Issuu

Arts and Entertainment Marketing BA FashionLevelMarketing3 Word Count – 5,281 Total Full Document (Not Including Reference List or Appendices) - 4,112 words Without Headings and Tables - 3,984 words Jack Robert Blissett - C3574630 Image 1

Table of Contents 1. Executive Summary of Universal Music Group .................................... 1 1.1 Summary 1 2. Industry Overview.................................................................................... 2 2.1 Overview of Universal Music Group........................................................................ 2 3. Company Analysis................................................................................... 4 3.1 Overview .................................................................................................................... 4 3.2 Mission Statement 5 3.3 Organisational Message 6 4. Communications Strategy ...................................................................... 7 4.1 Advertising................................................................................................................. 7 4.2 Sales Promotion 8 4.3 Public Relations 8 4.4 Direct Marketing........................................................................................................ 9 4.5 Social Media..............................................................................................................10 4.6 Experiential Marketing 11 5. Branding & Positioning......................................................................... 13 5.1 Universal Records Branding and Positioning 13 6. Recommendations................................................................................. 14 6.1 Overview 14

6.2 Sales Promotions for Target Segments 14 6.3 Introducing Advertising 15 6.4 Implementation Timescale.......................................................................................15 6.5 Budget.......................................................................................................................16 7. Evaluation .............................................................................................. 17 7.1 Future Evaluations 17 8. Appendix................................................................................................ 18 8.1 P.E.S.T.L.E Analysis 18 8.2 S.W.O.T Analysis......................................................................................................20 9. References............................................................................................. 21 9.1 Bibliography 21 9.2 Image List 22

Executive Summary of Universal Music Group Summary Universal Music Group has been named the “world’s leading music company with fully owned record operations or licences in 77 countries” (UK Essays, 2018, n.p). Throughout this report, Universal Music Group’s communications strategies, branding and positioning will be analysed. Furthermore, the strengths and weaknesses of their marketing communications strategies. Also, a list of recommendations has been made to aid the businesses already huge profit margin by selecting the weaker market segments accurately and efficiently. As well as this, the recommendations have been given with a timeline for the changes or improvements to be made. These points are then evaluated to make sure that the improvements will definitely beneficial to the business.

1 1.

1.1

Overall, the music industry its-self is a hugely competitive industry that is growing exponentially thanks to things like social media and other digital aspects. Throughout 2020, the International Federation of the Phonographic Industry (IFPI) reported that “recorded music revenues totalled $21.6 billion in 2020” (IFPI, 2016, n.p). Figures also revealed that digital sales made up 45% of global revenues with streaming revenues contributing for 43% of digital sales (IFPI, 2016). This shows the massive change the music industry underwent as the digital age began and how it has continued to improve and drive up the overall global sales. However, despite the increase of global revenues within the music industry, there was a gigantic decline of physical music copies sold. Since 1990, the industry has seen physical sales decile by 60% which has in theory lost the industry over $14 billion (Statista, 2021, n.p).

2 2. Industry Overview 2.1 Overview of Universal Music Group

On the other hand, streaming services took off and last year amounted to 62% of the industries total revenue with a record number of 443 million users according to IFPI (Statista, 2021, n.p) Image

In the UK music industry, the sales contributed an estimated £5.8 billion towards the UK economy (PRS for Music, 2020, n.p). As well as this, there are over 192,000 people employed and working directly within the UK music industries. by the UK music industry (M. Gotting, 2020, n.p). In recent years, physical music had a resurgence - as many customers began to collect vinyl or CD’s. It was argued that the trend would not last, but according to the Official Charts, physical sales are up by 7.3% in 2022 “their first growth since 2001, driven by the continuing boom in sales of vinyl, up 23.2%” (Official Charts, 2022, n.p).

Universal Music Group was unofficially formed in 1962 by David Gould when Music Corporation of America Inc. (MCA Inc.) an American media conglomerate / talent agency that had ties in music, film, and television merged with American Decca formed by its English parent company Decca Record Company Limited. Later, in 1990, a Japanese tech / electrical company known as Matsushita Electric now recognised as Panasonic bought MCA for $6.6 billion US Dollars who then sold 80% of the business to Seagram. The decision was made to revamp the business in 1996, and with this came a new title. Universal Studios.

