1. Consumer Behavior Drives the Music Industry
An Inside Look at How One Industry Giant Survives
by: David J. Orr
Submitted to: Professor Thomas Matula
MRKT 602
Dec 4, 2007
UNIVERSITY OF MARYLAND AT UNIVERSITY COLLEGE
2. Introduction
In today’s technology driven music industry, consumer behavior, in respect to
how fans obtain their music, how they play it, and how they keep up with their favorite
artists, has had a major impact on the way industry giants do business. With so many
record companies, and online venues, this paper’s focus will be on the industry leader, the
Universal Music Group, which is a prime example of one company that has responded
and adapted to the influence of consumer behavior, and transformed the way they do
business as consumer behavior drives the music industry of today.
Handling all aspects of music from production, to artist management, to
distribution, to internet radio, and partnerships with digital music and video giants such
as YouTube.com & iTunes, the Universal Music Group is adept at following the trends
of consumer behavior in relation to the purchase and use of music in today’s rapidly
changing industry.
Branching out into new markets, Universal has stayed in front of the pack with
aggressive integrated brand promotion (IBP) including partnership deals with major
telcos to sell their artists music as mobile phone features such as ring tones, ring backs,
and master tones.
Consumer’s Impact on the Marketing Environment
In a rapidly changing industry, the consumer provides the major record companies
with the challenge of changing demographics and trends as their choice of media, and
associated technology, heavily impact the way music is delivered. The new millennium
has ushered in a new era known as the digital revolution. No stranger to change,
Universal was one of the first majors to jump aboard, and in 2002 made over 75,000 of
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3. its artists recordings available for digital download. This was significant, in part, because
many labels feared the digital domain, due to the prevalence of peer to peer digital music
“sharing” sites such as napster.com where music is often obtained without the artist or
licensed company receiving royalty for a sale.
Demographically, Universal’s artist roster has every genre of music covered, they push
their music globally, and support distribution of such popular, trendy music companies
such as Bad Boy Records. With laisons (Marketing Executives) who are hired and
groomed specifically to cater to individual markets (I.e. Latin Sales), UMG recognizes
and meets the demands of a wide variety of consumers near and abroad, young and old.
(umusic.com)
Economic
Strategically, Universal recognized that digital consumers preferred to have the
option to buy individual songs, rather than the entire album, consisting of possibly only a
few songs they desired, and therefore offer their digital downloads for .99 cents each, or
$9.99 per album. (Lockergnome.com) On a similar note, Universal executives
recognized that as album sales have dropped, partially due to consumers preference on
creating their own play lists by downloading digital music individually, a new approach
may be to offer artists single or ep (2-3 songs) deals rather than album deals. An example
of this is Candy Hill, a female r&b group signed by Universal subsidiary, Republic
Records to a two single deal. Any record deal is a gamble for a record company, and
according to group member Vatana Shaw “Only true fans are buying full albums. Most
people don’t really do that anymore.” (Leeds)
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4. According to Nielsen Data, in 2006, digital singles outsold cd’s, and sales
continue to rise in 2007 at a growth rate of 54 percent (189 million units). Digital singles
are outselling digital albums by the ratio of 19 to 1. With album sales dwindling, labels
take less of a gamble by investing small amounts in new groups in hopes of finding that
digital single or ring tone hit that makes it big. (Leeds)
Meanwhile, by recognizing the consumer’s trend away from albums, Universal
dropped its own cd prices to $12.98, in a market where albums range from $9.99 to
$19.99 (or more). With label artists ranging from Mary J. Blige (R&B), U2 (Rock),
Shania Twain (Country), Louis Armstrong (Jazz), Mariah Carey (pop), Universal feels
their move will help bring customers back to the record stores.
"Our new pricing policy will allow us to take the initiative in making music the best
entertainment value and most compelling option for consumers," said Doug Morris,
Chairman and CEO, Universal Music Group. "UMG is responsible for almost 30% of
all album sales in the U.S. so we are uniquely positioned to try this new strategy. We
strongly believe that when the prices are dramatically reduced on so many titles, we will
drive consumers back to stores and significantly bolster music sales." (Umusic.com)
Technology Impacted by Consumer Behavior
With consumers and innovation dictating a preference for music in digital form,
Universal has positioned itself to continue to be a trendsetting leader by pioneering the
release of a large portion of their catalogue in digital format, as well as their partnering
with industry leaders such as iTunes, Youtube.com, and startups such as Spiralfrog.com
who offer both free and purchasable downloads of digital music.
