Marketing Analysis Polyphonic HMI
Defining the Problem
Major Issues
1. Uncertain Attractive Yet Challenging Music Industry Landscape
The music industry is a 32 billion dollar industry, offering a huge opportunity if it can be penetrated. However, it is fraught with challenges. ArtistsArtists, producers, and record companies have little idea on how to find and create success in the industrygo abo. The dominant players, i.e. record companies utfind 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. 8, P3&4). These problems stem from the market interactions of the industry, such as thewhich is dictated by popular culture. There is constant and rapid evolution due to both volatility of popular music culture and lack of fail-safe apparatus to accurately predict upcoming trends. Hence, all segments need a tool that improvea tool that improves their chances of landing a hit song and reduce the need for excessive marketing expenditure.. The satisfaction gratification of this need is ever more urgent due to falling sales and increasing music piracy (Pg. 5, P4). Can HSS be the answer to the industry needs? 2. Harnessing Overcoming Polyphonic HMI Barriers’s Opportunities
Polyphonic HMI has significant barriers to overcome. Upon failing to impress hardware providers, HMI is lacking capital and time. In an industry that is normally associated with art, they have not found a way to make science and music mesh. However, they possess the potential to revolutionize the music industry. Polyphonic’s HMI’s core competencies lie in its technical expertise in artificial intelligence and natural science applications (Pg. 2, P3). Even though it does not provide specific feedback on how to improve a song, HSSThe HSS scientific product has
Major Issues
1. Uncertain Attractive Yet Challenging Music Industry Landscape
The music industry is a 32 billion dollar industry, offering a huge opportunity if it can be penetrated. However, it is fraught with challenges. ArtistsArtists, producers, and record companies have little idea on how to find and create success in the industrygo abo. The dominant players, i.e. record companies utfind 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. 8, P3&4). These problems stem from the market interactions of the industry, such as thewhich is dictated by popular culture. There is constant and rapid evolution due to both volatility of popular music culture and lack of fail-safe apparatus to accurately predict upcoming trends. Hence, all segments need a tool that improvea tool that improves their chances of landing a hit song and reduce the need for excessive marketing expenditure.. The satisfaction gratification of this need is ever more urgent due to falling sales and increasing music piracy (Pg. 5, P4). Can HSS be the answer to the industry needs? 2. Harnessing Overcoming Polyphonic HMI Barriers’s Opportunities
Polyphonic HMI has significant barriers to overcome. Upon failing to impress hardware providers, HMI is lacking capital and time. In an industry that is normally associated with art, they have not found a way to make science and music mesh. However, they possess the potential to revolutionize the music industry. Polyphonic’s HMI’s core competencies lie in its technical expertise in artificial intelligence and natural science applications (Pg. 2, P3). Even though it does not provide specific feedback on how to improve a song, HSSThe HSS scientific product has