The music division was renamed Universal Music Group. After over 20 years of collaborating with artists like BTS, Kanye West, Rihanna, Adele, Elton John, Amy Winehouse, Metallica, Queen and many more UMG is seen as one of the biggest conglomerate Record Label of all time owning or creating over seventy five global record labels. Furthermore, the digital distribution was managed by Spinnup which is also founded by UMG in 2013. This gave artists “complete control of their music and 100% of their royalties. Spinnup works with the biggest music platforms on the planet, distributing music to Spotify, Apple Music and many more, helping artists reach millions of new fans worldwide and helping UMG labels find new talent to sign” (Universal Music Group , 2022, n.p).

3.1 Overview

3. Company Analysis

Universal Music Group has enjoyed a record decade of sales and growth with an increase of over 17% in the music revenues in the last year alone (2021) which totalled $9.3 Billion US Dollars. This goes hand in hand with their publishing arm which saw an increase of 19.8% which brings in $363 million US Dollars per annum. A shock statistic from their quarterly financial sales report shows that the physical sales rise by 8.9% to $290 million and head of the digital sector Michael Nash stated “video and social platforms

In the past 10 years

Universal Music Group has not directly released a mission statement, but the company has clear cut values and goals that they have portrayed over the years. On the home page of the UMG website itself they state –“We exist to shape culture through the power of artistry.”

With them not releasing a direct mission statement, a quote from the overview page on Universal Studios site about UMG gives clear insight into what a mission statement for UMG would look like. It reads “We are a community of entrepreneurs committed to creativity and innovation.” It continues on later by saying “Our vast catalogue of recordings and songs stretches back over a century and comprises the largest, most diverse, and culturally rich collection of music ever assembled. As digital technology refashions the world, our unmatched commitment to lead in developing new services, platforms, and business models for the delivery of music and related content empowers innovators and allows new commercial and artistic opportunities to flourish. Knowing that music, a powerful force for good in the world, is unique in its ability to inspire people and bring them together, we collaborate with our artists and employees to serve our communities.” (Universal Music Group, 2022, n.p). From this statement it is easy to infer the aforementioned goals that the label aims to hit. Helping artist to flourish in a difficult environment combined with a deep passion for music that goes back almost one hundred years – which shows UMG’s values have held strong over that time.

5 represent about two thirds of total ad supported business for Universal Music, and they’re both growing really fast. People used to think of ad supported as merely a customer acquisition tool, a lower value substitute for subscription. But with the evolution of social and video, music is now endemically tied to the growth of large global platforms. We’re extremely excited about that, and we think there’s inherent growth potential there” (M. Nash, 2021, n.p)

3.2 Mission Statement

(Universal Music Group, 2022, n.p) In addition to this, they run a plethora of Studio and Label Initiatives that allow the creators on their team to work with some of the latest technologies. Universal Music Group also has a reputation to uphold this is why artists usually are reluctant to work for, with or in partnership with them. If they start to fall behind the curve, their artists may choose to collaborate with another company. UMG need artists collaborating with them, in order to make money. Also, music artists need studios, labels, production and distribution in order to make money. Which is why the business has worked so well for the last decade.

6 3.3

Organisational Message

The unique selling point (USP) and organisational message is centred around the idea that all the partnered businesses have a role to play within the main body of the company. What each of them do and how they are connected is what allowed the record company itself to drive up sales and expand unlike any other record company has done before. Also, having multiple music businesses involved allows for the chosen artist to create their art as easily as possible meaning that Universal Music Group gives their artists access to some of the best facilities and businesses in the world. This can be inferred through their choice of wording on their website “As digital technology refashions the world, our unmatched commitment to lead in developing new services, platforms and business models for the delivery of music and related content empowers innovators and allows new commercial and artistic opportunities to flourish”

Other than this, the ads the company partake in are little. They tend to create deals with other companies and put money behind them to allow the business to create their own adverts in partnership with UMG. For example, creating deals with artists and giving them a budget for their music videos, or signing a multi year licencing deal with Spotify to “further align [their] efforts to foster ground breaking new features providing value for artists and great experiences for music fans” (T. Ingham, 2020, n.p).

7 4.

4.1 Advertising In short, advertising is “a paid message inserted in a medium. Most advertising works below the conscious level. People are often familiar with a brand name, and even know a lot about the product, without being able to remember where they saw the product advertised.”

