Market analysis for my music business (myself & my music)

1. Market Analysis
Edward Tangel
Full Sail University
Music Business Marketing
September 12, 2021

2. Market Analysis
Market Summary
My music business is myself, a singer/songwriter musician and performer. According to
the U.S. Census, my industry business would be identified as number 711130 Musicians,
Independent. This classification of industry involves “(1) groups primarily engaged in producing
live musical entertainment (except theatrical musical or opera productions) and (2) independent
(i.e., freelance) artists primarily engaged in providing live musical entertainment,” (North
American…, 2021). Bands, musical groups, and independent musicians/vocalists are included.
Music sets the tone for whatever event one could think of. Music has a proven
psychological effect on people’s mood, which in-turn can affect their buying habits. Music is
processed in the brain through soundwaves, and the four components of music (tempo, mode,
genre, and volume) are what impacts one’s desire to buy (Braxton, 2020). When selling almost
anything, music is what is used to set the mood and experience for the customer. When selecting
a live performer for an event, one must look at what genre they desire and how they want the
mood to be set. The consumer will be using a high-involvement decision making strategy due to
the fact they must research multiple different musicians to evaluate and decide which one fits the
event best. With high-involvement decision making, the customer wants to know everything they
can about the product, or in this case service, before making a final decision (Macy, Rolston,
Allen, Hutchinson, 2015, Chapter 3).
It is common in high-involvement decision making to be more cognitive about the
decisions being made. If you are a bar or coffee shop owner looking for live music, you might
want to make a more cognitive decision when choosing live music, so you do not have people

3. falling asleep to a violin at a bar, for example. In the same sense, you are choosing between how
the music will make people feel. Emotional decision making comes into play because music,
simply, involves feelings. In Record Label Marketing Chapter 3, there is a chart on high/low
involvement and emotional/cognitive decision making. I would place this decision in both
quadrant 1 (informative: learn, feel, do) and 2 (affective: feel, learn, do), where both learning and
feeling are interchangeable. Like I stated before, music has a scientifically proven psychological
effect on the brain.
There are many motives a customer may have when choosing to attend a live show or
choosing a musical artist. According to the Schubert Club, there are five reoccurring themes that
show up when asking people why they attend live shows: spiritual reflection, discovery, much-
loved music revisited, sense of occasion, and sense of belonging (Kempton, 2014). When
looking at Maslow’s hierarchy of human needs, each of these motives fall into each one of the
categories on the hierarchy.
Market Trends
The new and very popular smartphone application, TikTok, has become one of the best
places for up-and-coming artist to promote their music. Using short videos and snippets of songs
will give fans just enough of a taste to check out their favorite TikTok artist’s catalog. TikTok’s
algorithm will involve individuals with music they have never heard before (In the Know, 2021).
TikTok allows artist to upload their song directly to the app for immediate use in a choreography
TikTok or as background music in a story TikTok. This app has become one of the best places for
discoverability of independent and up-and-coming musicians.

4. As we all know, the live music industry took a hit due to COVID-19. This past summer
has shined light onto its future; however, we are now dealing with the rise in cases of a delta
variant of the deadly disease. Dr. Dumford III, MD, MPH states that indoor concerts should be
looked at with high caution: masks, social distant, less occupancy. With outdoor concerts, he
advises necessary social distancing (Cleveland Clinic, 2021). As the number of cases rise and
people start being indoors more due to the cold, there is no saying for what the future holds. One
concerning fact is that the NAMM Show, the world’s largest annual music instrument and
equipment trade show, has been postponed to June of 2022 due to concerns with the variant
(Varga, 2021).
Target Market
The target market for my live music/performing services consists of women living in and
around Peoria, IL. They’re most likely in high school or college, from ages 17-27, and enjoy
supporting local music at their favorite local coffee shop or bar. Typically, they make just above
minimum wage, so they only have a dollar or two to spare for a tip; however, they do have a lot
of social media, which makes it easier to spread the word so more people hear about it. Like I
said, these women are highly involved on social media and dabble in the local music scene. My
target market seeks to support and make others feel good by helping/supporting. If they find a
live act that satisfies their mood, they’ll frequently go and tell their friends about it, whether it’s
the up-beat music at the bar or soothing background music while they study.

5. Customer Persona
Jamie is a 22-year-old college student working at Leaves N’ Beans, her local coffee shop,
for a couple dollars over minimum wage. She is currently attending Bradley University, majoring
in Entrepreneurship. On the weekdays, she clocks off work, gets a discounted coffee, and starts
her studies on the patio out front. When the weekend hits, she heads down the street to Tavern on
Prospect, a local bar, to have a drink with friends, talk about the week, and enjoy the local live
acoustic act. Jamie is active on social media and loves to share the music with her friends who
could not make it. When Monday rolls around and she heads back to work, she’ll tell her
coworkers about her weekend making sure to include that she saw another live act. She is
thinking about creating a chill music scene outdoors for when she studies. She likes to listen with
her headphones, but sometimes they get in the way. She is trying to find the best local musician
to fit the “vibe”, so she can bring the idea up to her manager.