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5. The wisdom within a move such as offering free music downloads to Spiralfrog in
exchange for revenue sharing, is that Universal is reaching and profiting from both the
consumer who pays for music, and the ones who don’t.
"In the future, you are going to see this as a new advertising model for
the Internet as advertisers desperately chase this elusive bunch of teenagers
and 20-somethings," Ford said. (zdnet.com)
Rather than being replaced by a generic substitute (i.e. illegal downloads),
Universal has positioned its products to generate revenue from the substitute consumers.
Political
After years of battling against profit losses due to the consumer behavior of online
peer to peer trading of digital music files, companies such as Universal benefit from court
rulings, such as the recent Grokster verdict, which forced the peer 2 peer facilitator to
shut down use of its software and site where millions of music files were obtained
without license agreements with the owners. The key element of this settlement is “a
permanent injunction prohibiting infringement – directly or indirectly – of any of the
plaintiffs’ copyrighted works.” This injunction means, in part, that record companies
may be les s inhibited about releasing their licensed music digitally online, as well as
helping to legitimize the already flourishing online entertainment community.
(RIAA.com)
With the precedent set in this ruling, Universal has taken advantage of this
position by, tuning their marketing strategy to include teaming with online music sites to
satisfy the consumer’s demand for downloadable music, rather than taking litigation
against them.
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6. Cultural
With a diverse set of artists spanning each genre, and an aggressive marketing
strategy that keeps pace with consumer behavior driven technological innovations such as
ring tones, peer to peer networking, and digital downloads, Universal Records has kept
the consumer satisfied. No better demonstration of this then an astounding 250,000 plus
downloads of Universals diverse offering of digital records from their previously
unavailable European artist catalogues. This type of action once again signifies that
Universal is in step with the cultural needs of its fans, and for representing its artists as
well in an ever changing playing field. (umusic.com)
Task Environment
Consumer Markets
New music fans, and market segments, are “born” nearly every day as signified
by the recent 54% surge in digital single sales, and 250,000 euro digital downloads,
which was a previously undefined market for Universal Music Group. With
the onset of the internet as a musical marketplace, fans are becoming
familiar with artists from a wider variety of genres and locations. This means unlimited
potential growth and demands for distribution locally, nationally, and internationally, as
well as an accompanying diverse set of market segments.
The primary market segments for the music industry are sales of Full Length
Compact Discs, Music Videos and DVDs, Digital Versatile Disc (DVD) Audio, Music
Singles (all types), Full Length Cassettes, Digital Download (singles and albums),
Vinyl LPS. (Ibisworld.com)
Customers
5
7. Currently music entertainment customers are looking for unlimited access to
any media related to their favorite artists, as well as exposure to both new and old
recordings by other artists as they expand their own collections. Customers expect
to be able to purchase media in familiar ways (I.e. retail store, vinyl, cd, cassette), as
well as the new media generation who expect to be able to download ring tones to their
mobile unit, as well as their laptop and mp3 player.
Universal is the undisputed leader in the music industry because they meet consumer’s
needs and expectations. Judging by their continued domination in market share, and high
demand for their artists products, consumers view Universal in high regards, and
continue to look to them for innovative music offerings. The music industry is often a
veil of subsidiaries, and parent companies, therefore prospects and consumers don’t
always know they are dealing with, or purchasing from Universal (unless they read the
fine print). For example, Island Records, run by former “So So Def” CEO Jermaine
Dupri (producer of Mariah Carey, Kriss Kross, etc.), is actually a subdivision of Island
Def Jam Records, which is owned by Universal Music group. (Associated Press)
According to Jupiter Research, Teen girls are a major market influencer with the
purchase of new music. Jupiter reports that during a three month period, 78 percent of
teen girls purchased music both off and online, while spending $31 on average.
Comparatively, 69 % of the teen boys segment made purchases, and only spent an
average of $27. The studied showed that girls did a great deal of research online about
their favorite bands and artists, while boys spent more time researching and playing video
games, which they were more likely to buy. (Anfuso).
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8. The Jupiter report also showed that these influencers were strongly relied upon by
their peers in determining what music selections they made. One suggestion was to offer
these consumers free downloads, pre-loaded gift cards, and other perks to keep them
contempt, and informed. (Anfuso)
Never one to be left out of a market segment, Universal Music Group licenses its
music to video games also, and is often a primary target for launching new, or re-
establishing artists. Examples of these games include Grand Theft Auto, Knockout
Kings, and NBA Live where the sound track helps to drive the game.
