Professional Documents
Culture Documents
By:
Hien Vu
Shawn Garner
EXTERNAL ANALYSIS
| PESTEL Analysis
| The Five-Forces Model
P.E.S.T.L.E. ANALYSIS
| Political Factors
| Economic Factors
| Technological Factors
| Legal Factors
POLITICAL FACTORS
| Sony Corporations
Corporation s head quarters are based within Minato
Minato,
Japan
| SMEs corporations polices are entirely different although
it iis considered
id d a bbranchh office
ffi
| Legislation
y The Consumer Broadband & Digital Television Promotion Act
y P2P Piracy Prevention Act
| Upon the agreement of the joint venture SME received the
bl i off the
blessing h European
E Union
U i believing
b li i that
h theh merger
will drive growth, job creations, and innovation 1.
ECONOMIC FACTORS
| Success for music is determined byy the taste of
the people who listens to it.
| Incorporated as many labels (Public and
I d
Independent)
d t) as possible
ibl
| Invest in generally favored genres as they
provide the safest investment.
| Decline in album sales and the rising costs of
producing music.
SOCIO CULTURAL FACTORS
| Marketingg toward demographics
g p
| Large enough to produce material for all genres,
ages, and gender.
| Houses a number of popular artists on the
Billboards.
TECHNOLOGICAL FACTORS
| Digital
g Rights
g Management
g
| Investment in Mp3 technology
| M i competition
Main i i derived
d i d from
f the
h Big
Bi Four
F
y Universal Music Group
y Warner Music Group
y EMI Group
Retailers Promotions
ArtistsPool Efficiency Consumers Advertisements Customer
NewTalent > HumanCapital >
Internet
>
Movies
>
Support
Intensive Performances Radios
Television
| Diversified
Di ifi d revenue portfolio
f li
| Digital distribution strategy
| Legislation
SOLUTIONS AND RECOMMENDATIONS
| Ease licensing
g restrictions
| Develop digital copy protections for music
SonyMusicEntertainment
CompanyAnalysis
MANA124
ShawnGarner
HienVu
12042008
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TABLEOFCONTENTS
Introduction....................................................................................................................................3
ExternalAnalysis............................................................................................................................3
PESTELAnalysis...........................................................................................................................3
PoliticalFactors........................................................................................................................3
EconomicFactors.....................................................................................................................3
SocioCulturalFactors..............................................................................................................4
TechnologicalFactors..............................................................................................................4
EnvironmentalFactors............................................................................................................4
LegalFactors............................................................................................................................4
FiveForcesModel.......................................................................................................................5
SupplierPower........................................................................................................................5
BuyerPower............................................................................................................................5
DegreeofRivalry.....................................................................................................................5
ThreatofNewEntrants...........................................................................................................6
ThreatofSubstitutes...............................................................................................................6
InternalAnalysis.............................................................................................................................6
ValueChain..................................................................................................................................6
VRINE...........................................................................................................................................7
FirmStrategy..................................................................................................................................7
Recommendations.........................................................................................................................8
Conclusion......................................................................................................................................9
AppendixA...................................................................................................................................10
WorksCited..................................................................................................................................11
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Introduction
SongMusicEntertainmentbeganasofacorporatejointventurebetweenSMEand
BertelsmannMusicGroupinAugust2004.Inagreementwiththetermsestablishedbothcompanies
owned50percentofalllabelsacquiredbeforehand.SoonafterthemergerSMEandBMGSonyBMG
becamethelargestdistributorofmusicandlabelsintheworldsecondonlytoUniversalUMG.
OnAugust2008SonyCorporationofAmericaagreedtobuyBertelsmanns50%stakeinthe
musiccompanyfor$1.2billionto$1.5billion.ThenewlyboughtcorporationwasrenamedSonyMusic
EntertainmentInc.toreflectoftherevivalofSMEpriortothemergerin2004.HeadquarteredatNew
YorkCity,thecorporationhascontinuedtothriveasawhollyownedsubsidiaryofSonyCorporationof
America.