6. Competitor Analysis
Competition
A direct competitor of my services would be Seth Samuelson Cocquit. Seth is a musician
out of Peoria, IL who plays acoustic guitar and sings at local coffee shops and bars (Seth
Samuelson Cocquit, n.d.).
An indirect competitor of my services would be Ghost Key, a hardcore rock band out of
Peoria, IL (Ghost Key, n.d.). They focus on more recording than playing live, and their target
market is more geared toward people who enjoy that genre of music.
Competitors Strengths
Seth Samuelson Cocquit is a well-known musician in the Peoria, IL area. Not only does
he do his solo acts, but he is also part of the very well-known band Harvest Sons out of Peoria,
IL (Harvest Sons, n.d.). Seth is a few years older and has a bit more experience under his belt, so
he knows his customer base and has established relationships with many bar/restaurant owners to
try and get more shows. Seth has also recently launched his solo career and has a large local
following, around 250 followers on Facebook (Seth Samuelson Cocquit, Facebook, n.d.).
Ghost Key is one of the more successful/popular bands out of Peoria, IL. They have
3,884 followers on Instagram (Ghost Key, Instagram, n.d.). Ghost Key has also teamed up with
No Sleep Records to record a four song EP, The Things I Am Not, and then moved to InVogue
records where they recorded and released their first full-length project: If I Don’t Make It
(Demng, n.d.). They have a large local following as well as a large online consumer base. They
have 2,694 monthly listeners and 7,060 followers on Spotify (Ghost Key, Spotify, n.d.).

7. Competitors Weaknesses
Seth Samuelson Cocquit has only recently launched his career as a solo artist. Being a
part of a band and having a solo career means that he must be busy a lot and has to say no to
some opportunities to keep the band alive. While he has a larger following on Facebook, Seth is
struggling to get his live show followers to follow his Spotify. On the popular streaming
platform, he only has 15 followers and 11 monthly listeners (Seth Samuelson Cocquit, Spotify,
n.d.). Seth is very active on Facebook, but it is hard to find that he has a Spotify unless you scroll
for a little or click a few links.
While Ghost Key has many strengths and a large local following, they lack social media
and online presence. They last posted on Instagram on May 28, 2020 (Ghost Key, 2020). Their
last project was released in 2018 (Ghost Key, Spotify, n.d.). To keep consumers and people
coming to shows, it is very important to keep an active online presence and engage with your
followers, especially in today’s age. Everything in the world has been shifted online in the past
year. We are slowly coming out of it, but the importance of a presence online or on social media
has stayed the same. If they want to keep their fan base in the future, they need to establish
themselves online in some way, whether its releasing new music or just posting on Instagram
every week.
Market Positioning
To supporters of local music in Peoria in need of someone to play at their bar, restaurant
or private event, Eddie Tangel is a musician who combines a unique sound and comfortable
atmosphere to provide the best “vibe” for everyone to connect through his music.

8. References
Braxton, D. (2020, December 11). The psychology of music and its influence on consumer
behavior. IDealogic® Brand Lab. Retrieved September 11, 2021, from https://
idealogicbrandlab.com/the-psychology-of-music-consumer-behavior/.
Cichewicz, K. (2017). photograph, Munich, Germany. Retrieved September 12, 2021, from
https://unsplash.com/photos/ppWX6_Z1-Qo.
Cleveland Clinic. (2021, August 5). Are concerts and events safe to attend? Cleveland Clinic.
Retrieved September 11, 2021, from https://health.clevelandclinic.org/is-it-safe-to-go-to-
concerts-during-covid/.
Deming, M. (n.d.). Ghost key biography, Songs, & Albums. AllMusic. Retrieved September 12,
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In the Know. (2021, March 3). How the TikTok Boom Has Impacted the Music Industry.

9. Musicians Institute Hollywood. Retrieved September 11, 2021, from https://www.mi.edu/
in-the-know/tiktok-boom-impacted-music-industry/.
Kempton, B. (2014, November 17). Why do people attend live concerts? Schubert Club.
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Macy, A., Rolston, C., Allen, P., & Hutchison, T. (2015). Chapter 3. In Record label marketing
(3rd ed.). essay, Routledge.
North American Industry Classification System - NAICS. United States Census Bureau. (2021,
September 11). Retrieved September 11, 2021, from https://www.census.gov/naics/?
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Varga, G. (2021, September 9). NAMM show, a music industry giant, postponed from January to
June 2022 because of Covid variant concerns. Tribune. Retrieved September 11, 2021,
from https://www.sandiegouniontribune.com/entertainment/music/story/2021-09-09/
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