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Sunway University Business School MKT3064 Assignment Questions AUGUST 2021 - 3 - ASSIGNMENT 1: Individual Written Case Analysis ( This assignment is worth a total of 20% of your coursework grades) Read the following case article and answer ALL the given questions. The Future of Music: Where It Is Today and Where It’s Going in The Next Decade Change, disruption, transformation – all of it accelerating at a very fast pace. The music industry is no exception. Observe, “TikTok” - one of the industry’s biggest industry player last year. As TikTok began in 2019, most people in the music industry did not think much of it and dismissed it as a possible fad. However, only 12 months later and TikTok is a major new social media force, especially among the Gen Z’s – and not just for music anymore. Media mogul Meg Whitman the founder of mobile - first video – Quibi, stated “You have nano seconds to adapt now,” and to think that right now only about 50% of the world is connected to the Internet. This means that within five years from now many expect that virtually the entire world of 8 billion will be connected thanks to 5G. That inevitably leads to significantly more content demand and overall content consumption, which is a good thing for many global business creators, including musicians. TODAY’S MUSIC WORLD and WHERE IT’S GOING As 2021 began the music indus try is seen too be revitalized and growing rather well.However, at the same time many artists and music industry players are also facing some losses due to streaming’s increasing dominance, even as that phenomenon drives revenues upward. The global record ed music industry has forecasted the numbers from 2021 will almost double from 2019’s $20 - $21 billion to more than double to $45 billion, by 2030.
Meanwhile, accounting firm Price - Waterhouse Coopers forecasts it to reach $31 billion by 2022 – just two year s from now. THE STATE OF MUSC TODAY Streaming is recorded music’s dominant force, the power of which grows each year and now accounts for 80% of U.S. recorded music revenues. Consumers figured out that the difference between Steve Jobs’ version of music “ownership” (downloads) and “rental” (streaming) doesn’t really matter in a world in which we can now access 60 million songs ad - free for less than $10 per month. This to many consumers is cost - saving, convenient, user friendly, available 24/7 at any time and from anywhere in the globe. Other examples include, Spotify, the “Netflix of music”, which dominates the global streaming scene – 248 million active users. While, Apple entered the streaming game late, it is now a major streaming force as well with more than half of Spotify’s paid subscriber count in a fraction of the time. This is because of Apple’s massive and multiple marketing machines. Also, doing well is Amazon and its Amazon Music Unlimited. Joining in is YouTube the biggest global music force with more than half of on demand music streaming flowing through its channel. Added on is that YouTube only pays royalties on the ad it collects, which is highly profitable for them. Sunway University Business School MKT3064 Assignment Questions AUGUST 2021 - 4 - The State of Music Tomorrow The revenue drivers of music include not only increasing streaming and globalization, but also new technologies and form factors. For example, new AI - driven home assistants – friends like Alexa and Siri – make music and entertainment enjoyment easier. These days people can sit o n their couches and simply call out for the music they want from such devices.