Communications Strategy

According to Chris Fill (2005). Because Universal Music Group is a conglomerate of acquired companies, it gives them access to finances that independent businesses may not have. What this means is that they are able to run high profile adverts, anywhere they would like. “Universal Music Group spent under $100 million on advertising in digital, print, and national TV in the last year. They invest in premium ad units and advertise on over 250 different Media Properties in the last year across multiple Media formats. Universal Music Group launched and advertised fortyseven new products in the past twelve months.” (M. Edward, 2022, n.p) One of UMG’s most recent adverts was shown in April of 2022 named “Ghetto Gods” which “last ran on Snapchat on 4th April 2022” (M. Edward, 2022, n.p). This also brings forward the recent “global agreement that will allow Snapchat’s users to incorporate UMG’s catalogue of recorded music and content into creative tools, including Sounds and augmented reality Lenses” (Universal Music Group, 2021, n.p)

“Sales promotions are a key ingredient in marketing campaigns, consisting of a diverse range of tools designed to stimulate quicker and greater purchases from consumers”

4.3 Public Relations Chris Fill (2005) states that “Public Relations is about creating favourable images of the company or organisation in the minds of the consumer. PR often involves creating a news story or event that brings the product or company to public attention.” When talking about

According to Philip Kotler in 2003 and it is hypothesised that UMG do not maximise their use of sales promotion tools. In section 2.1 the statistics showing that streaming and digital sales are thriving was outlined. Universal, like most other music labels and distribution companies now, offer a range of physical and digital copies of music. The spilt of digital to physical can fluctuate between artists and genres due to an increased demand. Furthermore, asdiscussed in section 4.1, Universal have partnered with Spotify to offer a subscription-based service, named Spotify Premium, which gives the users digital access to UMGs full music catalogue, without the need to listen to advertisements

8 4.2 Sales Promotion

However, UMG’s sales promotions have the potential to be a lot better. They currently are a parent company to Bravado “the only global, 360-degree full-service merchandise company that develops and markets high-quality licensed merchandise to a world-wide audience” (Universal Music Group, 2022, n.p) who create the merchandise for their artists (if it is negotiated into their contract) but there is a serious lack of sales promotions to drive and incentivise customers to buy items. Another example of their sales promotion would be, offering signed copies or merchandise like mugs and posters with the physical sales. But again, this comes with no real incentive as these copies are increased in price to reflect the value of the signed copies or merch.

9 printed media, the information available online seems to be pretty scarce. It would be fair to say that if Universal Music Group do operate their own publication, the marketing strategy is not working well, and if they do not, they could benefit highly from introducing this. A simple idea would be a monthly magazine which could feature interviews, stories from the creation of certain albums or songs and album reviews. This would create (or use an already existing) mailing list. The publication would need to be priced accordingly, and digital copies could be sent for free / discounted rate. On the other hand, one thing that does work for UMG is the fact that their artists feature regularly in music related publications.

In regard to more recent public relations, Universal have partnered with Billboard to create an NFT project named ‘Chart Stars’ “artist focused digital collectibles that celebrate Billboard Charts achievements. The collectibles will include clips from music videos, album art and more.” (T. Linzinmeir, 2022, n.p). The collection isn’t currently available, but it is expected to be a success, just like the World of Women collection released by Billboard earlier in the year. This goes hand in hand with Universal Music Group’s online presence, which is mostly outlined on their website under the ‘news’ section. This page features information regarding individual artists, community work, business related articles and much more. Where UMG uses their Public Relation tools the most is for the artists they work withs image, and not to directly boost their brand image itself. Whereas most the competitors in the industry aim to strengthen their brand’s reputation and image with their public relation tools

4.4 Direct Marketing Direct Marketing is “a rapidly growing area in Marketing” according to Fill (1999) “As computer technology is becoming more refined. The growth in databases has allowed firms to keep ever more accurate information about their customers buying habits.” When covering

4.5 Social Media

Another form of this direct marketing would be their newsletter sign up on the website. The incentive used is “Get news from your favourite artists before everyone else.” (Universal Music Group, 2022, n.p) And this allows UMG to target the prospective customers as well as the previous buyers. In 2005, Chris Fill stated that “Database marketing was a major growth area in the 1990s and will probably continue to grow in the early part of this century and has become inextricably linked with relationship marketing.” To compare this to UMG, their aforementioned direct marketing strategies are clear examples of direct marketing tools being used to develop their relationships.

