the_BusinessConcept

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School

Berklee College of Music *

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333

Subject

Business

Date

Jun 4, 2024

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pdf

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4

Uploaded by overki98

Business Concept Worksheet 1. After you have brainstormed an idea for your capstone project that is directly related to your career goals, using this worksheet as a guide, outline your business concept and/or service as you presently conceive it. Click in the boxes to type your answers. Be specific and provide evidence to support your answers. Is yours a retail, service, manufacturing, distribution, or internet business? My business concept falls under the category of goods/service, and maybe internet business. My plan is to take compositions from a film that I scored last year, and re-purpose them into an album format that can be released on streaming, and pressed on vinyl. What industry does it belong to? Music. More specifically, the artist and release side of things. What products or services do you sell? I am selling my music, whether it be “selling” as in pitching to new listeners, or selling as in attempting to sell physical and digital copies of the album. Who do you see as your potential customers? Fans of music for film—more specifically, indie film scores (targeting fans of artists/composers such as Jon Brion, Emile Mosseri, Oneohtrix Point Never). Also broader than this, fans of indie electronic music.
Business Concept Worksheet Describe your basic overall marketing and sales strategy: I plan to capitalize on TikTok and Instagram Reels as a method of sharing instrumental music these days. It seems that a lot of viral videos and trends lend themselves to adventurous, instrumental, and cinematic music—all of which fit the description of the music I am planning to share. Facebook Ads is another tool I plan to exploit. Conversion tracking and targeted ads toward fans of similar artists and interests will be very important to the success of this project. Reaching out to content creators and video editors regarding the potential of them using one of (or more than one) the songs from the score album. Which companies and types of companies do you consider to be your competitors? Be specific and name them. (i.e. Amazon, specific radio stations in your area, cite websites, music schools in your area, artists, music services, etc.) I don’t see any companies as competitors in this process but I can identify obstacles in this project: - Budget: my budget is limited as I am not receiving any form of backing from a label. I have to make every dollar that I spend on marketing or content creation worth it. - Spotify over saturation: in this era of the music industry, I am competing with 100,000 other songs being uploaded to Spotify every day. Finding a way to stand out amongst this is a key to success for me. - Time: I only have 8 weeks to complete this, and there is a lot of work to be done. Each song needs to be edited, re-produced, and re-mixed to better suit streaming services. I also need to put together a full marketing strategy. List your competitive advantages, in each area listed below. New Products/Services: - Sonically, I believe this album will fulfill an area that is not super “tapped into.” An indie film score with a tasteful balance of electronic, ambient, contemporary classical, and alternative roots. In the scene of underground indie electronic artists that I’ve been grouped in with, none of my peers have released a movie score. So that is the “new” product.
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