Polyphonic HMI : Mixing Music and Math Entertainment Management Situation Analysis Issue Deﬁnition Environment Analysis Strategy Options & Choice Action Plan Situation Analysis Situation Analysis(External) So few songs actually become hits - Las Vegas gives you better odds than the Music Industry! You might as well just put a million dollars on red and spin the wheel... - Ric Wake, Independent Music Producer Entertainment Management : Polyphonic HMI : Mixing Music and Math
Polyphonic Hmi: Mixing Music And Math 1 PROBLEM STATEMENT After failing at their first attempt to enter the music industry, Polyphonic HMI (hereinafter referred to as the “Company”), is releasing Hit Song Science (HSS), software used to predict future hit songs with 80% accuracy. An integrated marketing strategy, needs to be developed to launch an innovative product, in an industry typically known for “gut instinct” and therefore likely to meet strong customer resistance. Thus there are two key
Polyphonic HMI: Mixing Music and Math (Case Review) Abstract This paper is an analysis of a case study originally conducted by the Harvard Business School in August of 2005 and is based on the challenges of introducing a new technology into a market place that for decades been based on “gut feelings and intuition”. The new technology was initially designed to assist consumers in music stores find music that met a certain criteria. Later this was changed because of a sharp decline in music sales
music producer. In a US market where sales growth is declining by 10.4% in 2002, this situation weakens deeply the whole music industry and opens to the door to a change of pattern in the way executives of this industry predict future “hits”. Polyphonic HMI, a technology company, relies on a single marketable revolutionary product: Hit Song Science. HSS is artificial intelligence software that can assess the “hit” potential of a song thanks to an extensive analysis of millions of songs. This tool
Polyphonic HMI, Company Analysis DECISION PROBLEMS Polyphonic HMI is in the process of establishing their Hit Song Science technology in the music industry. Major issue is the choice of a target market that would make most effective use of limited $150,000 marketing budget. Following this decision, Polyphonic HMI also needs to determine its key marketing strategies such are pricing, positioning of the product for the target market in order to maximize the profits. ANALYSIS OF INDUSTRY (based
Recommendation: Target the record labels for promotion of HSS reports. Start with the initial enthusiasts like Ken Bunt of Hollywood Records and use their testimonials to win other record labels. Make use of the business connections of the advisory board at Polyphonic to get better reach to decision makers at record labels. Offer free trial reports to convince record labels and an initial lower cost for buyers along with discounts for high volumes ordered over a fiscal year. In the long run, promote Human Music
pursuing the production of thethe next big hit by producing in masses and hopingin hope that one turns out good, . This is shown evidenced by the low hit success rate of 10%. of a song topping music charts (Pg. 1, P2). What entails is an industrial marketing practice of huge inefficiencies and unwise budget expenditure (Pg.
1. What value does Hit Song Science create? If you were Mike McCready, CEO of Polyphonic, which target market – unsigned artists, producers, or record companies would you pursue? Before we analyze the value Hit Song Science creates, we should be clearly aware of the substance of Hit Song Science. Hit Song Science refers to comparing the mathematical characteristics of music with characteristics of past music hits to determine a song’s hit potential. From my point of view, the value Hit Song Science