As we are now in the digital age, E-Marketing is a majorly popular form of direct marketing.

10 most Arts industries, the use of Direct Marketing by companies and organisations is definitely rapidly increasing, as a large section of the businesses use some form of mailing as a way of directing loyal customers to a store or a place to make one off purchases.

“The web is becoming a true two way, read write platform. The mass media is being challenged by user generated content, and these new decentralised means of participation and communication are disrupting established industries” – This was a claim by O’Reilly in 2007. UMG’s use of multiple social platforms is a great demonstration of an organisation using decentralised means of communication and interaction with their target audience.

Universal use it heavily An example would be a customer buys something through the online store, which prompts them to provide contact details which includes their e mail address. This allows them to target their main customers. Furthermore, it gives them the opportunity to sell to new and old customers and tailor the ads to their previouspurchases. This creates a more personal customer experience.

In regard to their use of social media platforms, their Twitter page houses mostly general information (updates, news, reviews and re tweets of relevant artist information). On the other hand, the YouTube page shows a wide range of direct and exclusive content. By using Twitter to distribute general information they can direct the more engaged viewers to the YouTube, which can introduce the customers to new artists and leading them down a path to engaging with more than one video Universal have a strange but effective approach to their content on social media, the posts follow the formality of the artist they’re promoting or shooting with / for. For example, interviews with rap artists are kept informal and there is often a use of lingo that some viewers would not understand. This type of dialogue creates a more personal experience for the fans of these artists and tailors the content to their expectations. 4.6 Experiential Marketing Christopher Ratcliff (2014) describes the premise of experiential as “creating a closer bond between the consumer and the brand by immersing them in a fun and memorable experience”. Experiential marketing campaigns are usually reasonably expensive, this isn’t much of an issue for a huge business like Universal Music Group, but to dominate their competitors the costs can begin to add up A recent experience that the brand has used is a collaboration with WITHIN to “create and develop augmented reality and virtual reality music experiences featuring artists from UMG’s roster” (Universal Music Group, 2017, n.p).

Universal Music Group currently has over 640,000 followers on Twitter This following is extremely high for a business in its category and can also be a useful platform for sharing information with a range of customers. Furthermore, Universal Music Group has over 2.2 million subscribers on YouTube. This is where their new music, awards highlights, performances and interviews with the artists are posted.

12 Above is an example of some of the artists you can meet and interact with in the virtual reality experience (From left to right : Quavo, Kim Petras, J Balvin, Lil Huddy) Please see the Appendix (Section 8 - Page 18) for: PESTLE analysis (Section 8.1 Page 18-19). SWOT analysis (Section 8.2 Page 20). Image 3

5.1 Universal Records Branding and Positioning

Universal Music Groups sense of community and teamwork, paired with the aforementioned ability to give artists access to unique or expensive equipment is essential to the brands character. According to Aslem, K. Jan and E. Kostelijk (2008) “A brand’s identity is said to be the unique set of associations that an organisation aspires to create and maintain”. UMG’s actual brand personality is set in domination of the music industry. This has led to some amazing partnerships and signings, including the some of the biggest names from this decade BTS, Justin Bieber and Olivia Rodrigo. These three artists alone have earnt the company “almost 1 billion US dollars” in 2021 (E. Lau, 2021, n.p)

‘Positioning is concerned with the brand’s relationship with other brands aimed at the same segment” (C. Fill, 2005). The company’s market position in the arts and entertainment industry has sort of already been covered, as it is the biggest music corporation in the world As opposed to smaller, independent labels - their focus on targeted advertisements and appealing to consumers who are enthusiastic about their chosen artists. Furthermore, “Positioning is about the place the brand occupies in the mind of the consumers, relative to other brands” (C. Fill, 2005, n.p). Universal has worked effortlessly, since 1962 to become a major business in this market, using unique tactics to attract some of the biggest up and coming artists. This strategy has kept UMG relevant and given it the top place inside of a difficult industry.