Distribution and Dealers
The main trade channels for bringing music products to customers are Retail
stores, online, and show venues. In order to place product within a retail store, a strong
relationship with a key distributor is vital. The distributor is responsible for negotiating
pricing, managing product placement, transporting, storing, and restocking your product.
Their relationship with the retailer ensures that the product will be prominently displayed,
and that any related marketing campaign/material is implemented.
For a major company such as Universal, distribution channels are well funded,
monitored by channel executives (and their teams), and highly efficient. With the
legalization of the digital music revolution, the retail distribution channel is on the
borderline in regards to growth. The determining factor here will be what type of
business model companies choose to adapt in order to best meet, and profit from, the
demands of their technologically savvy consumers. A key concept here may be the
integration of “bricks and mortar” with the “a la carte” or “subscription bundle” business
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9. models described in Torbay’s “Business Models for Music Distribution after the p2p
Revolution.”
In this self-concocted version, a retail store may base their profits on selling an
artist’s merchandise, while offering free downloads (or cd’s) of their music. This could
be integrated with online promotions, whereas the consumer is encouraged to come into
the store to receive the free cd or download, and possibly receive discounts on the
merchandise, or able to purchase the merchandise online, and pick it up at the store.
(Dubosson-Torbay)
The online distribution channel is booming. CDBaby, Itunes, Spiralfrog, and
many other popular sites boast thousands of available downloads. Partnering with both
majors such as Universal, and thousands of independent artists, these sites offer not only
music downloads, but music videos, documentary and interview footage, and artist
merchandise. Cutting out the cost of cd production, packaging, transportation/shipping,
and storage, online distribution is as cheap to set up as the cost of a computer, internet
access, web hosting, and e-commerce setup. With some sites registering 10,000
downloads per minute (and more), and the online population of music consumers
growing exponentially, the growth potential for this distribution channel is unlimited.
(Dubosson-Torbay)
Show venues are also a primary way of selling product to consumers. Both artist
merchandise and music can be sold heavily at a performance. With performances
continuing to be the primary way for an artist to actually get paid, this will continue to be
a key channel for distributing product.
Suppliers
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10. With energy prices rising, large production facilities are looking to downsize, and
more compact facilities (all in one studio/cd duplication houses) are emerging. At the
same time, with the cost of online distribution becoming far more appealing than
traditional cd distribution, the trend is to go directly to the online retailer from the
production house with a licensed digital master of the recording. Merchandise can be
handled in the same way as sites such as CafePress.com offer artists the ability to
sell merchandise by simply choosing the styles, and providing the digital art work. This
eliminates the need for a company to manage transporting materials, shipping, billing,
etc.
With SEC filings showing that UMG is the leader in not only digital music sales,
but also the trend setter in business models, it is clear that their advertising and marketing
research are paying off as Universal continues to reach it’s consumers in the right way,
with the right product offerings. (SECinfo)
Marketing Strategy Driven by Consumer Behavior
Business Mission
Universal Music Group’s business mission is to continually create and present the
best music entertainment packages to its global fans while working steadfastly to meet
the changing demands of the consumer’s tastes and values, as well as technological and
environmental innovations. (umusic.com) This business mission is stated in market-
oriented terms as it identifies the specific product, the global market segment (as
Universal serves all genres of music, and is internationally encompassing), and reflects
their determination to continually expand their market as trends, technology, and the
environment changes.
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11. Universal has been a pioneer in the music industry, the digital music revolution,
and continues to capture the majority share of the market. This reflects the feasibility,
and success of their market driven business mission, as well as the fact that their analysis
of consumer behavior greatly impacts their strategy.
Strategy
Universal is strategically divided into genre and location based subdivisions
responsible for producing and promoting artists and products that are within the overall
marketing objectives of the firm. (Umusic) Over the years, through acquisition, alliance,
and in house development, Universal has compiled some of the industry’s finest
executives, producers, advertisers, marketers, and distributors, as well as vast resources to
support their endeavors. (Bnet) It has established partnerships with the media,
relationships with the fans (through its artists, street teams, and producers), and is the
leader in defining the new business models and market segments, rather than a firm that
struggles to find the right segment. As its SEC filings and industry recognized market
shares show, Universal clearly is executing a winning strategy on all planes, as it
continues to lead the music industry in every pertinent category. (SECinfo)
With the ever changing technological playing field, it will be vital for the
marketing department to stay abreast of trends in technology such as the way consumers
prefer to receive and utilize media, as well as the expected package (I.e. DVD’s featuring
exclusive artist interviews, backstage footage etc. over a traditional audio cd).
