The Impact of the Recession on the Music Events in the UK

The Impact of the Recession on the Music Events in the UK
Table of contents:

Introduction
Background and rationale
Methodology
Implementation plan
Discussion
Conclusions
Works cited
Appendices

Introduction

The recent economic recession has had a profound impact on the development of many industries in the UK as well as in other countries of the world. In this respect, the housing industry and financial markets have proved to be the most vulnerable to the negative impact of the economic recession. At the same time, even such industries as the music industry still suffer from the negative impact of the economic recession, although the impact of the economic recession on the music industry is not totally negative. At this point, it is necessary to conduct an in-depth research of the impact of the economic recession on music events which are of the utmost importance for the music industry in the UK because the music industry is one of the mainstream branches of the entertainment industry in the UK, whereas many artists, bands, and musicians as well as investors rely heavily on the steady development of the music industry in the UK. At the same time, the entertainment industry and the music industry seem to be the most vulnerable to the negative impact of the economic recession because, when people start saving, they cut their spending on entertainment and music events. On the other hand, people always need music as the means of avoidance of the negative psychological impact of their financial problems and job-related stresses. Therefore, while analyzing the impact of the economic recession on music events, it is important to focus on the basic trends in the music industry and music events and consumer behavior in regard to music events because it is possible to presuppose that music events may still stumble through the economic recession successfully, although it can hardly avoid negative trends provoked by the economic recession and drop of the buying power of consumers in the UK.

Background and rationale

Background

Traditionally, the music industry played an important part in the economy of the UK because the entertainment industry relied heavily on the development of the music industry, whereas the entertainment industry proved to be steadily growing and important for the economy of the UK (Schmidt, et al, 2007). The rise of the music industry is closely intertwined with the emergence of British bands and musicians, who have reached a tremendous success and, whose artistic work still attracts not only music fans but also tourists to the UK, where they can attend places, where celebrities lived. The popularity of bands and artists contributed to the emergence of a large number of music events that took place in the UK regularly. In this respect, it is worth mentioning such outstanding bands and artists as Beetles, Queen, Elton John and others, whose artistic work was and still is extremely popular not only in the UK but also in other countries of the world, whereas music events involving such stars were extremely popular and attracted thousands of people willing to attend such music events.

At the same time, modern music events are subjects to a profound interest from the part of investors because music events can bring considerable profits. At any rate, the profitability of music events prior to the economic recession was relatively high (Bowrey, 2005). In such a context, it is important to dwell upon the current trends in modern music events. To put it more precisely, it is important to define whether music events are still profitable and whether the audience is still interested in music events or probably music events have lost their profitability and the interests of the public to music events has dropped since the beginning of the economic recession. In actuality, the economic recession could influence negatively the development of the music industry and music events because the buying power of consumers have dropped since the beginning of the recession and they have to save their spending, while music events may be subjects to such savings.

Goals and objectives

Therefore, the current study should focus on the revelation of effects of the economic recession on the music industry in the UK and on music events in particular. In fact, the study should focus on the analysis of the current development of music events paying a particular attention to the popularity of music events and their profitability. The study should find out whether the audience in the UK is still interested in music events and whether people are ready to maintain their habits to attend music events in spite of the economic recession. In addition, the study should find out whether preferences of the audience have changed since the beginning of the recession and how musicians and artists have been affected by the economic recession, for instance, whether the number of music events they participate in is still high and what the attendance of music events is at average.
Literature review

Music festivals are recession proof

In actuality, many specialists and music critics (Pfanner, 2006) argue that music events are not vulnerable to the severe impact of the economic recession. At any rate, specialists (Schmidt, et al, 2007) estimate that music events can resist to the negative impact of the economic recession because the interests of the audience to music events persists, in spite of the economic crisis and consistent deterioration of their financial position. In other words, the audience is not ready to refuse from music events even in the time of the economic recession. At the same time, to assess the extent, to which the audience sticks to the habit to attend music events on the regular basis, persists, it is necessary to refer to studies conducted by music critics as well as companies that manage and conduct music events. For instance, some researchers (Bowrey, 2005) argue that music festivals in the UK are recession proof. Therefore, it would be logical to presuppose that music events will not be affected much by the recent economic recession. At the same time, it is important to find out whether all music events and music festivals maintain this trend or probably, this trend is the characteristics of the most renowned and popular music festivals in the UK only.
CDs and MP3 available to everyone via iTunes and other tools