13 5. Branding & Positioning

The brands target audience is spread across all genres and ages. This creates multiple streams of revenue through different artists and boots the total profits yearly.

6. Recommendations

6.2 Sales Promotions for Target Segments

One recommendation for Universal Music Group would be to add a discount for returning members to expand, this would be like a loyalty card that accumulates points every time the customer signs up to a streaming site that Universal are partnered with (for example Spotify). This could be achieved by having a specific UMG account, that the customer uses to sign into these streaming sites. This would be appropriate because sales Promotions are defined as “Short term activities designed to generate temporary increase in sales of the products” by Chris Fill (2005). Also offering a specific promotion to students would help temporarily drive sales from a younger demographic. This could come in the form of a student discount, or free merch from Bravado after a certain amount of time listening to one of UMG’s artists.

6.1 Overview

When discussing sales promotions, each method is designed to “increase the amount or speed involved in a transaction” (L. Hill et al, 2003) Universal Music Group do not operate any form of club or group. It could be beneficial to run something like a Universal Music Club where people can

Universal Music Group managed to keep a strong brand image and reputation over half a decade. Signing artist like Kanye West, Lady Gaga and Billie Eilish in the last 20 years has allowed their progression to keep moving while also allowing the company to stay prominent in their industry throughout the introduction and increase of digital sales. Universal state a “growth of 17.0% year over year in constant currency, driven by rapid growth across all segments” (Universal Music Group, 2021, n.p). While on the other hand, not reporting their losses publicly. However their net debt is covered in their Yearly report, which reads “Net debt, defined as total debt minus cash and equivalents, at the end of 2021 was €2,010 million” (Universal Music Group, 2021, n.p).

15 subscribe to receive monthly gifts or exclusives This could then go hand in hand with the student discounts by allowing 10% off the subscription fee. Introducing a new sales promotion would boost sales within the student demographic, as well as increasing levels of engagement through peer influence

6.3 Introducing Advertising C. Fill (2005) explains that advertising is “a paid message inserted in a medium. Advertising is a non-personal communication, in that it has to speak to a large number of people, so the message has to be clear for all the target audience to understand.”

Tool Introduce Adverts 5 Months Sales Promotions 4 Months

Duration

While Universal does tend to run adverts some ads it seems their knowledge and understanding of current platforms and tech is pretty small Social media is an unbelievably powerful tool for marketers today, but UMG has only recently indulged. In the future, they could use social media to advertise the previous Universal Music Club, which would draw new attention to the business and also generate revenue through the subscription service.

6.4 Implementation Timescale To ensure that the promotions work efficiently, a good framework to use is named the GANTT chart. It is used to help decide the delivery and implementation of particular promotions. -SepOct -NovDec -JanFeb -MarApr -MayJun -JulAugMarketing

The chart is set to a 12 month period

The Introduction of adverts should start in September and last until May or June These are the start of the summer months, which according to J. Rogers of Symphonic Blog (2021) Is the peak months for music streams. For the sales promotion, this will start in the new year, after festivities, which allows UMG enough time create ads that are targeted to multiple age groups and also create demand for the sales promotion. Also, university students will have been given their student loans. This allows them to have funds available for the subscription fee. Introducing the advertisements four months early gives UMG time to establish what their business is, and what they are about to potential customers. This also would potentially drive up the demand for the sales promotion.

6.5 Budget

In particular, this would not be a major issue for Universal Music Group. In 2021 they declared a total revenues of €8,504 million and €886 million net profits. Some of the total profits could be used to dedicate a whole new sector of the business or buying / partnering with a marketing firm to produce these adverts. It is difficult to put a number on the cost the business should spend on this. For the sales promotion, Universal would have to accept that they may receive a slight loss in Q1, which would begin to increase as the subscriptions come in

17 7. Evaluation 7.1 Future Evaluations

To evaluate the success of the recommendations, this evaluation needs to determine the positives and negatives. When measuring the success of the previously mentioned sales promotions, a number of targets can be set : Increase the net profits from £8,503M to £8,600M by end of 2022 financial year This margin would increase per annum. Start gaining members to the Universal Music Club which could be accessed through the website Increase social media engagement by 20%. The increase (or decrease) of Facebook, Instagram and Twitter followers would measure this likes. Furthermore, followers on YouTube could be watched to determine how engaged the Increase website traffic by 10%

