Melody Vault - Alex Paniagua

Melody Vault A Music Subscription Box Service

Created by: Alex Paniagua Presented: June 2021 Marketing II Ms. Sullivan, Everett High School Copyright, 2021

Table of Contents ● ● ● ● ● ● ● ● ● ● ● ● ●

Cover page Table of contents - Page 1 Executive summary - Page 2 Industry overview - Page 4 Business description - Page 5 Branding - Page 6 Unique Selling Proposition - Page 7 SWOT Analysis - Page 8 Target Market - Page 9 Marketing Goals - Page 10 Marketing Mix - Page 11 Sample Advertisements - Page 12 References - Page 13

Executive Summary Our Mission Our mission here at Melody Vault is to give the gift of music to all of its fans, old and new. One of our top priorities is also great customer service as well, giving our customers great prices and even better shipping. Our boxes come with the best of the best music memorabilia, vinyls, CDs and more, we only want to give the best music experience to our customers.

The company and management Melody Vault is a music subscription box that delivers these boxes to your house at fast as possible and with the best service and authentic memorabilia as well. Our boxes also include CDs and Cassette tapes for the people who are taken back by the good old days and even vinyls for the people of the past and present. The headquarters of Melody Vault is located and founded in Boston, MA. The boxes are only shipped in Massachusetts, and we hope that in the future we ship internationally and open up more stores as well. We also treat our customers and employees with the utmost respect and want people to keep coming back to our stores for a better and fun time.

Our Services We have a variety of subscription boxes ranging from genres and prices with the prices ranging from the box sizes like small, medium, large, and xtra large. And there different genres of boxes like rock and hip-hop and can appease any music fan’s taste. We ship the boxes to our customers' houses at a pretty considerable rate and for a good price as well. ● ●

Subscription Box (different genres) Shipping (different prices)

The Market In Boston we only have the one office and there are not that many music subscription boxes located in the Massachusetts area, none that I know of and we wanted to change that and offer the people. Boston certainly is a city with tons of music in its culture so we have a good market to sell to and have a large audience.

Our Competitive Advantages Our company has a great advantage because they are little to none music subscription boxes in the Boston are and that means that more people who like music will most likely be interested in our brand and boxes so that hopefully means we get more sales.

Since we only will have customers within Massachusetts so since we have very little customers compared to other companies, we intend to treat our customers with respect and the best customer service making sure they will want to keep coming back and buy more boxes.

Start up Financing Requirements

In order to start up this company we would be needing about $14,935. I and some other investors will have to invest some money in order to get this company off the ground.

Industry Overview The Music Industry According to statista, in 2019 the entire music industry had a total revenue that amounted to 21.5 million USD. Also that streaming made up 56 percent of this figure which brought up the number to 11.9 million USD globally. There are more stats given by statista that state that between the years of 2016 and 2021 music streaming numbers are expected to go up by 20.7 percent and since more people are streaming music now a days, not as much people download music and because of this digitally downloading music is expected to go down by 19.2 percent.

It also states that physical music is also expected to go down by 11.6 percent annually. Even though the percentage for streaming music is going up and physical percentage is going up, the revenue for vinyl record sales have been pretty good in the past couple of years from 1997 to 2015. Back in 1997, sales for vinyl records were 144 million USD worldwide and then later in 2006 the number dropped to 34 million USD worldwide. Later in the year 2015, as if out of nowhere, the sales went up to 416 million USD worldwide and has been steadily growing since 2007.

Our position There are alot of music lovers in Massachusetts so we are in a pretty good position for this company and the fact that there are not many music subscription boxes in the area gives us a big advantage.

The Competition There are no subscription boxes in Massachusetts but there are some near like Mosh Boxx that is located in North Jersey and their subscription box is very similar to ours because they also specialize in music, but mainly focus on rock and heavier music. Another music subscription that is competition to ours is Your Music Crate and what they have is very similar to ours. Although their entire website is only for paying customers, the general idea of what they are selling is music, vinyls, and CDs with some merchandise as well. The third competition is a subscription box called The music box and it is very similar to Your Music crate in the sense that both specialize in vinyls and CDs, while also having t-shirts and other music related memorabilia for fans.