Marketing Systems Are Key to Monitoring Consumer Behavior
Consumer Trends Monitored and Analyzed
10
12. Universal’s IT CIO, Scott Belmont (formerly of EDS) has worked over the years
to ensure that UMG’s Information systems provide timely, accurate, consumer behavioral
data, integrated over all global business divisions to ensure that all components are in
sync. During a nine year period (1998-2007) in which Belmont headed the IT
transformation at UMG, they have gone from a ranking of sixth to number one in the
industry, and account the IT systems as the heart of their core operations. (CIOCIS)
Universal’s division heads have stayed on top of the current consumer behavior
trends, and actively use the IT systems to monitor consumer sales, revenue, and even
digital piracy statistics as related to UMG’s interests. Recently, UMG signed an
agreement with Microsoft to share profits from Microsoft’s new online venture and
device, the Zune, which allows consumers to download and play songs. Universal forced
Microsoft into the agreement after refusing to license its media to Microsoft without a
percentage compensation for each Zune sold, as well as traditional music licensing fees
for consumer downloads and subscriptions. (MacDailyNews)
Future Marketing Based on Consumer Behavior
The consistent past successes of UMG’s artist promotions have provided an
ongoing basis for current and future campaigns and strategic models. UMG’s executives,
such as Island Records president Jermaine Dupri, have shown they know how to properly
release and promote a product, and have tried and proven means to do so. They also rely
on benchmark figures to determine where resources are allocated. A promotional
campaign which does not reach expected figures, backed by research showing limited
consumer interest will be shelved, and written off as a loss. A campaign which shows
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13. potential in another market will be re-routed, and effectively re-launched as needed.
(Green)
Cost-Effective Analysis of Consumer Behavior
Universal continues to cut back costs by reducing supply line distribution,
handling distribution and marketing in-house, and channeling more future business
towards digital online markets, as well as the implementation of their state of the art IT
system implemented by Scott Belmont which has increased integration and re-usability of
consumer data inter-departmentally across their global operations.
One suggestion would be to cater less to young artist’s desire to project
flamboyant lifestyles in the production of excessively high cost music videos, and other
extras such as inordinate usage of limousines, and private jets for travel. Music is an art
in itself, and the true music lovers appreciate the final product more than the fancy
wrapping (no pun intended).
Universal’s trend towards more digital supply driven business models, and less
towards the support of retail store distribution of cd’s is likely a trend setting cost cutting
step which will be an indicator to other majors that the digital revolution is more than a
fad, and will be incorporated more and more into evolving business models.
Marketing Function in Response to Consumer Trends
Products Determined by Consumer Trends
Universal’s product line objectives are to continually produce music and
supporting media which entertains its consumers while expanding profitability globally.
These objectives are sound, and in line with the overall mission of the firm. Universal’s
current artist roster, as shown in figure 1.3 dominates each musical genre worldwide, and
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14. is representative of the appeal their artist’s products have with the varying market
segments.
As mentioned in the Kenswil piece, Universal is constantly looking for new
products and technologies to meet the demands of their consumers. The entertainment
industry is fickle, and at times, some formerly popular artists may be marketed less than a
newer, hotter artist, however, with the evolution of digital technology, even an “aged”
artist can still generate interest with new, and old fans, through digital compilations,
remasters, remixes, and innovative pieces such as box set dvd’s featuring backstage
footage, interviews, etc. documenting their career.
Music consumers are easily educated on current and past offerings in the industry
via the internet, music outlets, word of mouth, etc. As the market shares and global
revenue show, the consumers have quite favorable attitudes towards Universal’s products,
although in the music industry, the consumer is likely less aware of the major company
behind the artist, and smaller label, so Universal’s approach is more a factor than a brand
style, which will vary with each individual.
Universal will need to continue to stay one step ahead of the digital revolution,
and the online consumer to keep their foothold on the market.
Consumer Behavior Sets the Price
Universal has readily recognized that with consumer digital downloads so
prevalent, traditional pricing of their cds was no longer viable. With consumers forcing
the action, they set the standard by lowering their MSRP across the board on cds, and
partnered with online vendors to offer their songs in not only single, and album format,
but even for free (I.e. Spiralfrog), while still garnering profits through upfront fees, and
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15. advertising revenue sharing. These strategies have been the result of careful monitoring
of consumer habits, industry trends, and sales results (i.e. declining album sales).
