When an artist begins to work on some new music the first thing that record labels establish is deadlines for when certain songs of the album must be ready by. They also must agree on when the album is coming out, how much to sell the music for as well as the marketing strategy to make sure it’s successful. In marketing, this is called the 4 Ps of marketing which includes the product, price, place, and promotion.
The product, which is the music as well as consumer goods, must be catchy and well balanced for listeners to enjoy. This is the meat of the meal because this is what we are going to “sell” to the consumers so it must be of high quality. When it comes to price, labels have considered the competitiveness of music streaming platforms and how it has changed the industry since it began. They price the product in a way that they breakeven quicker but receive most of the funds from sponsorships and ads than actual records sold.
Overall, this is a quick glimpse into the marketing side of the music business because without it the music goes unnoticed and the labels don’t make money.