Globalization And The Music Industry Essay

2722 words - 11 pages

In this paper I will review how globalisation has impacted the Music Industry in recent years, and in particular the US multi-national Universal Music Group (UMG). The term globalisation is defined as “the process by which businesses or other organisations develop international influence or start operating on an international scale” (Definition of globalization). People’s view of globalisation varies depending on a number of factors including where they live, their religion, social status, political ideology, cultural background and wealth. The world-renowned British scholar David Held said, “Globalisation denotes transcontinental or inter-regional flows and networks of activity, interaction and power. It is, in short, about the interconnections between different regions in the world – from the cultural to the criminal, the financial to the environment – and the ways in which they change over time”. This descript definition demonstrates just how many things globalisations has an effect on across the world, and describes its action of connecting people, countries, and businesses through “networks of activity, interaction and power”. In addition, Kenichi Ochmae, a Japanese organisational theorist, said that globalisation is the “onset of the borderless world” (Al-Rodhan, 2006). This provides a simple explanation of globalisation because the phrase “borderless world” describes exactly what globalisation is about, however the weakness is that it is very non-specific.

Relationships and activities (business and otherwise) between countries are changed through globalisation. It results in the sharing of information, skills, knowledge and capital across the world and an increased mix of cultures. The six main aspects of globalisation are international trading, global production of products, investment flows, migration, communication flows, cultural flows, and rapid and extensive technological changes (Wetherly & Otter, 2011). All of these can aid people and businesses because the introduction of a global marketplace means they can showcase their personal skillsets, products and services to a worldwide audience.

The flow of capital across borders has increased through globalisation. Employment increases as companies grow in stature, with those in more economically developed countries employing people in less economically developed countries because of the potential to significantly cut production and employment costs. Employment costs are lower in less developed countries because of access to a huge workforce willing to work long hours at lower pay rates. Although this provides larger companies with the chance to increase their profit margins, it can be viewed as unethical and lead to brand damage for some businesses. Greater free movement of people across borders means that valuable knowledge can be shared between cultures, which can contribute to business growth. The inclusion of diverse cultural views and ideas in the business can lead to...

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