The music licensing industry has gone through major changes in the last decade and Jingle Punks has risen to the top of the game, since 2008 the company has seen profitable gains s (Robehmed, N. 2013, August 6). Once they got their start in 2008 they have doubled in each quarter (Roshkow, M. 2010, March 2), and teamed with the major networks to place music on their TV shows. Also named “America’s Most Promising Startups” by Business Week in 2009.
Market Research Overview
In 2013 Jingle punks passed the 1 million dollar breakthrough in synchronization payout to its indie artists (Christman, 2012, p. 1). Although Jingle Punks is the upstart they are competing for a market share with companies like UMG and SONY/ATV who are the major players in the licensing game and have the bigger slice of the music licensing pie. According to the annual survey by Music & copyright website independent music publishers accounted for 34.8% of publishing revenues in 2013 (Music & Copyright, 2014). Many of the big players (UMG and SONY/ATV) in music licensing are major labels that license music from their roster, but Jingle Punks are forging a new path in the ever-growing production music domain (ASCAP EXPO, 2013) with relevant and hip content that not only they write, but they offer options to independent artists and music producers to upload their music on a exclusive or non-exclusive basis.
Jingle created an app for the iPad where music supervisors can have access to over 20, 000 independent music tracks for use in any media production and they have successfully supplied music to over 80 TV series among them is Bravo’s “Real Housewives” and NBC’s The voice. With 60% of the music coming from independent music artists and music producers Jingle Punks is seizing its share of the music licensing pie (Jurgensen, 2013). Jingle Punks main competitors are Pump Audio acquired by Getty Images provides music from independent artists for licensing to advertisers television, film, and web clients, Rumblefish the largest soundtrack provider for TV, Film and Web clients, and Non Stop Music Company who distributes music to movies, TV shows, commercials, trailers, and radio and Jingle Punks has a large share of the TV shows market.
According to Buyer Persona Institute “Buyer personas are examples of the real buyers who influence or make decisions about the products, services or solutions you market” (Revella, 2014). John Edwards is a 30-year-old music supervisor from New York, New York created as a Jingle Punks typical customer. After sending time as a student at NYU’s The Clive Davis Institute of Recorded Music and working part time as a music editor for Platinum studios in New York City. Edwards started work as a music supervisor for the Bravo TV network. John also played Guitar for the indie band Blind bottom and composed songs for their debut album “Sky’s up” that’s when he decided to shop his music for licensing. The day begins for John by checking his many social media sites, having something to eat then going through music he receives from producers and artists looking for that special music for his next project, and seeing if will fit the scenes he is working on. When he finds that right fit he make contact with the artist or producer to discuss terms. Around the early evening he has dinner then catches a cab to the local venue with his co-workers to hear bands play to see if he can find that gem he can use in his projects
Figure 1. Jingle Punks buyer persona. This figure illustrates a fictional representation of a typical Jingle Punks market consumer (JP, 2011)
Jingle Punks has a comprehensive understanding of its position in the music licensing business. Their success has originated with their exceptional opportunities in music licensing. Jingle Punks differentiates from others music licensing companies via a concrete organization in which they select music for major TV shows, Films and advertising. They have an exceptional group of both independent and on staff music composers that are its greatest asset, and their principal motivation for its clients choose Jingle Punks over its competitors. The greatest approach for Jingle Punks to bolster their management in the music licensing industry is to continue connecting with major TV networks and seeking out placements with major brands. This helps independent composers and music artists feel good about their music’s opportunities to be placed in TV shows and other venues where music is needed and also keep its clients active in choosing music for their projects. This positioning statement delivers essential information that the consumer has for the Jingle Punks brand.
Jingle Punks positioning statement is the following:
For music creators and artists Jingle Punks is a music licensing company that provides licensing opportunities unlike Pump Audio, which provides royalty free for the master recording rights. Since no music is ever disposable Jingle Punks has launched Pop-up Music a boutique music publisher focused on artistic development and multi-platform exposure.