themusic industry is in the midst of a transition from physical to digital formats, which many experts believe,

has had a detrimental impact on overall music sales6. With the transition to digital formats and the

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3"Music industry." Wikipedia, the free encyclopedia. .

4 Cashmere, Paul. "Universal Is The Biggest Music Company of 2005." Undercover 5 Jan. 2005.

5"ITunes Store Top Music Retailer in the US." Apple. 3 Apr. 2008. .

6"The Music Biz's Long Decline." Rolling Stone 5 Feb. 2009.

Figure 3


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attraction to the impulse-driven convenience of downloading comes consumers tendency to buy

singles.7

Total music purchases in 2008 reached 1.5 billion marking the fourth consecutive year music sales

have exceeded 1 billion; 1.4 billion (2007) vs. 1.2 billion (2006) vs. 1 billion (2005).8

Digital track sales break the 1

billion sales mark for the first

time with more than 1,070,000

digital track sales. The previous

record was 844 million digital

track purchases during 2007;

an increase of 27% over

2007.9

Total album sales (including 10-song digital track groupings) fell 8.5% to 428.4 million. Sales of

physical albums fell 20% to 362.6 million, and are off by 45% since 2000, while digital album sales

were up to 32% in 2008 to 65.8 million units.10

! The live music segment of the industry has been thriving over the past year; in 2008 in NorthAmerica, box office gross was up 18% and the average attendance up 6.3%.11 Paul Munick, the senior vice

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7Palenchar, Joseph. "Authorized Downloads: Music Labels Still Don't Get It, Report Contends." ThisWeek in Consumer Electronics 17 (2002). Academic Search Premier. EBSCO.

8"Billboard / Soundscan: Digital Album Sales Up 32% In 2008 | Nielsen Wire." .

9"Billboard / Soundscan: Digital Album Sales Up 32% In 2008 | Nielsen Wire." .

10Hefflinger, Mark. "Report: Overall U.S. Music Sales Up in '08; Albums Down 8.5%." Digital MediaWire- connecting people & knowledge. 5 Jan. 2009.

11Decrow, Jason. "Despite economy, concert ticket sales are up." MSNBC.com. 22 Dec. 2008.Associated Press. .

Figure 4


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president of sports and entertainment at Connecticuts own Mohegan Sun was quoted saying; For

music and sports events that are compelling enough, there is no recession, however strong first quarter

sales are no guarantee that the faltering economy wont catch up to the concert business later this year.12

The main concern for the live music industry is that the shaky economy has prompted live-music fans

accustomed to frequent concert attendance to be more choosy about which acts to see, particularly as

ticket prices rise.13

! Live Nation leads the live music segment of the industry as the largest promoter and music venueowner. In 2005, Live Nation promoted/produced over 28,500 events, including music concerts...with

total attendance exceeding 61 million. As of September 30, 2005, Live Nation owned or operated 117

venues, consisting of 75 US and 42 international venues. These venues include 39 amphitheatres, 58

theatres, 14 clubs, 4 arenas and 2 festival sites. In addition, through equity, booking or similar

arrangements Live Nation has the right to book events at 33 additional venues.14

! Smaller music venues are seemingly more vulnerable to this financial turbulence, however, manysmall venue owners, including owner of Toads Place New Haven, Brian Phelps, are confident that sales

will remain strong. Brian Phelps stated during a personal interview in early March 2009 that people will

continue to go to concerts; the recession doesnt matter.15

The prosperous state of the music industrycertainly doesnt attest to the acute economic

hardship that has faltered many other businesses. While music consumers may be more particular with

their purchases, financial constraints havent yet curtailed the success of the market. It is only a matter of

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12Danton, Eric R. "Live-Music Ticket Sales Rock On Despite Recession." Hartford Courant- courant.com.19 Feb. 2009. .

13Danton, Eric R. "Live-Music Ticket Sales Rock On Despite Recession." Hartford Courant- courant.com.19 Feb. 2009. .

14"Live Nation." Wikipedia, the free encyclopedia. .

15"Interview with Brian Phelps; Owner of Toad's Place New Haven." Telephone interview. 3 Mar. 2009.
http://en.wikipedia.org/wiki/Promoter_(entertainment)http://en.wikipedia.org/w/index.php?title=Event_production&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Event_production&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Event_production&action=edit&redlink=1http://en.wikipedia.org/wiki/Promoter_(entertainment)http://en.wikipedia.org/wiki/Promoter_(entertainment)


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time however, before the ill-effects of the current economic recession start to affect a seemingly infallible

business.

