Polyphonic Hss
Purpose Of The Report To reduce the volatility inherent in the music development process and produce a consistent revenue stream for our business and customers via suggested marketing strategies, this report will address and analyze the issues and make recommendations for Polyphonic.
Situation Analysis—Company, Product, Competitors,
Consumers And Swot Analysis
Company
Polyphonic HMI was established to help market Grupo AIA's artificial-intelligence tools to the music industry. Grupo AIA headquartered in Barcelona, Spain, specializes in using its knowledge in the fields of artificial intelligence to solve complex business problems. Polyphonic is launching Hit Song Science (HSS) which analyzes the mathematical characteristics of music and compares them to past music hits, making it possible to determine a song’s hit potential. HSS could be valuable for three target markets: record labels, producers, and unsigned artists. Once a decision is made on the target market, a suitable marketing plan will need to be developed that helps overcome the likely resistance.
Competitors
Polyphonic is the only company attempting to provide this type of service using AI technology. It competes indirectly with the intuition of record executives and producers (Exhibit 1). These record executives also rely on call-out services such as: internet poling, call-out studies, and focus groups. Although these services are more established, traditional research methods only identify Top 40 singles at a success rate of 10%, compared to 80% success rate of HSS. The call-out researches are at a fine line between indirect and direct competition.
Consumers
Record Label (A&R) Executives, the smallest segment with less than a few thousand representatives, gain their reputations based on their ability to successfully select hits. They are more focused on economic returns and may spend more money on market researches. HSS could become the primary vehicle to evaluate
Situation Analysis—Company, Product, Competitors,
Consumers And Swot Analysis
Company
Polyphonic HMI was established to help market Grupo AIA's artificial-intelligence tools to the music industry. Grupo AIA headquartered in Barcelona, Spain, specializes in using its knowledge in the fields of artificial intelligence to solve complex business problems. Polyphonic is launching Hit Song Science (HSS) which analyzes the mathematical characteristics of music and compares them to past music hits, making it possible to determine a song’s hit potential. HSS could be valuable for three target markets: record labels, producers, and unsigned artists. Once a decision is made on the target market, a suitable marketing plan will need to be developed that helps overcome the likely resistance.
Competitors
Polyphonic is the only company attempting to provide this type of service using AI technology. It competes indirectly with the intuition of record executives and producers (Exhibit 1). These record executives also rely on call-out services such as: internet poling, call-out studies, and focus groups. Although these services are more established, traditional research methods only identify Top 40 singles at a success rate of 10%, compared to 80% success rate of HSS. The call-out researches are at a fine line between indirect and direct competition.
Consumers
Record Label (A&R) Executives, the smallest segment with less than a few thousand representatives, gain their reputations based on their ability to successfully select hits. They are more focused on economic returns and may spend more money on market researches. HSS could become the primary vehicle to evaluate