With the growth in capitalisation, we can witness the growth in the markets worldwide without any limitation to the type of goods or services provided to the market’s customers. There are a lot of different goods and services that are present in the present world which cannot be kept in a closed environment because, with the rise in innovation, the growth of the range in the products and services have become much more than what it was even about a decade ago. This growth is due to the variety of different external facts, which all add up to become what the market is at the moment.
The various reasons due to the growth of the music industry are because of the following reasons:
- The growth of technology has to be one of the cores and essential factors contributing to the rise and expansion of markets and businesses.
- Technology and software systems help the business shift their businesses online, reaching the global consumers rather than the consumers in the business vicinity only like they did before.
- With the expansion of businesses from the host country to the other subsidiary countries, different markets and cultures are targeted, making the business focus on the different range of customised products depending on the home country’s taste. This factor gives the company time to expand their products with differentiation based on the third country’s market preferences.
- The existence of technology helps the business control their subsidiaries located in other countries efficiently. This system is done by various applications and software systems that help record and keep the data while also easily sending or showing someone who is not present in the location recorded, in this case, the headquarters which are in the foreign land.
- The expansion in terms of globalisation also is another great big factor which is the legal and political issues that play a part in the economic stand of a country, which is, if the laws and regulations are suitable for a foreign business to start their business activities and build a subsidiary in the new country, they will first see if the political scenario is in a calmed and suitable scenario.
- The various individual and cultural preferences are also another reason businesses explore and tap into a foreign market. Consumers are not uniform on their choices and preferences and rather make and break trends in the market as per their decisions.
As this is the scene with every product and service available on the planet, music is not such an exception to its industry. The music industry can be variated depending on the genre or the market. Unlike other forms of art, it used languages specified to its home country, becoming one of the music characteristics. In the music industry, the market of the product, which in this case are songs, can be in different forms or genres like jazz, lo-fi music, pop, rap, electronic music, techno music, acoustic music, which is differentiated with different bases in the music industry like bass, beats, rhythm, lyrics and a lot more of such criteria.
The music industry is a vast one, and the way it works is quite interesting, proving that it has its characteristics like the following
- The music industry is an old one and, like any other industry, has seen a change in their market and scenario because we have to keep in mind that the product here is an art form which is based solely on one’s preference because it does not run with trends of the market like other goods or services.
- The artists or the ones who produce and create music are also based on their style. Others cannot recreate them because it is unique, and the fans or listeners or consumers are the ones who prefer their songs because they genuinely like it and not because of any other external reasons.
- The people’s song preferences are easily formed based on the groups that think a music style is suitable or preferred. It can be formed when a person or a group of people are loyal to the artist or just their music style.
- No genre can become a majority because the terms and conditions that apply in the music market believe heavily in individual preference, which means that the specific product, in this case, caters to a certain number of people who think the genre appeals to them.
- The variety and range can be similar, or the differentiation can be similar, but no two music genres can be the same. This characteristic makes the music market unique from a large or medium, or even small-scale market.
- The product is focused on the consumer preferences in the market, which can also be affected by the consumer’s favorite celebrity singer. It does not change according to time or any such external factor because, if the product changes, then the consumers, on, in this case, listeners, also decrease or leave because their reason to stay loyal to their favorite genre or artist was that they preferred the particular genre before this new one.
- This factor also goes both ways because if the person or consumer undergoes a change in their present preference and likes something that is not the core products, the market loses consumers.
These two factors are why the music market can grow because it is specific, so there is no chance of it expanding or growing as a product variance. Consumers like only a specific or product in the market only. If the majority liked the market’s product at the same time, it would be a trend. Therefore, when consumers leave their previous favorite artist or genre aside in the music market due to their own choices or preference change, or if the seller cannot or wishes not to reduce the same or exact product and service as per the market, the listeners start to find out or interest themselves with another artist.
Even if the consumers leave, there are chances for other consumers who have grown to like the specific genre to join.