Suggestions for Innovative Marketing Initiatives

!An industry that has been most resilient to change, it will be of the utmost importance to

continue to stay ahead of the curve and tailor marketing initiatives to address these prospective

challenges. In order to effectively address potential concerns for music consumers and provide

motivation to continue spending, careful positioning and attention to the prominent values of our target

market are essential. While acknowledging the priceless nature of the product, it is simultaneously

important to consider tight budgets; this being said, value must be emphasized. In addition, the

industrys marketing initiatives must utilize guerilla marketing tactics to more effectively reach niche

markets. All in all, despite financial constraints people will continue to consume music; maintaining

appeal and heightening enthusiasm will motivate our target market to stay involved and invest in the

music.

! There are many angles from which the music industry can target consumers. As mentionedearlier, the music industry is comprised of a very widespread and diverse network of businesses, each

with a product to offer and, with that, an opportunity to appeal to the consumer. On the retail level,

where the music industry directly interacts with the end-user, there are so many outlets for consumption,

ranging from the most obvious digital/physical music and concert tickets to festival passes, ringtones,

merchandise, clothing lines, band donations and even not-for-profit initiatives. Aligning these retail

opportunities with relevant values that speak to our target market allows for a promising marketing

campaign.

! After careful evaluating the American core values, including Achievement & Success Activity,Efficiency & Practicality, Material Comfort, Individualism, Freedom, External Conformity,

Humanitarianism, Youthfulness, Fitness & Health (as identified in our Consumer Behavior textbook by

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Leon Schiffman and Leslie Kanuk), we definedvalues that appeal to the college aged music consumer in

todays environment; these values are illustrated in the following diagram:

Implementing the Core Values

! Appealing to these values will help the music industry better market their products and moreeffectively reach their target market in todays environment. We have outlined distinct marketing

initiatives tailored to each core value.

Quality

It is also an overarching trend in American business culture to increase productivity and profit,even if this increase comes at the expense of quality. The music industrys transition from physical to

digital has resulted in the degradation of musical quality. As members of the music industrys target

market, we can observe first-hand the contention of mediocre quality of corporate merchandise and the

simultaneous battle of small-scale businesses to promote higher quality products.16

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16Sanjek, Russell. American Popular Music and it's Business. Oxford UP, 1988.

Eco-Friendly

Figure 5


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! College-aged students are developing a new interest in higher quality music products. As ofOctober 2008, the Chicago Tribune reported that sales of vinyl albums have doubled in the last year to

6 million and turntable sales increased 80 percent last year, while CD sales continue a double-digit

decline. The resurgence is being led not just by Baby Boomers nostalgic for gatefold album sleeves and

the pops and scratches of favorite records, but by college-age consumers discovering the elaborate

artwork of vinyl-album packaging for the first time, and entranced by the grittier, less-artificial sound

quality.17 The Tribune quoted 22-year old journalism student from University of Maryland, Ben

Meyerson on the reason for his preference for vinyl: For me, vinyl is more of a personal listening

experience. I have my turntable in my room, and its hands-ona compensation for the lack of physicality

you get from a hard drive and iTunes. Its fills a void in my musical experience.18 Meyersons comment

suggests that music fans may be getting tired of a low quality music experience and instead, crave a more

personal experience (a value addressed in the next section) and more meaningful craftsmanship.

! The music industry can consider this desire for quality music products and position themselvesaccordingly. Considering that the current state of the economy and valued eco-friendly initiatives are

encouraging less conspicuous consumption, and that quality is becoming an important value in todays

society, especially among the college-aged Generation Y, it would be reasonable to believe that offering

higher quality music merchandise would be an appealing alternative and a effective marketing strategy.

Some specific suggestions for higher quality music-oriented products include:

Releasing albums on vinyl and include a digital copy of the music with purchase.

Using high quality, organic materials to print band merchandise.

Encouraging radio listeners to invest in HD radio.

Manufacturing and promoting usage of high quality headphones.

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17Kot, Greg. "Vinyl spins to the forefront again." What's New In The Archives. Chicago Tribune. .



