PEST Analysis of the music industry

 PEST ANALYSIS: Four Sections with headers: Create a PEST analysis defining the forces impacting your chosen industry that forced it to change between 2000 and present, 2017. These changes resulted in the way the industry operates today using current technologies to create, market and distribute its products and services. Don’t just say “digital”. How specifically did digital change that industry? (worth 40 points of the grade) Include at least two items in each of the four PEST sections. If you have more – the grade will be higher. 1. Political The political climate: conservative or liberal; laws, regulations, tax policy, pressure groups, issues affecting the industry. New means of distribution may require new copyright laws or regulations. What ones that affect your business? 2. Economic Economic forces affect purchase power & mood of customers: they can include recessions, lay-offs, taxes, stock market change, self-service online (automation), downsizing and totally new businesses emerging. There have been two recessions and recoveries since 2000. Research financials that compare sales in your business between 2000, 2010, or 2016. Any major companies of 2000 go bankrupt and if so, what companies replaced them to distribute the product? 3. Social Social is people: n generations, ethnic diversity, more younger people, older people retiring, etc. How do changing perceptions in society affect an industry, products? Often major change is led by generations who come of age just as technology shifts. 4. Technological How did digital technology specifically change the way your chosen industry produces its products, how customers can access them, and how they are distributed or marketed. Include specifics about production techniques, new devices created, specific services used, byte speeds, etc – this is especially important in TV, gaming or music. (remember, social media is a technological force) Include at least two items in each section with the statement, facts supporting the it and source (in short form) for the facts. Be sure to elaborate on what the item meant to the industry and its impact in forcing change. 4. Conclusion: Summarize briefly what was discovered in the PEST sections; in about 150 – 175 words describe the main forces that worked on the industry that made it evolve and change over the past 12 years.