What makes Melody Vault unique Our subscription box is unique to music fans and those who are interested in getting into a new genre of music, or even those who want to relive the good old days. Our top priority is for our customers to have the best experience and want to keep coming back and even recommending it to their friends and giving us new customers. Since there are a bunch of different genres of music, there are also different types of music lovers and we want to appeal to all of those and have a box for them. Our prices are also pretty good considering what one is getting in a box and prices also vary on what type of box you want and shipping prices depend on when you want it shipped and where you live.

Business Description Mission Statement: This subscription based company is for all the music fans of the world who want to show their support for their favorite music and own some memorabilia as well. This subscription box also acts as a means for people to get into new genres of music.

Goals and Objectives: The business’ goal is to expand from outside of Massachusetts to the whole United States, then eventually internationally. The steps to achieve this goal are to get musicians and music labels to have partnerships with us and promote us in a good way. Another step is to try to appeal overseas and the type of music that is popular over there.

Business Philosophy: The company only wants the best for our customers and wants to give them an optimal music experience while giving respect to the musicians and bands who give the world beautiful music. We also want our employees to have a great work experience and make sure they feel at home with our family and give them the best work environment.

Industry: The company is in the music industry, who could help us grow as a company because the music industry is so large.

Strength and Skills: Some of the skills that the company has is that since there is a vast selection of music for people to listen to there is something for everyone, so it will attract more people to sign up for the subscription box. There are also a lot of music lovers around the world so it will appeal to a large group of people, old and new.

Target market: Our target market is mainly teens and young adults, but also any one who loves music of any age. We plan to make instagram and snapchat ads so young people can see our company and would be interested and maybe even tv ads for people who don’t really use social media.

Closing Summary: This company is meant for all the music lovers of the world and for those who want to get into new music. There are different types of subscription boxes that include different types of music and items depending on what box you chose. The themes consist of rock and hip-hop and even swinger. There is truly something for everyone.

Branding Slogan: Treasure the music

Color Scheme: Black #000000 Dark Grey #202020 Vis Vis #FA92

Merch Examples:

Unique selling proposition There are not many music subscription boxes available, so we want to bring people what they want and introduce new types of music to more people. Not many people know about music of the past or even from different regions of the world. Our customers can pick different types of boxes like rock, country, blues, and even music from overseas like KPOP and bachata. Like I mentioned before there are different types of boxes and they come at different prices and each box is unique to a genre of music and there are boxes that can appeal to all kinds of people. ❖ There are a bunch of music fans around the globe so we know that people will want to buy our products and be very satisfied with the subscription box.

Market Analysis SWOT Analysis

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Strengths Large demographic Different types of boxes for all genres of music Moderately priced for the subscription and shipping

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Opportunities Have collaborations with musicians and bands Include more items and music and expand our library Expand to more places around the world

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Weaknesses Most people won’t want to pay for music and will just stream it People would rather buy specific music merchandise rather than a box with a bunch of music related items Some people like to but things immediately at a store instead of waiting Threats Your Music crate The music box Mosh Boxx

Competitive analysis

Your Music Crate

The Music Box

Mosh Boxx

N/A

N/A

North Jersey

Vinyls and merchandise

Music(CD’s and Vinyls) and music related gifts

Heavy rock music from the U.S and around world

Direct competitor

Direct Competitor

Indirect Competitor

They have a large selection of music for all types of people

Having a large selection of music that come in colorful vinyls. In top on having music gifts as well, they promote having an outstanding team behind the company that will insure the the best customer service.

They want to promote bands and visual artist help them reach listeners and potential fans.

