Planning Feasibility Study
Simoné Richards
Introduction
When turning on the radio on the way to work or coming back from school, one thing is certain: the same musicians’ songs are played again and again. The music industry is one of the most competitive and hardest industries to break into as an artist. So how do the young adults playing guitar in their bedrooms turn into the platinum selling super stars? The answer will soon be simple… Demline.
Business Idea
Demline is an online platform that allows budding musicians to submit their demos to a number of record companies in hopes of securing a deal. It provides an easy and efficient way to submit to a variety of companies without having to go through multiple different submission procedures. …show more content…
A maximum of only two SoundCloud files are allowed to be submitted, which means that musicians will have
Has only a specific type of music that fits with the record label to be submitted.
References for above (Record Label Submissions, n.d.) (Endole, 2013), (Fat Cat Records, n.d.)
Strengths and weaknesses of the market
The music industry is a very successful industry, making $20.43 billion in 2014 (IFPI, 2015). It has also been growing steadily over the past few years with the introduction and revival of profitable products to the music industry such as YouTube streaming and vinyl records increasing in demand (Rosenblatt, 2015). This shows that entering the music industry is a very profitable decision, as it will only continue to increase in popularity.
Finances
The following table illustrates start-up costs and equipment/capital costs for the first year only. As Demline because more successful, more costs will be incurred, such as wages paid to workers and workers compensation.
START-UP COSTS Cost ($) EQUIPMENT/CAPITAL COSTS Cost ($)
Registrations Start-up capital $16, …show more content…
There is a high demand in the industry from both the potential customers of musicians and record companies. The business only has one direct competitor, who has many weaknesses that can be improved on with Demline. Indirect competitors for Demline are also not very successful or efficient and a business such as this would be a valuable addition to the industry. The music industry itself is consistently growing industry due to the advancements in technology that allow it to broaden like never before. Finances for Demline also look promising, with a profit already being made during the first year. These values can only hope to increase once the business has its feet firmly planted in the industry. Due to high demand from the industry and potential customers, not very much competition, a growing and profitable industry and finances that will see large profits in the future, Demline is definitely a feasible
Simoné Richards
Introduction
When turning on the radio on the way to work or coming back from school, one thing is certain: the same musicians’ songs are played again and again. The music industry is one of the most competitive and hardest industries to break into as an artist. So how do the young adults playing guitar in their bedrooms turn into the platinum selling super stars? The answer will soon be simple… Demline.
Business Idea
Demline is an online platform that allows budding musicians to submit their demos to a number of record companies in hopes of securing a deal. It provides an easy and efficient way to submit to a variety of companies without having to go through multiple different submission procedures. …show more content…
A maximum of only two SoundCloud files are allowed to be submitted, which means that musicians will have
Has only a specific type of music that fits with the record label to be submitted.
References for above (Record Label Submissions, n.d.) (Endole, 2013), (Fat Cat Records, n.d.)
Strengths and weaknesses of the market
The music industry is a very successful industry, making $20.43 billion in 2014 (IFPI, 2015). It has also been growing steadily over the past few years with the introduction and revival of profitable products to the music industry such as YouTube streaming and vinyl records increasing in demand (Rosenblatt, 2015). This shows that entering the music industry is a very profitable decision, as it will only continue to increase in popularity.
Finances
The following table illustrates start-up costs and equipment/capital costs for the first year only. As Demline because more successful, more costs will be incurred, such as wages paid to workers and workers compensation.
START-UP COSTS Cost ($) EQUIPMENT/CAPITAL COSTS Cost ($)
Registrations Start-up capital $16, …show more content…
There is a high demand in the industry from both the potential customers of musicians and record companies. The business only has one direct competitor, who has many weaknesses that can be improved on with Demline. Indirect competitors for Demline are also not very successful or efficient and a business such as this would be a valuable addition to the industry. The music industry itself is consistently growing industry due to the advancements in technology that allow it to broaden like never before. Finances for Demline also look promising, with a profit already being made during the first year. These values can only hope to increase once the business has its feet firmly planted in the industry. Due to high demand from the industry and potential customers, not very much competition, a growing and profitable industry and finances that will see large profits in the future, Demline is definitely a feasible