Warner Music Group
The Target Markets
Age:In music industry and for the case of Warner Music Group, teenagers and youths aged between 15 and 30-year-old form the main customer segment.
Income level. The company intentionally targets young adolescent boys and girls since this particular group has money that they receive from their parents and that has not been planned for. According to Osauza, American teens spent more than $1 billion on entertainment alone in 2005 (Osauza par. 15). An even higher amount of money is spent by their parents on them.
Education. College and university students make up another important target market for the company. Warner Music Group targets this particular group of people given that they tend to enjoy the flamboyant lifestyle. According to Rozul the majority of people that fill seats during tours and live concerts organized by the company are students (Rozul par. 1). The WMG uses such events to generate revenue. Moreover, they serve as an effective marketing strategy through which the company engages their existing and new fans by selling music. Most college and university students are an easy target for the company due to their openness and susceptibility to new ideas. Additionally, most of them are in search of freedom and identity.
Psychographics:Warner Music Group
Usage: The company targets music consumers in search of inexpensive music provided through digital downloads. Additionally, it sells music contained in physical discs, which tends to be more expensive while targeting those individuals that can afford it.
Benefits. Warner Music Group targets artistes as well with the intention of helping them discover their talent and develop it. It also earns its revenues by licensing their music before distributing and marketing it. In 2015 for instance, the company had rights in millions of copyrights from thousands of composers and songwriters. The company uses multiple channels to reach its target market such as internet and music specialty stores.
Geographic Location. Warner Music Group is a music-based content firm that operates internationally, targeting citizens in these countries. In the US, this music-based content company has targeted the local population given that presently, it has captured more than 17% of the total market share in the industry to become one of the leading music companies in the country. it also targets universities and colleges.
Behavioral: The majority of people in countries where Werner Music Group operates have a huge liking of the American popular music. Consequently, the company produces blues, R&B, jazz, rock, and salsa among other music styles in an effort to appeal to the local population.
Competitors’ Top Executives-Warner Music Group
Sony Music Group
According to the Sony Music’s website, Rob Stringer serves as the company’s chief executive officer while Kevin Kelleher is the chief operating officer. Dennis Kooker, is the firm’s president and the head of global digital music business. Sony Music Group’s chairman is Doug Morris.
Universal Music Group
Universal Music Group’s top executives include Sir Lucian Grainge who serves as the company’s chairman and the chief executive officer. Additionally, he serves as the chairman of the management board. Michele Anthony acts as chief executive vice president in charge of marketing. Jeffrey Harleston serves as the vice president in charge of the organization’s business and legal affairs worldwide.
Walt Disney Music Group
The executive team that manages Walt Disney Music Group is headed by Alan Horn who is the company’s chairman. Ken Bunt serves as its president. Paul Roeder is the company’s vice president in charge of global communications.
Bogan, Elihu, Meehan, Samuel, and Patrick Fleming. “Strategic report for Warner Musci Group, Inc.” Glotham Global.
“Executive Team.” Walt Disney Studios, www.waltdisneystudios.com/our-team/.
Osazuwa, Christine. “Warner Music Group Marketing Plan.” Christine Osazuwa, christineosazuwa.com/portfolio/warner-music-group-marketing-plan/.
Rozul,Tina. “Warner Music Group Rocks Digital Marketing to Fill Concert Seats Around the Globe.” Salesforce.
“Sony Music.” Sony Music Entertainment, www.sonymusic.com/executives/.
“Universal Music Group.” UMG, www.universalmusic.com/company/.