N/A

N/A

N/A

Target Market

● Age ● ● ●

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○ Our ages are teens to young adults (around 16-26 years old) Gender ○ Both sexes Marital Status ○ Single since they are younger people Family ○ Young people with no children and are close ti their parents and friends Location ○ Massachusetts and thats were they are shipping to and later on we hope to ship internationally.

Education ○ No education really.

Income ○ About 30,000 USD Occupation ○ Something in the music industry, but any job really Religion ○ It does not matter Language ○ Primarily english Lifestyle ○ Suburban and average with music being a big part of their lifestyle.

Motivation ○ Music and to succeed in life.

Hobbies ○ Playing and collecting music Size ○ About a little more than half of America

Marketing Goals Goal #1: Get more publicity ● This is a goal because the more people know of the company and boxes then they will be interested in buying it and they will tell their friends and a bunch of people. ● Get more people to talk about it and put up more ads to spread the word Goal #2: Get more music genres on the boxes ● If we get more genres it will appeal to different people that enjoy different and multiple genres and they will recommend it to other who also like the genre as well ● Learn about new genres and make a subscription box that will include the essentials of that type of music Goal #3: Get celebrities endorsements ● A lot of people follow and agree with celebrities, so if famous artist and bands have promotions with us and say that the subscription box is very well made and overall great more people will see and be interested ● Ask artist and their producers to make ads or videos promoting the box and saying great things about it, nothing crazy just a quick ad and that will hopefully make their fans interested and want to buy it

Marketing Mix PRODUCT: At Melody Vault we want to put our customers first and want them to have the best experience and wanting to comeback. Our boxes only include the best made and authentic music memorabilia for all the music fans of the world. There are different types of boxes with different prices depending on which one you get with bigger boxes costing more and since there are different genres of boxes we hope to appeal to more people with different and unique taste in music.

We have a bunch of different categories but our main ones are ● Rap box ● Hip-Hop box ● Rock box ● Country box ● Latino Box ● Grune box ● KPOP box ● Classical box ● 90’s box PRICE: We don’t charge crazy prices for our boxes because we think of our customers and want them to be able to buy our boxes and if they want to purchase more items they can get other types of boxes that include different things and start at different prices. We also will have discounts on the boxes for an anniversary or holiday so we hope that more and more people will buy the boxes. The shipping is moderately priced so that our customers will receive the box happily.

PLACE: The companies office and warehouse is located in the heart of Boston and its mostly just houses the boxes and shipping out the boxes. The office is not really for walk ins, but its mostly for phone calls and office work, while the warehouse is mostly shipping and storage. Although in the future we hope to expand out further and have new locations around the country and eventually the world.

Our website is fairly easy to navigate and get to. You just type the website address in the search bar and you will be there. The website is where you sign up for the subscription box and choose what type of box and what type of genre you want as well. Like I mentioned before we hope to expand further so we can ship faster to most places and don’t have to charge as much for shipping since it is so close.

PROMOTION: We more people to know about us and get our name out there so we can get more peoples attention and hope that our boxes will be a hit with them. These are some of the ways we want to advertise the company: ● ● ● ● ●

Social media marketing Email Marketing Ads in magazines and in the mail Radio marketing Billboards

Value proposition statement Melody Maker is music subscription box from Boston and is home to different types of boxes with different genres of music inside for all the music fans of the world and a company that always puts our customers first and want whats best for them.

Brand Positioning For the music fans around the world, Melody Vault is a music subscription box that houses a large library of music that includes different genres for everybody's taste and interest. Unlike other subscription boxes, we have a grand selection of music and genres and include quality and authentic memorabilia that is included with the box because here at Melody Vault we want only the best experience for our customers and provide them with not only quality and authentic music subscription boxes, but a musical experience as well!

Example Advertisements

References https://www.starterstory.com/ideas/subscription-box-business/startup-costs https://urbantastebud.com/best-music-subscription-boxes/ https://www.cratejoy.com/category/music-subscription-boxes/