value does Hit Song Science create? If you were Mike McCready‚ CEO of Polyphonic‚ which target market – unsigned artists‚ producers‚ or record companies would you pursue? Before we analyze the value Hit Song Science creates‚ we should be clearly aware of the substance of Hit Song Science. Hit Song Science refers to comparing the mathematical characteristics of music with characteristics of past music hits to determine a song’s hit potential. From my point of view‚ the value Hit Song Science creates
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labels. Make use of the business connections of the advisory board at Polyphonic to get better reach to decision makers at record labels. Offer free trial reports to convince record labels and an initial lower cost for buyers along with discounts for high volumes ordered over a fiscal year. In the long run‚ promote Human Music Interface as a complement for Hit Song Science to maximize the revenue earning capability of a song (by ensuring better listener penetration) that is marked as a winner by
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opens to the door to a change of pattern in the way executives of this industry predict future “hits”. Polyphonic HMI‚ a technology company‚ relies on a single marketable revolutionary product: Hit Song Science. HSS is artificial intelligence software that can assess the “hit” potential of a song thanks to an extensive analysis of millions of songs. This tool is the first of its kind to predict future “hits” with 80% accuracy which means a tremendous increase of customer’s functional and economic value
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companies have little idea on how to find and create success in the industrygo abo. The dominant players‚ i.e. record companies utfind pursuing the production of thethe next big hit by producing in masses and hopingin hope that one turns out good‚ . This is shown evidenced by the low hit success rate of 10%. of a song topping music charts (Pg. 1‚ P2). What entails is an industrial marketing practice of huge inefficiencies and unwise budget expenditure (Pg. 8‚ P3&4). These problems stem from the
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Polyphonic HMI‚ Company Analysis DECISION PROBLEMS Polyphonic HMI is in the process of establishing their Hit Song Science technology in the music industry. Major issue is the choice of a target market that would make most effective use of limited $150‚000 marketing budget. Following this decision‚ Polyphonic HMI also needs to determine its key marketing strategies such are pricing‚ positioning of the product for the target market in order to maximize the profits. ANALYSIS OF INDUSTRY (based
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Polyphonic Hmi: Mixing Music And Math 1 PROBLEM STATEMENT After failing at their first attempt to enter the music industry‚ Polyphonic HMI (hereinafter referred to as the “Company”)‚ is releasing Hit Song Science (HSS)‚ software used to predict future hit songs with 80% accuracy. An integrated marketing strategy‚ needs to be developed to launch an innovative product‚ in an industry typically known for “gut instinct” and therefore likely to meet strong customer resistance. Thus there are two key
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Executive Cover Memo Subject: Polyphonic HMI: Mixing Math and Music This is to recommend that Hit Song Science should market its product and services to record labels attempting to catch a larger share of the market. BACKGROUND Polyphonic HMI is preparing to launch Hit Song Science‚ which analyzes the mathematical characteristics of music compared to past music hits‚ making it possible to determine a song’s hit potential. Music characteristics can be analyzed by math such as melody‚ tempo
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Polyphonic HMI: Mixing Music and Math If you were Mike McCready‚ the CEO of Polyphonic‚ which target market—unsigned artists‚ producers‚ or record companies—would you pursue? How would you serve this target market? We will start with the three steps of “Segmentation‚ Targeting‚ and Positioning.” The market have been categorized into three subsets‚ and in deciding market coverage‚ we have been limited to only one market due to company’s resources according to the case. In view of Product
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Polyphonic HMI : Mixing Music and Math Entertainment Management Situation Analysis Issue Definition Environment Analysis Strategy Options & Choice Action Plan Situation Analysis Situation Analysis(External) So few songs actually become hits - Las Vegas gives you better odds than the Music Industry! You might as well just put a million dollars on red and spin the wheel... - Ric Wake‚ Independent Music Producer Entertainment Management : Polyphonic HMI : Mixing Music and Math
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Seminar Innovation and Marketing Polyphonic HMI: Mixing Music and Math Marco de Graaf 350111 We Fong Ma 375268 Oliver Müller 373496 Instructor: Dr. G. Liberali Master Business and Economics‚ Specialization Marketing Erasmus School of Economics Rotterdam‚ January 22‚ 2013 Diagnosis The management team of Polyphonic is entering a market‚ which is currently facing permanent changes and a lot of pressure. Rapid technological changes‚ like the development from CD to DVD and movements
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