External Business Environment for the New Entrants Research Paper

orthogonal Business Environment for the New Entrants - Research Paper ExampleChanging demographics are again all-important(a) because of the base of individuals who comprise the music exertion particularly those be hugeing to electronic dance music (EDM). The interview including producers and disk jockeys fall in the age bracket of 13 to 35. Social IssuesThe shift in hearty life to digital space has impacted the music industry greatly with digital platforms like iTunes, Beatport, and otherwise stores transforming the social life of avid music listeners and music makers.CompetitorsCompetitors of my chosen record label, Monstercat, compete on the al-Qaeda of content, artist or music which defines the various record labels apart from genres. New entrantsNew entrants into the music industry are quite frequent due to the emergence of various free online platforms like YouTube, Soundcloud, iTunes, and Bandcamp to name a few.Substitutes and ComplimentsIndeed there is availability of w ide amounts of substitutes however fan allegiance goes a long way in maintaining consumer stickiness. Also, musical collaborations are now a common occurrence. CustomersThe customers loyalty affects competitiveness immensely as this is what provides support for the record labels in terms of sales.Questions1. The record label I chose, Monstercat, has adapted to its external environment really well by responding to the changes that were needed such as maintaining nigh of their presence online so that they can connect with upcoming producers, artists, vocalists, promoters, and so on. Also, it has developed various instruments to allow it to tire their music to millions of its fans online.2. Monstercat has inspired a generation of avid and enthusiastic producers who want to get signed on the label. The label has influenced the external environment with its unique content and music that it releases on specific genres of EDM such as chillstep, trap, progressive house, and so on.