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Personal Relationship

Younger listeners are looking for a deeper connection with the music they love.19This isapparent through our target markets new-found need for quality products. This value is consistent with

our quality, social networking, eco-friendly and customization initiatives. All of these values create a

better-rounded and intimate approach to music consumption. The music industry can develop this

connection through establishing a more personal relationship with music fans. Establishing a personal

relationship creates a much more enthusiastic fan base, making the music even more irreplaceable and

consumers even less willing to forgo their music purchases. Some suggestions for the development of

personal relationship include:

Promoting smaller, more intimate shows at local record stores.

Encouraging music fans to support local record stores (instead of retail chains like Wal-Mart and

Best Buy.)

Allowing loyal fans to donate on behalf of their favorite band. (Ex: donate money or equipment to

assist in touring efforts)

Hosting contests (for album artwork, for example) where music fans can become active

participants in the making of an album, show, etc.

Customization

! If music providers can further develop their understand of the wants and needs of their targetmarket, they can customize their offerings to each individual and initiate an increased level of

involvement.

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! Customization can become a bit more costly (for consumers and businesses alike), however, ifconsumers see value in products they can customize and call their own, they will feel that their purchase

is valuable. Businesses can implement customization in various ways:

Using the Music Genome Project (which uses attributes to describe songs and algorithms to

organize them), find similar songs and create a personalized digital album

Tracking an individuals sales and suggesting new music for purchase based off consumers

interests (Ex: Apples Genius/ Suggestions feature in the iTunes store)

Customizing merchandise (T-shirts, posters, etc.)

! When looking at physical albums, customizing is more complex. The most effective way toprovide customization is through different album artwork. Since quality is a prominent issue, offering

albums on CDs and on vinyl is another great way to differentiate from the competition and cater to

todays Generation Y college students who want something new and exciting.

! Customized band merchandise provides another opportunity for music fans to create their ownunique product. If there was an internet-based store where music fans could choose their own apparel

and design, this would give them the opportunity to stand out in the crowd as well as build a more

creative, meaningful relationship with that band/artist.

Practicality

! As the economy continues to slump, consumers have to ask themselves where they want to spendtheir limited income. Recently, it has been announced that Live Nation, the leading concert promoter,

and Ticketmaster, the worlds largest ticket broker, would merge20. This could possibly mean that ticket

prices would shoot through the roof, as the two hold such a significant market share. Consumers are

being warned to save, save, save. With less disposable income, this means consumers would attend less

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20 "Ticketmaster, Live Nation Merger Investigated : NPR Music." NPR : National Public Radio : News &Analysis, World, US, Music & Arts. 08 Apr. 2009 .


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shows and that means less income for venues and ticket brokers. However, smaller, cheaper shows at

clubs and bars may benefit greatly from this.

! Since consumers are feeling the pinch, artists could look into the following options to potentiallysell more albums:

Offer freebies with CD purchase hats, t-shirts, tickets, etc.

Album purchases put individuals into drawings for tickets to concerts or meet and greet passes.

With online purchases provide a link to a secret website or enter the individual into drawing

Until the economy betters, artists and their labels need to show consumers that they are competitively

priced and a good value.

Eco-Friendly Initiatives

! Martiz, a consumer and behavior loyalty research firm, released a report focusing on brandloyalty within Generation Y and reported that 47% of consumers said they would be willing to pay more

for environmentally friendly services, products, or brands. The other 53% were not affected by

purchasing environmentally friendly products21

. The music industry has already started to integrate eco-

friendly initiatives into their products/marketing campaigns; based on the increased popularity of the

go-green culture, further implementing this value would prove beneficial.

! Musicians have become more environmentally aware and are pushing record labels to be as well.An article in USA Today mentions that musicians like David Gilmour [have] made a point of releasing

carbon neutral CDs over the past few years. David Gilmours first carbon neutral CD was in 2006 for

his On an Island album; it was Columbia Records first album released under environmentally friendly

guidelines. The guidelines included biodegradable cardboard packaging, environmentally friendly inks

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21 "47% Of Gen Y Would Pay More For Green Brands." Environmental Leader Green Business,Sustainable Business, and Green Strategy News for Corporate Sustainability Executives. 08 Apr. 2009.


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and a water-based lacquer22. David Gilmour is a prominent musician; if he can start pushing

environmentally friendly products than there are sure to be followers.

