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Subject category: Marketing
Authors:
Published by:
Amity Research Centers (2017)
Length:
10 pages
Data source:
Published sources

Abstract

'His Master's Voice' (HMV) was the leading book, music and entertainment media retailer. Founded in 1921, HMV was based out of UK. HMV was a well-known brand as a CD retailer. The Company operated stores in UK, Hong Kong, Japan, Singapore, Australia, India and few countries of Europe. With changing market trends in music industry, HMV's business model was becoming unsustainable. In the digital era more than 70% of the music was downloaded online. In 2013, HMV called in the administrator and put 4,350 jobs at the risk. For the struggling brand, Hilco emerged as the ray of hope. By April 2015, Hilco bought HMV out of administration and HMV reclaimed its position as Britain's biggest music retailer. Although vinyl sales were growing for the brand, CD sales were falling in double digits. With changing market trends, streaming sites like Pandora, Spotify and digital download stores like iTunes were getting more popular and people were not ready to spend money on physical CDs. Would HMV be able to rebuild its brand and engage customers, especially the young who want physical media, to rekindle the interest in vinyl and turntables?

Topics

His Master's Voice (HMV); Music; Media and entertainment retailer; Pandora; Spotify; The Gramaphone Company; International expansion; Annual music festival; Hilco; Hammersmith Apollo; Physical music; Vinyl; Digital platform; Netflix; iTunes
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2017

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