Melody Vault - Alex Paniagua

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.