! David Gilmour's environmentally conscious initiatives appeal to other musicians as well as musicfans: last spring, more than 20 Universal Music Group CDs, including Sheryl Crow's Detours and

Counting Crows' Saturday Nights, Sunday Mornings, were released in Wal-Mart stores in recycled

paperboard packages. Each has an insert for three free digital downloads. After using, the seed-paper

insert can be planted to grow wildflowers23. An important aspect of this eco-friendly core value is that it

doesnt just reduce wastes and carbons, but it raises awareness, and furthermore, increases enthusiasm

throughout our target market.

! ! The implementation of new environmentally friendly CD casing is a sure sign thatbusinesses in the music industry are responsive to consumers eco-consciousness. Digipacks are a great

alternative to plastic CD cases and appeal to a very enthusiastic

nice market (see figure 6); digipacks are a patented style CD

or DVD packaging that consists of a book-style outer binding;

with one or more plastic trays capable of holding a CD.

Recently AGI Media has introduced digipack i-create for the

consumer market, which is a way for consumers to customize

their digipacks24. Recycled materials are being used by an

increased number of record labels in packaging albums, as shown through the examples above.

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22"Music artists play up eco-friendly packaging - USATODAY.com." News, Travel, Weather, Entertainment,Sports, Technology, U.S. & World - USATODAY.com. 08 Apr. 2009 .

23"Music artists play up eco-friendly packaging - USATODAY.com." News, Travel, Weather, Entertainment,Sports, Technology, U.S. & World - USATODAY.com. 08 Apr. 2009 .

24 "Digipak -." Wikipedia, the free encyclopedia. 08 Apr. 2009 .

Figure 5


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Continuing to utilize this eco-friendly approach and tailoring marketing strategies accordingly will

generate a positive response from our target market and keep music fans involved.

! Jack Johnson is a musician who is known for his eco-friendly initiatives as well. Hisaccomplishments have been recognized by treehugger.com, a green-based website that named him Best

Musician under 50. Jack Johnson collaborated with the All at Once

program and Village Green with his 2008 tour; where local and

national non-profit organizations gathered to talk to concert-goers

about ways to get involved in causes from voting to city cleanup

operations25. In order to get his fans involved in his efforts, he has

given out green parking passes at concerts to those who carpooled or

drove hybrid vehicles (see Figure 6). His initiatives are recognized by

his target market and encourage others to become involved in these

go-green efforts. These efforts seem to have a band-wagon appeal,

where loyal music fans are proud of the artists impact and in turn,

desire to become more involved.

! In summation, specific marketing initiatives that embody this eco-friendly core value include: Collaborate with environmentally conscious organizations

Use digipaks and other recycled CD casing.

Encourage green initiatives at live music venues (hybrid or carpooling parking passes, eco-

friendly food services companies)

Use organic fabrics for band/artist merchandise

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25 "Best of Green: Culture & Celebrity :." TreeHugger. 08 Apr. 2009 .

Figure 6


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Social Networking

Social networking is a great form of word-of-mouth marketing and it is one of the best forms of

advertising and promotion. Our tech-savvy target market is very receptive to internet-based marketing

initiatives and becomes greatly involved in the music scene via social networking sites. There are a few

key websites that the music industry has used and should continue to use to keep a solid relationship with

the college aged consumer. Facebook, Myspace, and LastFM are essential marketing tools for the

industry. These sites are used by the music consumer to build a personal relationships and to maintain

awareness about upcoming concerts, artists, album releases, etc.; they have great promotion potential.

Considering the effectiveness of social networking sites, the music industry could:

Create quality social networking pages to initiate word-of-mouth campaigns

Create street teams, where enthusiastic fans participate in the bands/artists

promotional efforts

Use a Twitter account in order to create an even greater connection between artist and

fan.

Conclusion

! This industry has, for the most part, been resilient to change and can continue to be as long assome of these actions are taken. The six core values- quality, personal relationships, customization,

practicality, eco-friendliness and social networking- all play a big part in the music industry and should

be embraced. Each value plays a role in the other five values, as seen from the above examples. It is

important to understand that the college-aged Generation Y consumer represents a fairly fickle target

market and instigates change. Music industry professionals shouldnt get too comfortable with their

current marketing tactics; they need to make the extra effort to revitalize their promotional strategies

according to the changing interests and values of this target market.

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