At the same time, it is important to refer to the experience of companies operating online and selling music via internet and other modern telecommunications systems. The researches conducted in this field can reveal the extent to which e-music hits the ground off the conventional music records, such as CDs, DVDs, and others. In fact, it is important to compare sales of CDs and DVDs to sales of e-music. In such a way, it will be possible to find out whether people are still inclined to buy conventional music records or e-music. This will help to find out whether people are still inclined to attend music events and see them live or probably they prefer recorded music events, which they can watch on the TVs or PCs. To put it more precisely, it is necessary to refer to researches which focus on changes in sales of CDs, DVDs and e-music. The rise or drop of sales may indicate to the change in preferences of the public because the more CDs, DVDs and other records people buy the less likely they attend music events but still it indicates to the persistent interests of the public to music events.
Drop of CD sales

In this regard, it is worth mentioning the fact that some specialists (Ganzl, 2001) have already noticed the drop in CD sales that means that CDs are more popular today and consumers either prefer to use other media to listen their favorite music or, probably, the drop of CD sales implies the general deterioration of the situation in the music industry and the decreasing interest of the public to music and music events (Sikora, 2008). On the other hand, it is important to conduct further researches and refer to other studies to find out whether the trend to the drop of sales is typical for CDs only or this trend is typical for other media, such as DVD, i-Tunes and others.

The shift of media usage because of recession

In actuality, some researchers (Sloan, 2007) point out that consumers prefer electronic media instead of conventional ones. This trend needs a substantial research because consumers may shift from the real world, when they can attend music events and listen music live, to the virtual world, where they can still listen music live without physical attendance of music events. Basically, such changes in preferences of consumers may lead to the decrease of the popularity of music events. At any rate, this trend may decrease the attendance of music events that may lead to the decrease of profits of companies and artists operating in the music industry of the UK.

Methodology

The methodology of the proposed study should focus on the qualitative analysis of the current situation in the music industry of the UK and the impact of the economic recession on music events and the development of the music industry in the UK at large. Therefore, it is possible to use interviews and questionnaires in terms of the current study. The interviews and questionnaires will involve several groups of subjects, including musicians and singers, as well as other individuals working within the music industry and involved in various music events, specialists involved in the organization and management of music events, representatives of the public, including fans and occasional listeners of music, music critics, economists researching problems of music events and their economic and financial background.

Interviews

Interviews can help to reveal the opinion of specialists as well as ordinary people concerning the development of modern music events in the UK. Interviews will help to find out basic changes that have occurred to music events in recent years under the impact of the economic recession. In fact, interviews is a very effective tool that can be applied in terms of the proposed research because it allows a researcher to conduct an in-depth analysis of the situation and subject of the study with specialists and other subjects involved in the study and to obtain the information the researcher needs to find out. For instance, a researcher can ask questions to precise answers of subjects of the study, and so on.

Questionnaires

Questionnaires are also very helpful for the current study, although they do not admit the opportunity of precision of answers or unfolding answers as is the case of interviews. Questionnaires allow the researcher to obtain precise answers to the questions posed by the researcher to respondents. In such a way, it is possible to obtain reliable information using a large number of respondents.

Implementation plan

The proposed research should start with the clear definition of goals and objectives of the study. In terms of the current proposal, there were some goals and objectives which may lay the foundation to the further study. When goals and objectives are defined, it is necessary to define methods and subjects of the research. The use of interviews and questionnaires may be a good solution for this study but the use of some quantitative methods of analysis may be needed, for instance statistical information on current trends and sales in the music industry. The subjects of the research should include specialists working in the music industry, economy, information technologies and average people, who like music and attend music events on the regular basis. As the methods and subjects are defined, it is necessary to conduct interviews and questionnaires, to collect and process the information and define results and findings of the study. After the discussion and analysis of the study, the research will be able to make a conclusion on the problem researched in the study, i.e. whether music events are vulnerable to the impact of the economic recession and extent of this impact.

