Polyphonic Hmi: Mixing Music and Math
749 WordsFeb 17th, 20123 Pages
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 challenges to address: what is the target market and desired positioning of HSS and what is the plan for marketing this product to achieve that positioning, given a tight “shoestring” budget.
2 SITUATION ANALYSIS
Polyphonic HMI wants to…show more content…
Producers are similar to A&R people but can also be engaged in many other different aspects of the production chain from editing the song to marketing the artist. Finally, the largest target customer segment is the unsigned artists, comprising tens of thousands of individuals desperately hoping to secure a recording contract with labels, while working on a tight budget.
The Polyphonic HMI Company is a subsidiary of Barcelona based Grupo AIA and was established in 2002 to market a tool that uses a process to “number crunch” music into its constituent mathematical characteristics, such as tempo, harmony, etc. Based on these, a dotted visual representation is created where songs with similar characteristics are positioned close to each other, thereby creating a mapping of known hit songs, that they call hit clusters (see Exhibit I). The extent to which new releases “fit” those clusters should indicate their hit potential. While not known to the music industry, Polyphonic HMI has already attempted a market penetration with a music recommendation system (based on the HSS core technology) to be used close to the end of the value chain, the retailers, to support them in increasing sales to consumers. Declining market conditions did not make this a successful attempt. Albeit, the Company works with a small group of scientists and has the ability to borrow specialized resources from the parent Company, keeping running costs
Polyphonic Hmi Marketing Strategy Essay
1926 WordsApr 11th, 20128 Pages
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 Interface as a complement for Hit Song Science to maximize the revenue earning capability of a song (by ensuring better listener penetration) that is marked as a winner by HSS.
Target segment rationalization: The…show more content…
In addition, the software doesn’t produce enough value for the artist segment. Suppose, HMI promotes specifically to this group and the members show enough enthusiasm resulting in satisfactory initial penetration. Once, the initial curiosity about the quality of her own performance is satisfied the artist won’t find any alternative use of the report. If the report says their song has enough potential to be a great hit, that conclusion does little for them because the record labels are not likely to acknowledge the credibility of the HMI report.
All exhibits are restricted to the US Market.
Exhibit 1: Why USA is the best choice of geography?
The rationale behind the choice is obvious when we consider that it has the highest music market in the world and is [(12609 - 5001) / 12609] ~ 60% more in dollar values than the second highest, Japan. Graphically, when compared to the top 5 music markets, USA looks significantly higher (for 2002):
Exhibit 2: Cost savings to record labels
The HSS software will identify potential top 40 singles at an 80% success rate (based on trial run) as compared to the industry average of 10% success rate. However, assuming a conservative approach let us assume that the actual success rate for HSS will be 50%.
Now let’s run our analysis based on Sony where Polyphonic has the highest chances of making a good penetration. There are about 3000 singles released per year; of which 10%