HBR Case: Polyphonic HMI Mixing Music and Math
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Hit Song Science (HSS) is a novel technology that combines science with music to determine if a song has a hit potential. Based on the mathematical properties of a song, music is mapped on the music universe grid. Hits are positioned closely together because they share similar scientific characteristics. The problem of Polyphonic is the fact that they are faced with a marketing strategy dilemma in light of a short budget of $150,000. Specifically, they are unsure of their target market and consequently their marketing plan. By analyzing the current music industry and Polyphonic’s position, I would like to argue that their target market lies with the record labels. Although artists have the greatest potential customer segment, record companies are more likely to invest in HSS. Thus, I propose a pro-active marketing plan for the record label segment, especially targeting the A&R executives.목차
I. IntroductionII. Competitor Analysis
III. Value of Hit Song Science
IV. Target Market
V. Pricing
VI. Marketing Plan
VII. Conclusion
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I. IntroductionHit Song Science (HSS) is a novel technology that combines science with music to determine if a song has a hit potential. Based on the mathematical properties of a song, music is mapped on the music universe grid. Hits are positioned closely together because they share similar scientific characteristics. The problem of Polyphonic is the fact that they are faced with a marketing strategy dilemma in light of a short budget of $150,000. Specifically, they are unsure of their target market and consequently their marketing plan. By analyzing the current music industry and Polyphonic’s position, I would like to argue that their target market lies with the record labels. Although artists have the greatest potential customer segment, record companies are more likely to invest in HSS. Thus, I propose a pro-active marketing plan for the record label segment, especially targeting the A&R executives.
In the 21st century, the United States maintains the leader in both the consumption and origination of music. The size of their retail market accounts for 39% of worldwide sales. In terms of the worldwide music market, it is worth over $32 billion in 2002. However, the music industry has experienced a decline in music sales due to online and offline piracy. The trend in the digitalized world is that more people are downloading mp3 songs than buying CDs. Despite decreasing sales, the production and marketing cost of music remains quite expensive. The release of a Single costs at least $300,000 up to $1 million for established singers. Radio broadcasting, which is the most popular vehicle to introduce new songs, can reach up to $100,000
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