Sony Music Entertainment Evolution of the Music Industry - 550 Words

Sony Music Entertainment and the Evolution of the Music Industry (Case Study Sample) Content: Student NameTutorSubjectDateSony Music Entertainment and the Evolution of the Music IndustryIntroductionThere has been a lot of changes in the music industry for the decades and this has been brought up due to the introduction of digital technology. This paper helps in investigating the evolution and the entertainment of Sony Music Company as well as how the industry has responded to their strategies and the market changes. In view of that also, the paper puts much emphasis on the SME economic features, their rivals and factors which make it to be more competitive.Question Question1: What Are the Industrys Dominant Economic Features? W the Industrys Dominant Economic Features?The Sony Music Entertainment Company has been in the music industry for decades and this has helped it in gaining a lot of popularity across the world thus leading to increased sales from the sale of its products. This is more evident from its financial reports which amounted to $441.7 billion. In connection to that, SME Company decided to have a joint merge with an American Company known as CBS so as to form Sony Records/ CBS Company and this venture saw them produce an audio disc known as compact disc. Through these discs Artistes could record their songs and listen to them live, this boosted the companys revenues since the CBS Company could distribute the discs to the American markets, (A. J. Strickland, Seth Kennedy, Andrew Pharaoh, Crafting Executing STRATEGY, C-183).Question 2: What Factors Are Driving Industry Change and What Impacts Will They Have?Due to the changes brought up by the introduction of the digital technology, Music industry got a lot of boosting as many audiences could be reached using the shortest time possible hence Making the field more attractive and lucrative. In view of that, MP3 was another dominant economic feature in the Music industry as the composed song files could be reduced which made the downloading and uploading feasible. Introductio n of internet in the music industry become one of the factors driving changes in the field as files could be shared online and this so the birth of iTunes by Apple Company in 2001. Use of internet saw some of the companies being declared bankruptcy this because customers could not purchase physical albums as they preferred Napster and iTunes for sharing files through online, (A. J. Strickland, Seth Kennedy, Andrew Pharaoh, Crafting Executing STRATEGY, C-183Moreover, the use of DVDS also brought a driving change in the SME industry as artistes and their audiences could use them in listening their preferred song files. These applications were of great help as many songs could be composed to one file which hastened the uploading and the downloading of the songs, (A. J. Strickland, Seth Kennedy, Andrew Pharaoh, Crafting Executing STRATEGY, C-183).Also, features like YouTube streamlined the Music industry as customers could view and download their favorite songs via internet. Mobile a pplications were also introduced so as to boost the field and this was made to enable users to access the industrys products easily.Question 3: What Market Positions Do Rivals Occupy? Who Is Strongly Positioned and Who Is Not?In the market position, Sony was recorded second with 20% market share while UMG (Universal Music Group) recorded a market share of 25.5%. Warner Music Group (WMG) lagged behind in the market position with 11.6% market share which totaled to 57.1% of the market share in the industry, (A. J. Strickland, Seth Kennedy, Andrew Pharaoh, Crafting Executing STRATEGY, C-184).Question 4: What Strategic Moves Are Rivals Likely to Make Next?SME and BMG collaboration aimed at pursuing aggressively the strategy of exploiting new opportunities as well as digital distribution so as to have packaged media like Blu-ray disc and UMD. Synergy being their goal will help them in linking all digital music such as online sales, software and hardware units and this will be of great i mportance in ensuring there is more friendly music system. In view of that also, MP3 formats will be innovated because of the idea of working togeth...