1. IndustryThe music industry includes sub-industries from diverse classifications such as information and communication, programming and broadcasting activities, education, arts, entertainment and recreation and manufacturing and retail sales. Under the International Standard Industrial Classification (ISIC), the music industry is the business of music which is responsible for the production, sales and publishing of music and related merchandise. Using the ISIC definition, the industry is worth $14 billion in North America, and this will be the main focus of this paper .
2. Key actorsGiven the size and pervasive nature of this industry, it affects and is affected by many actors.
Record Groups/Labels: Definite stakeholders (power, legitimacy and urgency) whose roles are to coordinate production, manufacturing, distribution, marketing and promotion activities. There are currently 4 big players in the industry: Universal Music Group, Sony Music Entertainment, Warner Music Group and EMI Group, controlling about 81.87% of the U.S. music market. Enjoying a highly authoritative position in decision-making due to their size and power, they are usually behind the current music trend .
The Warner Bros. Music Group, at Burbank.
English: Ray Ruffin at Sony Music Entertainment Ne...
English: AZ label logo, a division of Universal Mu...Musicians: Definite stakeholders (power, legitimacy and urgency), including instrumentalists, vocalists, composers, song writers and conductors, whose responsibility are to play or write music. Without them, the industry would not grow or evolve. On the flip side, they depend on the industry to experience fame and financial rewards.
Consumers/Audience: Definite stakeholders (power, legitimacy and urgency) which not only include buyers, but also individuals exposed to music through broadcasts and other atypical consumption methods. They demand and buy the products that generate the industry's revenue. However, they are often deceived by the promotion of materialism and deception.
Civil Society and Organizations: Dangerous stakeholders (power, no legitimacy and urgency) which are independent from the State and whose aim is to transform policies through collective efforts. One of the major civil societies -The...