Description
My Product Idea: Build a Digital Music Label of Various Music Artists
Concept: Find New ways to profit in the evolving music market using new technology and current trends.
5-8 Pages
Submit the assumptions and contingency planning, which includes your explanation of assumptions you have made in creating your business implementation plan, any factors that may affect those assumptions or the success of the project, and how you have planned for those contingencies. At a minimum, you should discuss any cross-cultural, economic, and geopolitical factors that may impact the business environment and concept; how you will ensure that the project operates in a legally and ethically compliant environment, including relevant laws, regulations, or patents or permits that may need to be obtained; plans for incorporating stakeholder and customer diversity into planning and implementation of the concept; and the role corporate social responsibility will play in the implementation of your concept.
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Explanation & Answer
Attached.
Running head: DIGITAL MUSIC LABEL
Digital Music Label
Author’s Name
Institutional Affiliation
Course Name and Number
Professor’s Name
Assignment Due Date
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DIGITAL MUSIC LABEL
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Introduction
Music is a practically persistent part of routine life for most of the people all over the
world, “from listening to the music playing the background in the car to watching some music
videos on the televisions” (Bockstedt, Kauffman, & Riggins, 2006). All music we listen to pass
through an extensive process, from how it is produced, how it moves from a concept to a
product, and various organizations and individuals that make it successful. An overall term for
all the contributors that are part of the creation, presentation, recording, marketing, and running
of the lucrative venture in music is the music industry. It is a multifaceted system of various
organizations, companies, and individuals. A record label is a marque in the music industry that
controls broadcasting and advertising of both music videos and soundtracks.
Record labels appear to be proclaiming their status in the music industry considering the
rebound of global music industry revenues to 18.9 billion US dollars in 2018 after years of
inactions (Czerwinski, Fromm, & Hodes, 2007). Just like any other business in any other
industry, diversification presents excellent opportunities for increasing the rate of profitability.
With the same spirit of diversification, integrating a digital music label will eradicate biases in
the music genus and entice various artists creating a distinctive trademark for the company and
consequently increasing revenues and profitability. Since the internet and various technological
interventions have changed people’s lifestyles, this digital music label will also generate a lot of
revenues from digital consumers. Streaming is the main form of music consumption today, with
many music labels making billions of dollars from it alone. In 2019, about 80 percent of all
recorded music industry revenues originated from streaming alone, a percentage that is projected
to surge in the future (Czerwinski, Fromm, & Hodes, 2007).
DIGITAL MUSIC LABEL
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The Assumptions behind the Plan
The applicability of this business idea, its success, and its sustainability in the
competitive market relies on various assumptions.
1. Customer base
There is a significant customer base for this business venture both in the US and globally
(Czerwinski, Fromm, & Hodes, 2007). The accessibility of onlin...