Consumers have set the trend for making digital singles a viable option, over the
traditional method of purchasing a full album. Therefore, it is clear that Universal has,
once again, stayed in line with the customer’s needs by making these options available.
With the industry being self-regulated, Universal has been a trend setter, rather
than follower when it comes to pricing, and has even spear-headed the forcing of some
new regulations such as de-legalizing some peer 2 peer devices, forcing profit sharing
with Microsoft’s “the Zune,” and even bringing MySpace to court.
Distribution to the Consumer
With the use of mp3 players and online downloads, the consumer has forced a
change in the way music is distributed, and Universal has objectives of being a leader in
the evolution of the digital distribution model for the music industry. (SECInfo). As
stated by Kenswil, they are working with the licensing agencies, other majors, and
entities, to ensure that distribution and licensing of new media, and related technologies,
can happen rapidly. Similar to the alliance of portal competitors IBM and BEA/Plumtree
to develop common development standards for portal components, Universal has shown
that their interest is not only in profit, but in rising the standard for the entire industry
while enabling artists to quickly release their products to the fans. (Kenswil)
Universal has both in-house, and third party distributors in its international
network. They have recently made efforts to cut the supply line, as they shift more
towards digital distribution of their products, and this is reflected in their profitability,
and digital revenue growth illustrated in figures 1.1 and 1.2 (SECInfo). With such
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16. current success, while there is always a need to stay alert, they are headed in the right
direction with their models.
Reaching the consumer: Advertising, Sales Promotion, Publicity, and Direct Marketing
The Universal Music Group has a global network of advertising, sales, pr, and
marketing staff who work along with other third party agencies to ensure that Universal
artists, and their products, continue to stay atop the leader boards of sales, and accessible
by their fans through merchandise, performances, and information disbursement.
Universal promotes its artists through various forms of media including radio, TV,
online, print and billboard ads, contests, integrated advertising, appearances, and
performances. Depending on consumer trends, and their artist’s past and forecast
success, Universal determines how much to spend on each artist’s campaign, and judging
by their current success, as reflected in the SEC filings, they are doing a solid job at that.
As online promotion continues to grow, it will be important for Universal’s agencies to
analyze the consumer’s buying behavior, and adapt to the changing environment, as
independent labels, and competitors, constantly show new and innovative ways to
promote a project without spending a large sum of money.
Universal combines its offline campaigns with online partnerships, advertising,
and direct mailings to consumers to bolster its efforts.
Conclusion
Consumer Behavior Drives the Market
While the consumer has spearheaded the adaptation of technology to change the
way that music is obtained, delivered, and marketed, the Universal Music Group has been
a pioneer, and successfully moved into the digital age of the entertainment industry as a
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17. proven market leader on a global scale. In order to continue this success, they will need
to utilize a key marketing component described in Kotler as ‘Integration of
Communication Channels.’ With mass media playing such a large role in the influence of
consumer’s behaviors towards products, and related purchasing decisions, Universal
needs to be sure that they are “hitting the Bull’s Eye” with their marketing campaigns as
they seek to reach the consumer in every way possible. Determining what trends in
communications media are in play is vital. What means are consumers using to access
data on artists? What device is compatible with media format? What is the hottest new
wave of option in the entertainment world from sharing files across devices, to accessing
videos via a phone or 2way device. (Kotler)
In order to stay on top, Universal must continue to keep their ear to the pavement,
and constantly stay in line with the behavioral trends of their technologically savvy,
demanding consumers.
A Solid Product Meets the Consumers Demands
Business plans and marketing campaigns have their merit, but in the end, when it
comes to music and entertainment, and responding to the changing behavioral demands
of today’s consumer, it helps to have a stellar cast of artists with vast catalogues of hit
records from tomorrow, today, and into the future. With the likes of U2, Mariah Carey,
Jermaine Dupri, to name a few, in their catalogue, Universal has shown a knack for either
obtaining or cultivating successful artists, and for the most part avoiding conflict and
controversy along the way.
Continuing to promote a tasteful element of product, and providing it in a quality,
marketable format, should keep Universal amongst the leaders in the industry for years to
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18. come, and allow them to continually keep up with the trends depicted by the consumer’s
behaviors towards how, where, and why they purchase music.
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