Again,Social Covid 19 created a huge increase of losses for Universal Music UK. CEO David Joseph stated, “Losses widened from £8.8m in 2018 to £22.2m last year [2019]” and following up with ““In particular, the lockdown and social distancing measures introduced by the government directly impact sales of physical product and certain ancillary revenue streams such as broadcast and live income” (D. Joseph 2020, n.p)

ITechnologyFPIreported a global “growth of 60.4% in streaming revenues” as well as “a 17.7% increase in digital revenues.” (IFPI, 2017) “In terms of recorded music streaming revenues, Universal Music Group generated €4.48 billion ($5.29 billion) in 2021, up 19.8% YoY at constant currency” (T. Ingham, 2022, n .p).

18 8. Appendix 8.1 P.E.S.T.L.E Analysis

ForPoliticalthissection it is believed that the business cannot be affected heavily in regard to politics. As they are such a big company and do not rely on government funding

CovidEconomical19affected everyone heavily, but Universal issued a response hub that showed all of their artists initiatives to fight the virus “Whether through a special performance, financial support or something else altogether, UMG artists and labels are working to help those affected by the COVID-19 pandemic” (Universal Music Group, 2021, n.p)

2) “Continuous development of our Environmental Action Plan. Our Environmental Action Plan is developed, reviewed and updated by members of Team Green”

TheLegalmost recent legal troubles that Universal Music Group has faced is being “sued for alleged underpaid streaming royalties over sample on Kanye West's Power” (N. Nwanji, 2022, n.p). The legal battle is yet to be settled.

3) “Promising to review our environmental policy bi annually and update as necessary. Responsibility for this lies with a senior director of the business” (D. Sharpe, 2012, n.p)

UMGEnvironmental UK’s Environmental Policy Includes:

1) “Use of 100% renewable electricity for our other sites where energy procurement is controlled by Universal Music UK”

20 8.2 S.W.O.T Analysis StrengthsDominating the Music production industry for over a decade and having funds available to sign renowned artists of today WeaknessesLackofadvertising and huge losses to the impact of covid. OpportunitiesSigningnew up and coming artists to maximise profits through different music -genres.Starting advertising campaigns to increase the brand awareness TheThreatsRolling Stone listed these as Record Companies 4 biggest threats A slowdown in European revenues - A surge in Artist’s power and pricier PressurePiracydeals on streaming prices (T. Ingham, 2019, n.p)

21 9. References 9.1 Bibliography Alselm, K. Jan, and E. Kostelijk (2008), “Identity Based Marketing: A New Balanced Marketing Paradigm,” European Journal of Marketing, 42 (9/10), 907 14. C. Eaglewood (2020) Zippia, Universal Music Group History [Online] Available From https://www.zippia.com/universal music group careers 43031/history/ C. Fill (2005). The Essentials of Marketing. 3rd ed. Harlow: Pearson. 75, 220, 226, 236, 323 & C.325Ratcliff (2014). EConsultancy, What Is Experiential Marketing And Why Do You Need It? [Online] Available From https://econsultancy.com/blog/65395 what is experiential marketing and why do D.you-need-it/Joseph(2020) Music Week, Universal Music UK Says Covid 19 Will Adversely Affect Performance [Online] Available From https://www.musicweek.com/labels/read/universal music uk says covid 19 will adversely affect performance/079955 D. Sharpe (2012) UMusic, Universal Music UK Environmental Policy [Online] Available From E.https://umusic.co.uk/umusic-blog/universal-music-uk-environmental-policyLau(2021)Bandwagon, BTS, Justin Bieber and Olivia Rodrigo are Universal Music Group’s Top Selling Artists in 2021 [Online] Available From https://www.bandwagon.asia/articles/universal music group reports top selling artists bts japan justin bieber olivia rodrigo almost usd 1 billion in profit in 2021 G. Harris, (2021) The Art Newspaper, UK Government Approves 50% Funding Cut For Arts And Design Courses [Online] Available From https://www.theartnewspaper.com/2021/07/22/uk Internationalgovernment-approves-50percent-funding-cut-for-arts-and-design-coursesFederationofthePhonographicIndustry(2016)IFPI,Global Music Report [Online] Available From http://www.ifpi.org/downloads/GMR2016.pdf J. Rogers (2021) Symphonic Blog, The Best And Worst Months To Release Music [Online] Available From https://blog.symphonicdistribution.com/2021/08/best and worst months to release M.music/Edward (2022) Media Radar, Universal Music Group Advertiser Profile [Online] Available From https://advertisers.mediaradar.com/universal music group advertising profile M. Gotting (2020) Statista, Employment in the UK Music Industry [Online] Available From M.grouhttps://www.statista.com/statistics/285696/music-industry-employment-in-the-united-kingdom-uk-by-pingNash(2021)MusicAlley, UMG revenues grew 16.1% year on year to €2.15bn in Q3 2021 [Online] Available From https://musically.com/2021/10/28/umg revenues grew 16 year on year/ N. Nwanji (2022) AfroTech, Universal Music Group Sued For Alleged Underpaid Streaming Royalties Over Sample On Kanye West's 'Power' [Online] Available From https://afrotech.com/umg kanye west power lawsuit P. Kolter (2003): Marketing Management. 11th Edition, Prentice Hall, New York PRS for Music (2020) PRS For Music, Music by Numbers 2020 report [Online] Available From https://www.prsformusic.com/press/2020/uk music reveals music by numbers 2020 report Statista (2021) IFPI, Streaming Drives Global Music Industry Resurgence [Online] Available From https://www.statista.com/chart/4713/global-recorded-music-industry-revenues/

