BUS P3 MUSIC (different businesses in the UK music retail market) Flashcards
What sector are most businesses in the UK music retail market in??
Most businesses in the UK music retail market belong to the private sector.
The main aim of the businesses is to make a profit.
What is an independent retailer?
An independent retailer is a retailer that is responsible for their own business.
They are not part of a franchise or chain with other branches of the same brand.
Independent retailers are often small-scale retailers with only one branch
Why are independent retailers increasingly popular?
Independent retailers are increasingly popular as consumers seek unique alternatives to the mass-market products sold by larger retailers such as one-offs or vintage vinyl.
How many independent retailers are there in the UK?
ERA reported that there were 461 independent record shops in the UK in 2024.
Independent retailers now represent 23% of music outlets
What are multinationals?
Multinational companies typically have a head office in one country with operational faciulities in other countries.
Multinationals tend to be large public limited companies, often with thousands of employees in multiple countries
How does a multinational operate?
In multinational companies key decisions and operations are managed from the head office, which is known as a centralised structure.
Which is a multinational in the music industry?
HMV is a well known multinational music retailer which has faced several challenges over the years, including entering administration twice - in 2013 and in 2018
How has HMV performed over the past few years?
Over the past few years HMV has enjoyed improved performance.
Sales rose from £151 million to £178 million during the year to may 2023.
It is reported that approximately half of UK vinyl sales are through HMV