I
ExternalAnalysis
ThissectionwillanalyzeSMEasalargerecordlabelcompanybyusingboththePESTELAnalysis
andtheFiveForcesModel.ThePESTELAnalysiswillexaminethepolitical,economic,sociocultural,
technological,environmental,andlegalforcesimpactingthisindustry.TheFiveForcesModelwill
considerhowsupplierpower,buyerpower,degreeofrivalry,threatofnewentrants,andthreatof
substitutesaffectrecordlabels.
PestleAnalysis
PoliticalFactors
ConcerningthePoliticalPolicesofSMEitshouldnotbeconfusedwiththepoliciesofits
parentcompanySonyCorporation.DuetothefactthatSonyCorporationsheadquartersare
basedwithinMinato,Japan,thecorporationspolicesareentirelydifferentfromthatoftheUS.
BeforethemergerSonyMusicEntertainmentwasalabelcontrolledbytheSonyCorporationof
AmericaandBMGwasadivisionofBertelsmannbasedintheEuropeanUnion.Uponthe
agreementofthejointventureSMEreceivedtheblessingoftheEuropeanUnionbelievingthat
themergerwilldrivegrowth,jobcreations,andinnovation(NYPost).
EconomicFactors
Asthesuccessofmusicisdeterminedbythetasteofthepeoplewholistenstoit,itis
verydifficultforSMEtodeterminewhowillbecomeanAlistcelebrityandwhowillnot.To
counterthis,SMEhasadoptedasmanylabelsbothpublicandindependentaspossiblein
attempttobroadentheirvarietyandrangeofmusic.Inordertofollowtheeconomictrendsof
musicamajorityofartistswhoarewithSMEareinvolvedinRock,Pop,HipHop,andR&B.
Thesegenresaretypicallythemostwidelyacceptedandprovidethesafestinvestment.As
musictrendsshiftandmarketcycleschange,themajorrecordlabelsinvestheavilyinfinding
newtalentandcreatingpoolsofunusedmaterial.Thisenablestheartiststodrawuponand
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quicklyproducenewmaterialiftheyprovetobepopularwiththepublic.AswithUniversal
MusicGroup,SMEisaproductorientedbusiness.Withthemassivedeclineinalbumsalesand
therisingcostsofproducingmusic,Sonyhasadoptednewmeasurestoinvestin.Onesuch
measureincludespubliclysharedMp3savailablefordirectdownloadthatcanbeindividually
soldonlineviaiTunesorRhapsody.
SocioCulturalFactors
Asformarketingtowarddemographics,SMEisabusinesslargeenoughtoproduce
sufficientmaterialforeverygenretoappealtoanyageregardlessofgenderoreducation.
Basedsolelyontheirpopularartists,theynumberinthe100sspanningeverygenre.Asfor
othersocialaspectssuchasEthicalissues,Health,orOccupations,theydonotdirectlyaffector
impacthowwellanartistwillperform.Artistsmakemoneybasedonsalesorendorsementsof
theirmusic,andtheattendanceanddemandtoseethemliveforconcerts.
TechnologicalFactors
Asmentionedbefore,SMEisaproductorientedcompany;therefore,stayingontopof
technologydetermineswhetherthecompanywillcontinuetoflourishorfacecontinued
recedingprofits.Typicallyrevolvingaroundtechnologyhelpthwartpurchasersfrom
successfullyrippingtheirCDs;SMEhadalwaysbeenstrictabouttheirDigitalRights
Management.Inlater2005andearly2006,peoplediscoveredthatafterpurchasingBMG
products,SonyspearheadedaplanthatinstalledsoftwaretodisrupttheOperatingSystem
(Root).ItpreventstheusersfromsuccessfullyrippingtheCDsandultimatelyleftthecomputer
morevulnerabletovirusesandillegaltrackingIPaddresses.
