Modest! Management 2014 Marketing Plan Carly
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Modest! Management 2014 Marketing Plan Carly Armen Table of Contents Company Description _____________________ 3 Company History _______________________ 3-4 Mission _________________________________ 4 Company Location ________________________ 4 Core Values _____________________________ 4-5 SWOT Analysis __________________________ 5 Major Competitors ________________________ 6 Analysis of Target Market __________________ 6 Marketing Objectives ______________________ 7 Marketing Strategies ____________________ 7-10 Timetable _____________________________ 10-11 Evaluation Criteria ________________________ 12 Conclusion _______________________________12 2 Company Description Modest! Management is an artist management company based out of London. The company manages all aspects of their artists’ careers including writing, recording, touring, brand partnerships, merchandise, endorsements, theatre, television and publicity. They manage many artists including One Direction, Little Mix, 5 Seconds of Summer, and Olly Murs. Company History Modest! Management was formed in the United Kingdom in 2003 when Richard Griffiths and Harry Magee came together to provide personal management for new artists in London. Richard Griffiths has been in the music industry for forty years. He started as a booking agent in London and in 1974, he founded Headline Artists where he became the very first international agent for AC/DC. He held multiple positions at BMG Entertainment, Virgin Music, and Sony Music. He founded Epic Soundtrax and Ten Records, both successful labels. He went on to work with Simon Cowell to start Syco Music & Television and then in 2001, he met Harry Magee and in 2003, they launched Modest! Management. Harry Magee has worked in the music industry for over thirty years and he started off joining an independent music publishing company in 1982 but has since worked at BMG Records as MD of RCA, Big Life Records as MD and A&M where he became General Manager. He also formed Wire Records. 3 Currently, Modest! manages One Direction, Little Mix, Olly Murs, 5 Seconds of Summer, MNEK, Cheryl, Luvbug, Scouting for Girls, Alison Moyet, Diana Vickers, and Paul Potts. Modest! artists have Sold collectively over 37 million albums worldwide, achieved over 60 Top Ten Singles in the UK, including 23 Number 1s. They’ve reached the UK Top Ten with 22 Albums including 11 Number 1s, sold over a million tickets in 2012 including over 50 Arena dates, won 7 Brit Awards and received 5 Grammy Nominations. Mission Modest! Management is a personal management company who provides services for music artists in London. We manage all aspects of our artists’ career including writing, recording, touring, brand partnerships, merchandise, endorsements, theatre, television and publicity. Our philosophy is to help our artists achieve the success they deserve and to connect the audience with our artists for their mutual benefit. Company Location Currently, Modest! Management is based out of London in the United Kingdom. We mainly represent artists based out of the United Kingdom. Core Values - Giving music artists help with their careers 4 - Teaching music artists about the industry and how to succeed - Connecting the audience to an artist who makes music they love SWOT Analysis Strengths Weaknesses • Manages incredibly • Limited number of artists popular bands that make a • Target market limits the lot of money, like One type of artist Modest! Direction represents • Publicizes their artists on • Only two directors could an international level potentially cause lack of • Modern and stylish ideas/ new ventures branding because they could be set in their ways • No artists from the United States • Having one personal manager costs less sometimes than being signed to a company Opportunities Threats • Increasing number of music • Other personal artists wanting to be management companies represented by Modest! • Record labels have more • Partnerships with say in artists’ career companies like SYCO through contracts which will produce and • New social media and market artist’s music technology allow artists to manage themselves easily 5 Major Competitors Modest! Management is one of the most known management companies in the world because we manage the biggest boy band in the world right now, which is One Direction. The popularity of Modest! Management’s clients are what drive the company. Major competition comes from Artist Nation, which is under Live Nation entertainment and represents 200 plus artists and is the most popular artist management company in the world. They manage many popular artists today including Lady Gaga, U2, and Madonna. Another major competitor is SB Entertainment, which was started by Scooter Braun and represents Justin Bieber, Ariana Grande, and other very popular artists today. Analysis of Target Market The target consumer for Modest! Management is generally Caucasian men and women from as young as eight to mid-30s. They are usually lower-middle class to upper class citizens, who love to listen to the popular music of today. The target consumer appreciates the physical attractiveness of the artists Modest! represents. The target consumer can live anywhere but mainly the consumer resides in the United Kingdom. The consumer loves to listen to the radio and watch music videos and using social networks to find out more about the artists. 6 Marketing Objectives - Build an office in Los Angeles for more opportunities to represent artists from the United States. - Sign at least three more artists to be represented within the next year. - Bring in more employees to help with artists and to generate new ideas into the workplace. - Publicize the brand of Modest! Management more through social media on websites such as Twitter, Facebook, Tumblr, and Instagram. - Partner with more companies like SYCO, which will produce the artists’ music to limit input of record labels. Marketing Strategies Price Strategy Commission Fees Since Modest! Management is an artist management company that goes above and beyond to help artists with all aspects of their careers, there will be a standard commission fee of 15% of the revenue an artist makes in any one year period. 7 Product Strategy New Genres Modest! Management is always looking to add new artists to the company. We wish to add artists of other specific genres that we do not represent at this time. Current genres that we already have are pop, EDM, opera, R&B, and rock. We want to create a diverse product mix for our consumers. Expand Target Market Modest! Management recognizes that the target market for our products is limiting. We wish to expand the target market by acquiring new artists that appeal to an older, more mature crowd. We also wish to expand the target market geographically, which we plan on doing by creating a new location in Los Angeles so we can have a firmer stand in the American market. Promotion Strategies Social Networking Modest! Management knows that social networking is a huge part of the world today, since we live in a digital age. Since the number of people on social media is increasing every day, we wish to put more time and effort into our artist’s social media. We will be putting more exclusive content on our artist’s Facebook, Twitter, Instagram, and websites to increase social media following. Short time promotions will be available on each artist’s website which can be accessed if you sign up for the email list. Special Events Modest! Management plans on holding a major industry event, which will call together artists, managers, and agents for a networking opportunity. We are currently planning a party that is in honor of our main client One Direction and their new 8 album Four. We will be inviting many industry professionals and celebrities to the party that will be held at the famous Las Vegas nightclub TAO. Subscription Service Modest! Management will launch a subscription service through our website, where consumers can sign up to receive email blasts from our company. We will send out exclusive content from our artists, contest opportunities, promotional codes for merchandise, and exciting news that will interest our consumers such as new albums coming soon, tour launches, etc. Contests In order to promote our artists, Modest! Management will hold several contests over the course of the next year in order to connect our artists with their fans. We are planning contests for the artists One Direction, Little Mix, and 5 Seconds of Summer. One Direction’s contest will be a “Meet the Band” where you will be flown to New York to meet the band and have lunch with them. Little Mix’s contest will be a “Album Listening Party” where ten fans will be flown to London and be apart of an exclusive first look and listen at the girl’s new album at the Modest! Management headquarters. 5 Seconds of Summer will have a contest that picks one fan and a friend to attend any 5SOS concert of their choice, have VIP seating, and backstage passes. The contests will be promoted through our subscription service on our website, social media, radio, and magazine advertisements in People, Seventeen, GQ, and Teen Vogue. Distribution Strategy Internet Modest! Management knows that our target market is especially interested in the digital age of music nowadays. We plan on making all our artist’s catalogs available on streaming 9 services, such as Spotify and Pandora. We also plan on selling our artist’s music online exclusively on iTunes. We want to make our artist’s music digitally accessible to the public anywhere