1.
With the increase in music streaming services
and the trend of purchasing vinyl records I see an economic opportunity by
using these streaming services to purchase vinyl records that are made into
your favorite playlist. Streaming services such as: Title, Spotify, Soundcloud,
and Apple Music would be able to license music and be able to press the songs
on to a record and sell directly to their consumers. Furthermore, I feel that
casual music listeners, collectors, and record stores would enjoy being apple
to acquire unique records that are derived from their specific taste.
2.
A friend from class
a.
What do you think of being able to buy a record
that has your favorite streaming service playlist on it?
i.
“I believe it would be a really good gift as it
is unique to the person that has their own taste in music.”
b.
Do you see any downsides to being able to buy
records off of streaming services from your personal playlist?
i.
“Hmm, I think that the downside would be that I
wouldn’t be able to skip any songs and since I have a massive playlist It would
have to be several records.”
3.
Student that plays guitar.
a.
What do you think of being able to buy a record
that has your favorite streaming service playlist on it?
i.
“Wow, I really like that idea, but wouldn’t the
records be expensive to produce? I think that it would be really cool because
artist could upload their songs to streaming services and be able to record their
own music and make records.”
b.
Do you see any downsides to being able to buy
records off of streaming services from your personal playlist?
i.
“I probably would think that the possibility of
legal issues would arise from it because of all the artist contracts. Also, I
think that most recording companies have the sole legal right to print and
distribute music.”
4.
Student wearing headphones
a.
What do
you think of being able to buy a record that has your favorite streaming
service playlist on it?
i.
“I personally own a turntable at home and it’s
hard to transition from record to record and listen to different songs without
transitioning records. It would be cool to make a record with different music
genres on it and listen to it and have your own personal spin to it (no pun
intended).”
b.
Do you see any downsides to being able to buy
records off of streaming services from your personal playlist?
i.
“I think that the only downside is that I
constantly update my playlist with new music. However, I will argue that it
would make my record more personal than having it on my phone since it would
make it a tangible thing.”
5.
Reflection
a.
I think it’s a great opportunity in theory,
however I soon learned through the various interviews that there are some legal
issues when streaming music and the distribution of record label songs. The
most surprising thing I found through interviewing people was that people were
overwhelmingly supportive of the idea. Furthermore, the interviewers gave
insight into the different takes on being able to print and record music.
Specifically, the second interview gave fruition to a new idea for having
streaming companies offer recording for artist to have their own music printed.
It gave me a better understanding of how to approach said opportunity to garner
greater support and fix any downsides that may arise from the printing o
records from streaming services.
6.
Summarize:
a.
How much of your original opportunity is still
there?
i.
Most of my original opportunity is still there,
because the interviews gave fruition to the want for records derived from their
personal Spotify playlist. However, I believe from the second interview it gave
the idea to expand the opportunity to allow music artist to be able to record
and print their own music by uploading their own music.
b.
Do you believe that your new opportunity is more
accurate than when you started?
i.
I think so, reason being that by allowing more
consumers to upload their own music and being able to purchase records of their
own music it allows for a greater market to open up for artist that may not
have the capital to get recorded professionally and signed with a label.
c.
How much do you think entrepreneurs should ‘adapt’
their opportunities based on customers feedback?
i.
I think it would be a smart move on their part
since it would allow for greater markets to be available in relation to being
able to press records from streaming services. Additionally, I think that
through the licensing issues streaming services have been able to navigate many
issues and would surely be able to adapt to new markets such as record selling.
Riley,
ReplyDeleteThis idea is unique and frankly, I'm surprised there isn't anything like it out there. It's like burning a CD for your car without an aux cord, except records are more "in" these days, and it's more expensive, making it a bigger investment. I do think you'd run into trouble with the artists, but perhaps when you order the playlist record, each artist on it gets a certain cut of the cost.
Let's say a record costs $60. If you have 6 artists on it, each with 2 songs (A side and B side), $40 could go towards Spotify for profit and for production, and the remaining $20 is split among the artists. That might not seem like much but it would add up over time with people buying these.
Riley,
ReplyDeleteThis is a very unique idea and I am surprised it is not out there yet. Your interviews were very specific which allowed us, the reader, to gain a better insight into what your really trying to accomplish. Your interviews should prove to you that there is a profit to be made from this idea. I enjoyed how you set your interview questions as they flowed in a way that was nice.
Riley,
ReplyDeleteThis idea was very unique and I think you have identified a real opportunity. The music industry is fast-paced and changes at a rapid rate. To succeed in the music industry you have to be able to respond to all of these challenges. I found your interviews to be convincing and proving you have identified a real problem.