Afterthescandal,SMEbegantoinvestinMp3technologyandinFebruary2008cameto
anagreementwithAmazon.comtoallowtheirmusicdatabasetobeavailableonAmazonwith
nearly200,000songsavailablewithinthefirstmonth.Thiswasthefirstonlinemusicstoreto
offerDRMfreesongsfromallofthefourmajorlabels(Wired).Laterthatmonth,SteveJobs
announcedthatmusicpublishedundertheSMElabelwouldalsobeavailablefromiTunes.
EnvironmentalFactors
EnvironmentalissuesaretheleastofSMEsconcerns.Allproductspublishedunderthe
labelareintellectualpropertyandisincreasinglybecomingmoreMp3basedformatratherthan
CDbasedformats.IfSMEbecomescompletelyinternetbased,thenthecompanywouldbe
evenmoreenvironmentallyfriendlyasitwouldgiveoffnoexcesswastethatcouldbeharmful
totheenvironment.
LegalFactors
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Knownin2005foractivelyviolatingconsumerprivacy,SMEincludedcopiesof
ExtendedCopyProtectionXCPandMediaMax.Thesoftwareinstalledprogramstoa
consumerscomputerwithouttheirconsentandpreventedthemfromsuccessfullyrippingthe
music.Moreover,itleftthecomputermorepronetovirusattacks.MarkRussinovichwasone
ofthefirstcomputeruserstonoticetheproblemanddemandedthatsomethingbedoneabout
it.SMEquicklyreleasedapatchtodeletethesefilesfromuserscomputers.However,upon
furtherinspectionitwasdiscoveredthatthepatchesmerelyunmaskedthehiddenfilesand
installedadditionalsoftwarethatcouldnotberemoved.Thisdiscoveryledtoamassproduct
recallforamajorityofSMEbasedproductsandeventuallyleadtonumerouslawsuitsfromthe
statesagainstSMEfortheviolationofprivacy.StatessuchasTexas,California,andFloridaall
deemedthattheadditionalprogramsinstalledwereformsofspywareandshouldberemoved
immediatelyfromallIPaddressesfromthoserespectivestates.
FiveForcesModel
SupplierPower
Supplierpowerisstretchedbothways.Dependingonwhotheartistsare,howfamous,
andindemandtheyarewilldeterminetheirlevelofinfluenceandbargainingpoweroverSME.
ArtistslikeBeyonceandUsherhavetalentsthatareunique;theirservicesareindemand.For
thisreasontheywouldhavemorestrengthandcontroltoinfluenceandimpactSMEthan
someonewhoisrelativelynewlikeJordanSparks.Ontheotherhand,SMEhaveamassivepool
ofartiststochoosefrom,thereforelesseningthepowerthatartistshaveoverthem.Ifone
artistdoesnotwork,thenthecosttoswitchtoanotherwouldberelativelylow.
BuyerPower
Consumershavealotofbuyerpower.Althoughtheycanlikethemusicalbums
provided,theydonotnecessarilyneedtoorwanttobuyit.Withthedigitalmusiceracomes
illegaldownloading,piertopierfilesharing,andfreemusiconline.Whatconsumersdecideto
docanultimatelyaffectthecompanyandthemusicindustryitself;hencethethreeyearlong
declineinalbumsales(Hoovers).
DegreeofRivalry
Likeothercompetitiveindustries,factorssuchasbrandidentityandproduct
differentiationaresignificanttorecordlabelslikeSME.BehindUniversalMusicGroup,SMEis
the2ndlargestmusicbusinessintheworld.Althoughtherearevariousindependentlabels,
SMEsmaincompetitioncomesfromthreemaincompaniesUniversalMusicGroup,Warner
MusicGroup,andEMIGroup,thatwithSMEmakeuptheBigFour.Eventhougheach
competitoroffersequallyattractiveproductsandservices(artists),itistheuniquenessand
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brandingofeachartistthatSMEoffersthatsetsthecompanyapartandgivesitthestrengthto
beaheadofthecompetition.Forexample,therewillonlybeoneandonlyoneElvisPresley
whohappenstobeunderSME.ItisthisartistbrandingthatgivesSMEacompetitiveedge.