Another quietly massive new force are “wearables” – accessories such as earbuds alone already drive billions of dollars. Apple just reported revenues of $10.1 billion from its “ wearables” unit, with AirPod sales leading the way followed by Bose Audio Sunglasses. Last year’s innovative Fortnite experiment with Marshmello where more than 10 million “watched” the DJ’s virtual performance live, meanwhile, Wave already enables artist s like Lindsey Stirling to hold live virtual concerts for thousands of fans who appear as avatars on screen and can directly message the artist (who can respond in real time). Over 400,000 “attended” Stirling’s virtual performance last year. Social music e xperience platform Redpill VR takes things even further by leveraging the power of virtual reality (VR) to enable you to dance with your friends right next to Diplo - all of whom may be thousands of miles away. [Adapted from: Csathy, P, Feb 2, 2021 , The Future of Music: Where It Is Today & Where It’s Going In The Next Decade, Accessed from https://www.forbes.com/sites/petercsathy/ 2021 /02/02/the - future - of - music - where - it - is - today -- where - its - going - in - the - next - decade/#25eda63c707e] CASE QUESTIONS: 1. Explain how entertainment industries such as those highlighted in the case practise international marketing activities and facilitate the creation of global markets? (20 marks) 2. Critically discuss the implications of e - commerce and the digital revolution on international marketing (30 marks) [ Total 50 /100 = 20% for this component ] [3 0 marks] Sunway University Business School - 5 - Assignment 1 : Individual Written Case Assignment Analysis – Grading Rubric (Q1&Q2) [ total 20% for this component] ASSESSMENT Descr iption Weightag e (%) Poor (F) (<39% full marks) Pass (D) (40 - 49% of full marks) Satisfactor y (C) (50 - 59% of full marks) Good (B) (60 - 69% of full marks) Excellen t (A) (>70% of full marks) Intr oduction & backgr ound of the key them e Able to provide a clear background of the case and shows a good understanding of the question. 1 0 No/unclear description of the key theme. Scant answer with no clear understanding if the question. Minimum attempts of identification and describing the key theme. Adequate attempts of identification of the key theme. Rather basic understanding of the question. Good identification of the key issues, background and description . Shows some understanding of the question. Exemplary identification of the key issues, backg round and descriptions . Shows a good understanding of the question. Definition/descr ipt ion of key inter national m ar keting ter m inology. Able to clearly define and describe key international marketing terminology 2 0 Unable to clearly describe key international marketing terminology or does not provide any definition/description of key terminology. Minimal description/definition of key internationa l marketing terminology. Adequate description/definition of key international marketing terminology Good but rather generic description/definition of key international marketing terminology Comprehensive description/definition of key international marketin g terminology, with relevant examples and/or application. Justification and ap plication of key inter national m ar keting theo r ies, str ateg ies and concep ts r elevant to the key them es. Able to justify , make recommendations and good links/application to relevant international marketing examples. 4 0 Scant to no j ustification and application of key international marketing theories, strategies and concepts relevant to the key themes . Minimum to no examples/application. Minimal j ustification and application of key international marketing theories, strategies and concepts relevant to the key themes . Basic examples/application. Adequate j ustification and application of key international marketing theor ies, strategies and concepts relevant to the key themes . Some generic examples/application. Good recommendation(s) is/are made which is/are based on some facts and evidence. Good justification(s) is/are made which is/are based on some facts and evidence. Comprehensive recommendation(s) and justifications are provided based on relevant facts and evidence. Excellent discussion and shows good critical thinking skills. Com m unicate thr ough clear ly str uctur ed and or gan ised wr itten wor k Able to communicate ideas through a structured and organized written work using 2 0 Written work contains inadequate organisation, unstructured sentences with major gross errors and unacceptable writing skills. Written work contains inadequat e organisation, unstructured sentences with many errors and limited writing skills. Written work has a few well - developed, logical and relevant ideas but sometimes difficult to understand. Written work still meets expectations with some Written work exhibits some well - developed, logical and relevant ideas.
Written work meets expectations with some occasional unstructured Written work exhibits mature treatment of content, exhibiting well - dev eloped logical and relevant ideas and it is effectively organized, developed and easy to Sunway University Business School MKT3064 Assignment Questions AUGUST 2021 - 6 - appropriate language. structured sentence s and errors. sentences and gross/minor errors. understand. Written work meets expectations. Able to display appropriate referencing 10 No evidence of having read any of the core texts and materials. Incorrectly formatted or no academic resources included in the writing. Some evidences of having read core texts and materials. Used only a few academic resources, inappropriate style of citat ion in text and errors in formatting the reference list. Adequate understanding of core texts and materials. Use some quality academic resources, appropriate style of citation in text and some errors in formatting the reference list. Evidence of reading beyond core texts and materials. Formatting is in compliance to required standard, most academic resources are of good quality (included among many other supporting references from textbook and websites). Strong evidence of independent reading beyo nd core texts and materials.
Correct formatting in both reference list and in the overall writing. TOTAL ___________/100 marks REMARKS [Q1. /20 + Q2. /30 = Total /50 (Total Assignment 1 = 20%)
