Strategic Management in Music
The music industry has seen more rapid and extreme changes than any of the other consumer media in the world. This is true in a variety of respects, the most significant of which include commercial and technological change. These two areas of change have worked concomitantly since the rise of Rock and Roll in the 1950s to transform the music industry to the various forms it has evolved into today. This has a significant impact on companies such as Arista Records, which has, in comparison with other companies, worked with its artists in a very traditional way. While this has been successful in the past, the future of Arista Records is to a large degree dependent on how it can integrate its proven, traditional values, with the rapidly changing world of technology and music. In addition to the rapid increase of consumer spending on music since 1984, the increased demand for music in the comfort of the home also resulted in rapid technological improvements to music.
This may also be one of the reasons for Antonio Reid's appointment as president of the company from Clive Davis after a long and controversial struggle. Many Internet locations for example offer free downloads of music that have not been authorized by artists or record companies. This has significant implications for Arista Records. It is therefore a major source of profit, especially in combination with the other media. The most recent development in the music industry is the Internet. Controlling these cases is at best a challenge to the music industry. Such rapid technological change and the increase of ease in which music can be purchased, has also necessitated a change in the business structure of the music industry. This method had the advantage that little time was wasted in creating good music that was also commercially viable. These conglomerates would then make exponential profits by means of royalties every time a song is played in any media outlet. Davis is also reported to have a specific ear for spotting a hit, which was seldom wrong. Large entertainment conglomerates sprang up to begin taking over the entertainment and music industry. The long play record was for example replaced by the much higher-quality CD, and later developments such as the MP3 player and memory stick made music even more portable not only to the home, but to the workplace, the vehicle sound system, and basically any location with a radio outlet. Concomitantly with an increase in music sales, this also resulted in an increase in music-related crimes such as piracy. One issue is that Arista Records has a successful history of dealing individually and traditionally with artists. The focus has been in internal development, developing the skills of each artist to become truly worthy of his or her name, and of the name of Arista.
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,
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