What is marketing? CIM (The Chartered Institute for Marketing) defines it as:
“Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.
Following on from the lecture title, we began to delve into the complicated system that is music marketing.
At the establishment of the record industry the difference between marketing costs and financial gain was balanced. This has changed.. Artists will now never recoup their money from the records their label produce and distribute. Meanwhile the label scoops a high percentage of the earning, theoretically until they recoup although this rarely happens in practice. Currently, the most expensive part of process is finding audience/discovery. Reselling is cheap – massive peak of sales in the late 90’s was people replacing old collection on CD. before internet killed it. This resulted in lots of failed formats, mini-disk being an example of this. The betamax vs VHS battle is another case; consumer markets are best served by a monopoly, no more than one format.
Extending on to this, we spoke about how we could market and augment our audiences via having presences on various social media platforms.
Where do you need to have a presence?
- Apple Music
- Music forums
- Music blogs
- Own website (act as a portal, brand identity, long term control – your home for as long as you play for the domain)
- Email list
Tv won high fidelity war. Large tv’s – cheap audio equipment. speaker owner ship at a young age is very low. Partly due to different response to audio vs visual?
Critique entire foundation the system is built upon.
What marketing is changes when you are not selling ‘a thing’
Sound cloud – exposure is a new concept; valumetrics to measure how much this is worth.
- go through a plugger (the getdown/Netflix)
- local introducing show
Writing press releases
Posting on billboards
Costs involved in different marketing
Initially was a startup – no ads
Made money from pro accounts
Then.. Had a funding round, raised 11 mil euros, added ads, bots etc
Provide – accurate demographic data, advertising and promotion ‘campaigns’
People initially moved mailing lists to Facebook
Facebook built critical mass then throttled it; protection racket
Google deleted Google reader (blog reader) built into websites; killed website traffic.
API and other cross sharing platforms
Talk about creative aspirations vs success; levels of control over your art and what’s important to you
Twitter benefiting extroverts
How does social media work for people to write music they can’t talk about? Eg James Taylor (screwed up people, using art as a form of release) “solitude became the story”. You could construct your own persona.
CDs/records – are just container for music. Music happens from time it starts til it stops. In neuroscience terms – now is 2 seconds, therefore music exists in the memory
IP – ideas have value (has a developmental history) proof that song is femeral not physical
Possession is 9/10ths of the law