ThreatofNewEntrants
Consideringthetangibleandnontangibleassetintensivenatureofrecordlabels,the
barrierstoentryarehigh.However,thatisnottosay,newcompetitioncannotenter;itisjust
thematterofbeingabletosurvivewithinthemarketwhenthepowerofinfluenceand
competitionfromtheBigFouraresogreatandintense.Afterall,itisnotaneasyfeatto
accumulatearosterofcurrentartiststhatincludesabroadarrayofbothlocalartistsand
internationalsuperstarsasisthecasewithSME(Indeed).Thecompanyhasartistsfromevery
letterofthealphabetexceptforZ,whoarediscoveredfromalldifferentpartsoftheworld.Itwould
takealotofcapitalandagreatdealoftimeandexpertisetobuildthelargest,oldest,andmost
diversecatalogofmusicalrecordingsintheworld(Thinkmap).
ThreatofSubstitutes
Withsubstitutionbeingeasyandviable,itweakensSMEspowerbothtocompeteandoverits
customers.Duetothedigitalrevolution,consumersdonotneedtorelysolelyonmusicalbumsand
servicesprovidedbyrecordlabelstogettheirmusic.InsteadofgoingtoTargetorthemalltobuyCDs,
consumerscansimplygoonlinetodownloadmusic(legallyorillegally),orjustlistentomusicdirectly
onlineprovidedbysiteslikeImeemorYouTube.
InternalAnalysis
Internallyacompanyisaboutitsresourcesandcapabilities.SMEhasmanyresourcesinthe
formofitswealthofartistsandrecordcatalogs.Thecompanyreliesoninboundlogisticsbasedonits
abilitytocontinuouslycontractnewtalent.Utilizingthegreatamountofrecordlabelsanddiversepool
ofhumancapital(artists)itholds,SMEhascreatedvaluethatotherrecordlabelcompanieshas
difficultymatching.Inadditiontoitswidevarietyofmusicselectionsandlabels,SMEalsohavemany
independentlabelsthatitdistributestoenablethecompanytoremainstrong.
ValueChain
SMEalsohasmanycapabilitiesasdescribedbytheValueChain[SeeAppendixA].SMEs
strongestcapabilityisitsdiversifiedrosteroflocalandinternationalartists.Thecompanyhasawide
arrayofmusicgenresranginganywherefromHipHoptoPoporR&B,Rap,Classicaletc.Withthe
natureofthisindustrybeinghighlyhumancapitalintensiveandthrivingonthedemandforwhatits
artistsproduce;itisessentialtomaintainagoodrelationshipwithbothitsartistsandaudiences
(consumers).Thepurposeistobeabletogaugewhattheaudiencewants,andprovidethemwiththe
rightpeopleandmusicfromtheirmassivepooloftalents.
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SomeofSMEssupportactivitiesincludethesizeofthecompanyanditshumanresources.The
continuoussearch,acquirement,andendorsementoftalentssupportthecompanysgrowthand
recognitionwhiletheacquisitionsandmergersenablethecompanytogrowandbeaslargeasitis
today.OriginallySMEwasrecognizedasSonyBMGbecauseitwasajointventurebetweenSonyand
BertelsmannBMGin2004.ThelargemergercreatedamusicgiantthatwasabletopropelSonyBMG
intothenumbertwopositionpastEMI.Nevertheless,onOctober1st2008,Sonyboughtouttheother
50%ofBertelmannsholdingintheventurefor$1.2billionincashandtookfullcontrolofthecompany.
ThebuyoutwasbeneficialsinceitendedapartnershipthatwasoftentimesturbulentbetweenSony
MusicEntertainmentandBMGEntertainment(Hoovers).
