Tribute Ltd.: Analysis of the Music Industry and Marketing Strategies

This report provides a comprehensive analysis of the music industry, focusing on the operations and marketing strategies of Tribute Ltd. The report examines the company's sales data, customer preferences, and the impact of nostalgia marketing, particularly in relation to Jonnie Jones, a tribute performer. It explores various sales channels, including CD sales, concert performances, and online marketing, and evaluates the effectiveness of each. The report also analyzes customer demographics, including age and gender, to understand their purchasing behaviors. Recommendations are provided to enhance sales, expand the fan base, and improve the company's overall marketing efforts, including the use of social media and online platforms. The analysis includes statistical tests and data comparisons to support the findings and conclusions, emphasizing the importance of adapting to the evolving music industry landscape.

TRIBUTE LTD

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
TASK 2............................................................................................................................................2
TASK 3............................................................................................................................................4
..........................................................................................................................................................4
TASK 4............................................................................................................................................6
TASK 5............................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
APPENDIX....................................................................................................................................12

INTRODUCTION
Music Industry has been adding up to economy of United-Kingdom from many years. It
has contributed 3.5 billion pounds to Economy (as per past data). In this report music industry of
United-Kingdom has been deeply analysed. Different techniques that a music business can apply
to their operations are evaluated. This report is prepared by analysing population form two
location of United-Kingdom i.e. Brighton mall and theatre at Uxbridge, who are interested in
music and concerts of the artist of Jimi Hendrix, a singer and guitarist of 1960's (Lindsay, 2016).
Jonnie Jones has got a huge reputation in music industry for hi tribute performances. Report
would give brief idea of how people are showing interest to his music and his concerts.
TASK 1
Marketplace and customers are operating in given industry like force and light. Music
industry is been filled with senior citizens who are part of music trying to act as young people.
Older people are more keen to listen music as compared to youth, especially retro songs.
Moreover, in UK senior citizen are high in number as compared to young or children. Music
industry has to keep focus on preferences of old people to become more successful.
Nostalgia marketing is been proved to be very effective strategy for promotion in music
industry, specifically 'retro' or old 'education institute' continues to be the choice (Banks &
Roedy, 2017). Nostalgia is feeling of time which is past and influences to relate it to people or
moments.
Internet plays a significant role in growth of music market, over fifty million subscribers
including twelve million paid users and rising with every passing day. Two viewpoints are very
complex for music artists: It changed the way music is consumed, composed and distributed. Ex:
Taylor swift has removed her catalogue from online sites (Shuker, 2016). Another point of
complexity, it is less profit making to artists who sell single songs than an entire album of songs.
Steaming technology proved to be saviour for music industry, services flourished with
rise in mobile phone technology and computers. Mix radio and spotify are most liked services in
UK. These technologies are future of music market, it is probably any new device that enables a
person to listen music. As per BPI (British Phonographic Industry) 14.8 billion tracks were
steamed though internet and it has become all pervasive in music industry.
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TASK 2
TOTAL
CD'S SOLD
% of
total
RATE PER CD
(in pounds) SALES COST
PRO
FIT
% OF
GAIN
Compliment
ary 130 2.08 0 0 260 -260 -0.56
General 353 5.648 10 3530 706 2824 6.05
Mail order 1637
26.19
2 10 16370 3274 13096 28.06
Web order 223 3.568 10 2230 446 1784 3.82
Concert
performance
s 1376
22.01
6 12 16512 2752 13760 29.48
Retail 2459
39.34
4 8 19672 4918 14754 31.61
pubs 72 1.152 12 864 144 720 1.54
Total 6250 100 62 59178 12500 46678 100
*formula is (commodity)/(total commodities) *100
1. The brand shall determine the need to give complimentary CD's as they are generally
counted in reserves. For efficient management of the business change the order of sales
made. The general sale is contributing a lot but the web order is very less as compared to
how effective online marketing can be. Mail order is doing comparatively good for the
company with the sales in average margin of competition. The retail order is still leading
with 42.43% sales figures and this is a factor to check because more emphasis needs to be
made on online distribution of music.
2

2. Jonnie Jones is doing well in general sales but his concert performances are very low.
Rest of the factors are insignificant as compared to music business because direct sale
and live performances are the factors that can boost his productivity exponentially
(Wikström & DeFillippi, 2016). From his home town to international venues, tribute
must organise his performance to generate a bigger fan base. People must see him in
different avatars of their loved artist he impersonates and Jonnie should sing for other
such celebrities or his own compositions as well. This will make his performance widely
accepted and anticipated. After following these practices' tribute would find a spectacle
change in their sales figures for his songs. Jonnie would be playing lot more concerts on
demand and they will be priced higher too. Such an event would give him media
coverage and develop his performances standard.
3. Apart from such ventures and expansion Jonnie's performance needs to be made easily
accessible online. Dedicated channels for him on social media will grant him too much
coverage with increasing his fan following. People who do not practice online marketing
see decline in their business which can be all the way lead to shutting down of company.
In today's world believe in the structure that big business have tried and tested for finding
a scope to proceed in any market condition. Online marketing for Jonnie will give
increase in sales of the company CD's and direct downloads with also widening his fan
base among new generations of music lovers (Boehm, 2016). These activities will give
the company a strong image and reflect upon their love for music. Advertise on social
media's for branding Jonnie by making his T-shirts, accessories, wallpapers and goods
available. They will return the benefits for his increased goodwill and that of brand
(Brandes, Nüesch & Franck, 2016). Understand that this is about launching Jonnie so
provide him better equipment return to for performances with a devoted band for giving
his best performance wherever the company says. These activities will boost overall sales
and especially live performances and direct sales that help in the biggest contribution to
profit.
3