22 T. Ingham (2020) Music Business Worldwide, Spotify And Universal Music Group Ink Multi Year Global Licensing Deal [Online] Available From - https://www.musicbusinessworldwide.com/spotifyand universal music group ink multi year global licensing deal/ T. Ingham (2022) Music Business Worldwide, Universal Music Group Surpassed $10 Billion In Revenues Last Year. It’s Now Double The Size It Was A Decade Ago [Online] Available Fromhttps://www.musicbusinessworldwide.com/universal music group crashed past 10 billion in revenue last year its now double the size it was a decade ago/ T. Ingham (2019) The Rolling Stone, Are the Major Record Companies Ready for These Five Threats? [Online] Available From - https://www.rollingstone.com/pro/features/record-companiesfive threats 842064/ T. Linzinmeir (2022) Alt Press, Billboard and Universal Music Group partner on NFT project ‘ChartStars’ [Online] Available From https://www.altpress.com/news/billboard universal music group nft chartstars/ UK Essays, (2018) UKEssays, Universal Music Group [Online] Available From https://www.ukessays.com/essays/music/universal music group.php?vref=1 Universal Music Group N.V (2022) Universal Music Group, Spinnup [Online] Available FromUniversalhttps://www.universalmusic.com/label/spinnup/MusicGroupN.V(2022)UniversalMusic Group, Company Overview [Online] Available From Universalhttps://www.universalmusic.com/company/MusicGroupN.V(2021)UniversalMusic Group, Universal Music Group And Snap Inc. Announce Expansive Global Agreement That Spans Recorded Music And Augmented Reality Experiences [Online] Available From https://www.universalmusic.com/universal music group and Universalrealitysnap-inc-announce-expansive-global-agreement-that-spans-recorded-music-and-augmented-experiences/MusicGroupN.V(2022)UniversalMusicGroup, Bravado Overview [Online] Available From Universalhttps://www.universalmusic.com/label/bravado/MusicGroupN.V(2017)UniversalMusicGroup, Within And Universal Music Group To Bring Premium Immersive Experiences To Music Fans [Online] Available From https://www.universalmusic.com/within universal music group bring premium immersive experiences music fans/ Universal Music Group (2021) Universal Music Group, Covid 19 Response [Online] Available From https://www.universalmusic.com/artist initiative/ 9.2 Image List Image 1 Universal Music Group N.V, Universal Music Group Logo [Online Image] Available FromImagehttps://www.universalmusic.com/2InternationalFederation of the Phonographic Industry, Global Music Report [Online Image] Available From https://www.ifpi.org/ifpi-issues-annual-global-music-report-2021/ Image 3 - Universal Music Group N.V, Within And Universal Music Group To Bring Premium Immersive Experiences To Music Fans [Online Image] Available From https://www.universalmusic.com/within universal music group bring premium immersive experiences-music-fans/