Pestle Analysis Of The Music Industry
In this part of the research, macro and micro environmental aspect used to analyze music industry. PESTEL analysis used for macro environmental and Porter five forces for micro environmental. Through PESTEL analysis, it is easy to face with a lot of factors such as Political and Economic in music business. But the most important factor in this kind of analysis is Technology because it is also heavily influencing social factors within the music industry, according to developments in social and mobile networks. Moreover, in micro environment analysis using Porter’s five forces there is opportunity to understand better the customers, competitors, suppliers and all the others which are responsible in the music industry. PESTEL Analysis PESTEL(or …show more content…
More specifically, as strengths of a company it may consider the marketing plan, the management and the evolution of technology. The Internet Marketing plays one of the most important roles because using the Internet to market and share music is a way to reach a deal with recording label and earn millions for that. Free online promotion brings money in companies and help musicians and artist to start their career and become popular. Record labels dominate in the music industry and provide the opportunity in artists to make contracts for a lot of …show more content…
Everyone can download from the internet without paying for that. This procedure allows the entertainment of customers without taxes and payments. Therefore, the threat of other entertainment sources are also posing a mid to low level of threat of substitution to music industry in contrast with music. 5) Industry Rivalry(Low level of threat) In UK music industry, discography has been replaced by digital era. According to RIAA statistics, the blossom of the industry began with the comparison of offline and online sales. With the popularity of digital, music industry focused on new strategies to develop their companies. From the above analysis it can be understood that the Music industry in UK is flourishing. But it still may be assumed difficult target for a new company. Internet and new technologies are developing every day and decline more and more new entrants in the market. The largest threat to the industry is still the piracy, which is responsible for the loss of millions of an industry. They are available and free, and everyone prefers to find something without paying. Music is remaining as the first form of entertainment around the world and it will be. Porter five forces analysis in this industry allows us to show the strategies that are important for develop the
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