TASK 3
Female Male
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
Brighton mall
Illustration 1: Survey at Brighton Mall
a) As per data collected from Brighten mall, number of viewers are divided in male and female.
Number of females are higher than that of male viewers. This shows that females are more keen
in attending Jonnie's concerts (Youn & Jin, 2017).
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Theatre in Uxbridge was another location to be surveyed first, females are showing more interest
in concerts held. Males not much interested in attending Jonnie's concerts.
Age Brighton mall The theatre Combined results
Below 15 0 2 2
16-30 4 0 4
31-45 16 0 16
146-60 17 9 26
61-75 64 41 105
76 & above 3 0 3
Total 104 52 156
Table 1: Number of Viewers
a) Table presented above depicts the different age group viewers at concerts of Jonnie. It has
been found that most of the people are visiting Brighton mall to attend concerts it is twice of
5
The theatre
Female Male Total
0
10
20
30
40
50
60
Illustration 2: Survey at Theatre in Uxbridge

people who at come to watch at Uxbridge Theatre. Number of watchers are majorly from 61 to
75 age group combined results of both places are of same age group.
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Timings of concerts in minutes are evaluated as per the survey conducted at two of the
locations. As per combined results and individual outcome, concerts of duration of 2 minutes is
performed in the highest number. Then in 3 minutes duration and remaining in 4 or 1 minute
duration.
b) Biasness is present in collected data as they are gathered from locations where Jonnie
performs, it likely that people are fond of his music. If the data had been collected from places
situated far from these locations, it might happen that results would be different. (Shin & Parker,
2017)
c) Data collection is attempted to be improved by including observation from watching
performance of the artist. It is revealed that in period of two hours 104 people approached him
and had conversation with him and picked up his CD's.
TASK 4
a) Analysis of sales data.
7
1 minute 2 minute 3 minute 4 or more
0
10
20
30
40
50
60
70
Brighton mall
The theatre
Combined results

8
Below 44
45-54
55-64
65-74
75-84
85 and above
0 5 10 15 20 25
Number of respondents

As per details found from intern's survey at pub in Brighton mall, it has been found that
purchasing preferences of young and senior citizens differs. Senior citizens largely prefer buying
through online or by phone, however youth prefers to make purchases from either by mail or
phone. Higher number of respondents belongs to 55 to 64 years of age and least of them are from
85 and above.
Their listening preferences of youth are live concerts of by cassette purchased from
concerts, whereas senior citizen prefers to buy either digital or CD's available at concert.
b) Level of preferences in either of the group.
In order to find reason for preferences of two of the groups that are different from each
other are revealed from research conducted by intern. Both the groups prefer to buy from every
source available but senior citizens are preferred buying cassettes the most and youth through
mails or cellphones (Chou & Singhal, 2017). To find degree of variation chi-squared test* has
been conducted, and satisfied null hypothesis and they don not differed from each other.
c)Appropriateness of survey research conducted by intern.
Both groups buying CD's are in same number to a higher extent, youth and senior are
fond of listening Jonnie's music CDs available at retail stores or live concerts. Average data
shows that most liked medium by both are cassettes and digital. Thus, it is concluded that senior
and youth's preferences are not varying per the data collected form survey research.
e) Recommendation for alternative test to find more meaningful information.
After analysing the situation researcher is advised to collect data upon level at which
senior and youth responses similarly. To overcome the deficiency in survey conducted a
statistical test called chi-sqaure test has been conducted. Preferences of male and female are also
not found from intern's research.
*Chi-square test would be found in appendix.
TASK 5
Assumptions:
1. After assessment of market of music industry it is revealed that nostalgia marketing
would be the best technique a music organisation can adopt for promotional purposes.
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Marketing through such approach would result in increased number of CD's sold at
stores.
2. Almost every listener or watcher of Jonnie's concerts are fond of purchasing CD's from
retail stores. Females are high of people attending concerts and to attract more sales
nostalgia strategy will prove to be the best.
3. Nostalgia is reliving old memories of a person or some other, such advertisements are
drawing high number of people who are willing to make purchase (Hesmondhalgh &
Meier, 2017).
4. Further, it is discovered that not a major population is involved in survey research, it
might be reason for most liked performances of Jonnie. Market researches for overall city
area and nearby places be conducted for evaluation of gross population.
5. As only few people are included for survey it is not clear that, either Jonnie is liked by
people at same platform as at Brighton and Uxbridge theatre.
6. Tribute Ltd. should focus on promotional activities to promote sales in order to earn
higher profits. Company's attempt for such actions would lead to increase in reputation of
their artist at distant locations other than the two places included in survey (Luck, 2016).
7. Internet can be the best medium to promote Jonnie and his music (The future of the music
industry – how technology is changing the way we listen to music. 2017). Since, people
now-a-days spent most of their timYe on social sites, they feel ease in purchasing music
online. Thus, sites like Youtube or Twitter are mediums that would result in generating
revenue by promoting each new launched music.
8. Not every individual get time to attend or visit concerts, live concerts can be organised on
company own website.
CONCLUSION
With the above presented report it can be found that music industry has got huge success
in United-Kingdom. Given artist performing for tribute is most liked by females as compared to
males. UK is occupied by senior citizens i.e. they are wide as compared to young population. To
achieve success in music market, preferences and tastes of senior citizen are to be considered.
Though as per further detailed research it is understood that not only senior but young citizens
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