Discussion

The current proposal lacks quantitative methods of the research but the involvement of specialists operating in the music industry and involved in the organization of music events and other fields can minimize the effect of this problem on the outcomes of the study and its findings. Nevertheless, it is possible to consider the use of quantitative methods of the analysis, including the analysis of statistical information on sales of music records, attendances of music events, the number of music events organized in the UK and so on.

Conclusions

The study is likely to reveal possible effects of the economic recession on music events. In fact, the economic recession is likely to have a negative impact on the music industry and music events. On the other hand, some positive trends may be revealed, such as the rise of recording industry or e-music.

Works cited:

Bowrey, K. (2005). Law and internet cultures. Cambridge, UK; New York, N.Y.: Cambridge University Press.
Brabec, J., & Brabec, T. (1994). Music, money, and success : The insider's guide to the music industry. New York; Toronto; New York: Schirmer Books ; Maxwell Macmillan Canada ; Maxwell Macmillan International.
Ganzl, K. (2001). The Encyclopedia of Musical Theatre (3 Volumes). New York: Schirmer Books.
Gitlow, H. S. (1997). The Deming guide to quality and competitive position. Englewood Cliffs, N.J.: Prentice-Hall.
LaGesse, D. (2007). Labels lose their luster. U.S.News & World Report, 143(15), 27-28.
Liebowitz, S. J. (2005). Pitfalls in measuring the impact of file-sharing on the sound recording market. CESifo Economic Studies, 51(2/3), 435.
Pfanner, E. (2006, March 13). A british invasion for the digital age. The International Herald Tribune, pp. 9.
Schmidt, A. H. J., Dolfsma, W., & Keuvelaar, W. (2007). Fighting the war on file sharing. The Hague; Cambridge: T.M.C Asser ; Distributed by Cambridge University Press.
Shapiro, A. (1969) “A pilot program in music therapy with residents of a home for the aged.” The Gerontologist, 9, 128-133.
Sikora, N. T. (2008, March 3). Teenage music pirates rock oz. Herald Sun (Australia), pp. 11.
Sloan, P. (2007). Keep on rocking in the free world. Fortune, 156(12), 82-86.
Sporre, D.J. (2003). Perceiving the arts: An introduction to the humanities (7th ed.). Upper Saddle River, NJ: Prentice Hall.
Sterdan, D. (2007, November 26). Is it legal or not?!; the great white north is viewed as the wild west of downloading. The Toronto Sun, pp. 54.
Travers, E. (2007). Digital music: Changing the game. PC Magazine, 26(25), 20-20.
Viardot, E. (2001). Successful Marketing Strategy for High-Tech Firms. New York: New Publishers.
Zimmerer, T. W. et al. (2007). Essentials of Entrepreneurship and Small Business Management. (5th Edition). London: Routledge.

Appendices

Interviews

When did you attend the last music event?

What was the last music event you attend?

How often do you attend music events?

Have your preferences and attendances of music events changed within last three-five years?

Why did or did not you change your habit to attend music events?

Would you attend music events in the future?

How do you like modern music events? Are they worse or better than they used to be three years ago?

Do you think music stars participate more or less in music events?

Do your financial position matter when you decide whether to attend a music event or not?

Do you prefer to attend music events or use your CDs, DVDs, i-Tunes and other media instead?

Questionnaire

When did you attend the last music event?
A. A month ago
B. A year ago
C. Three years ago
D. Can’t remember

Can you afford attending music events now:
a. Yes
b. No
c. From time to time

What media do you prefer:
a. CD/DVD
b. E-music
c. Live music events

In recent years, your financial position
a. Has improved
b. Has deteriorated
c. Has not changed much

You will attend music events if you do not have spare money?
a. Yes
b. No

The Impact of the Recession on the Music Events in the UK 9.5 of 10 on the basis of 4091 Review.