The assignment for this month was to create a media company and describe how you would distribute it cost effectly.
Mission Statement
I chose to keep my mission statement short and straight to the point. I was taught this in an earlier class in the program. The mission statement is as follows: New Jack Productions mission is to provide high-quality music in the genre of R&B. R&B that has a nostalgic throwback feel to it. Our goal is to feed that burning need of live recorded instrumentation for our audience therefore providing an experience to remember for our clients.
Executive Summary
New Jack Productions (NJP) is a music production company that specializes in R&B. NJP will market to artist by attending the appropriate functions and gatherings that these artists attend. Competition includes surrounding production studios in the Atlanta, Georgia area that produce R&B. NJP Operations includes music production, graphic design and cd packaging. NJP plans to be the premier and go to studio for all R&B artists locally and also to attract major artist as well.
Company Description
New Jack Productions (NJP) is a music production company based in New York City, which specializes in the genre of modern R&B with a nostalgic feel to it. Atlanta offers different production companies from all musical genres. Competitors in the market do not offer R&B production that is solely produced by live musicians. Therefore, there is a burning need for this niche market to have a place for our clients to come and revisit the time before there were music programmers and beat makers.
New Jack Productions provides all musicians for production unless not needed by the client. NJP revenue streams include production, cd packages and graphic design.
Product
The product that New Jack Productions will create is R&B music for signed artist to the company and any artist of this genre that needs professional quality sounding material. The studio is a home-based studio so there is no major overhead cost and this will over more profit to the company. There is an in house graphic designer for clients that need a professional look to their photos. CD packaging will be the only service that is outsourced.
Manufacturing Strategy
Manufacturing strategy is pretty simple since all products will be produce in house. The client does have the options to bring in their own musicians and/or graphic designers. Everything that NJP creates for the client is subject to the client’s approval. NJP has a professional standard to uphold and does not want to tarnish the reputation of the company.
Distribution Strategy
New Jack Productions distribution will be handled by several sources for our clients. First, the client has the option to take their product and distribute it on their own. Next, the client can signed with our company if we both mutually agree to work together and NJP would handle distribution duties from there. Third, NJP will set up a deal through iTunes since this is where the majority of online music is purchase. One in every four songs sold in the United States is through iTunes (Whitney, 2009). In addition, NJP will out source print on demand through CD Baby. This is for the customer that wants a physical copy of the product. The good thing about partnering up with CD Baby is they have multiple partners with digital distribution as well. These digital distributions partners include the following: iTunes, amazon, eMusic and Rhapsody and several more (http://members.cdbaby.com). After securing much success as a company, then NJP would look for a larger distribution company after proving that the company can make sales. And NJP would not agree to an exclusive contract with the distributor unless it is a major deal and it is beneficial to the company. NJP sees fit to keep doors open to have multiple distributors for multiple revenue streams.
Marketing and Production Strategy
NJP’s marketing strategy includes several things. First, we have to determine who owns the rights to the material for publishing reasons of course. Since NJP offers production of the music, then NJP would own 50% of the product unless agreed upon otherwise or clients produces the music themselves. Next, NJP would decide which performing rights society to join. In addition, NJP will seek out performers mainly in the Atlanta, Georgia area by attending music festivals, conferences and showcases that focus on the genre of R&B or related sub-genres. In addition, NJP would look to primary and secondary competitors in the area and find out what strategies that are working well and not well for them and make adjustments from there. Production strategy is the same as previously mention in the manufacturing strategy.
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