Despitecontinuouslybringinginfreshnewtalentandexpandingthecompany,SMEstillwasa
victimtomusicpiracyofbothphysicalCDsandonlinedigitalmusic.Afterseveralfailedattemptsof
usingsometimesillegalmeansoftechnologytostopmusicpiracy,SMEoptedforamorepreventive
ratherthanreactiveapproach.Theyfinallyrealizeditwasbettertoappeasetheverypeoplewhoare
themaincontributorstotheirrevenuestream,ratherthanfightthem.Therefore,asslowasSMEwere
toadaptingandembracingdigitalmusic,whentheydidmadetheswitch,theylaunchedaservicewitha
proprietaryencodingsystemthatrequirednospecificsupportinitsplayerstoaccommodatethetypical
MP3format(MobileCast).Inaddition,thecompanydroppedtheoldandcumbersomemainframe
licenseISandwentforSybasetechnologytoenhanceitsservicesintheextremelycompetitivemarket
(Sybase).ThetechnologyenablesSMEtodevelopaflexibleandpowerfulsystemprovidingmuchmore
clarityandefficiencythroughoutthecompany.
VRINE
SMEsextensiverosterofartistsattractsandappeasescustomersfromdiversedemographics
andregionsallovertheworld(SeeAppendixA).ApplyingtheVRINEmodel,SMEsabilitytoprovidean
arrayofmusicaltalentsandgenresiswhatgivesthecompanysuchhighvalueforconsumers.
Furthermore,themodelalsoindicatesthatthedistinctpooloftalentsisSMEscorecompetence.No
othercompetitorshavetheexactsameartistsunderthemthatSMEhas.Itistheuniquebrandingand
recognitionattainedbytheartiststhatbooststheirpopularityanddemandwhichmakesisdifficultto
imitate.Thedifficultyandexpenseofsearchingfortalentandmakingthattalentuniquelyahithas
givenSMEarareadvantagethatisnonsubstitutable.Whenpeertopeerfilesharinganddigitalmusic
cametothemusicindustrytakingbusinessfromtherecordlabels,itwasdifficultforSMEtoexploitits
productandservices.Butnowastheyarequicklyadaptingtothenewdigitalmusiceraandattacking
theonlinemusicmarketwithavengeance,SMEisabletoonceagainoffercompetitivelypricedservices
andproducts(music).
FirmStrategy
Foronecompanysolarge,itisnotsurprisingthatitwouldhavemorethanonestrategyto
tackle.AccordingtoNewsBlaze,SMEwillaggressivelypursueitsdigitaldistributionstrategyandexploit
newopportunitiesinpackagedmediafromformatssuchasUMDandBluraydisc.Thegoalwas
synergy.Theywanttolinkallthesegmenteddigitalmusiceffortssuchasinthehardware,onlinesales,
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andsoftwareunitstoassistthecompanyincreatingamoreuserfriendlydigitalmusicsystem(Williams).
Byworkingcloselytogether,itwillmakeiteasierandmoreefficienttoinnovateMP3formats.In
addition,pursuingthedigitaldistributionmethodwillalsohelpSMEcutdownonitsmanufacturing
costs.
Atthesametime,thecompanyalsoaimstotakefulladvantageofitscorecompetenceand
exploititswealthofuniqueartiststotheaudiencesthedifferentiationstrategy.Bycreatingalarge
poolofindemandandirreplaceableperformers,itwillsecureSMEsplacewithintheindustryandmake
itharderforcompetitorstofollowsuit.Tobedifferentisgood,buttobedifferentandgoodatwhat
youdoisevenbetter.Consumerswouldbemorewillingtospendmoneyonsomethingiftheydeemit
moreworthyoftheirtimeandmoneythansomeotheraveragething.Sothepointistohaveartists
whoaregood,unique,andpopularenoughtodriveandsustaindemand.
SMEalsoendeavortokeeponexpandingthesizeofthecompanyanddiversifyingitsrevenue
portfoliointheformofroyaltiesandmusiclicenseswithinthevariousentertainmentindustries.OnOct
9,2006,thecompanysignedacontractwithGoogletomaketheirexpansivemusicvideocollection
availableforonlinestreamingthatcostsnothingforusers(Press).Whileofferingthemusicvideo
catalogforfree,revenueisgeneratedthroughGooglesadvertisers.Earlylastyear,thecompany
announceditsinvestmentinACCESSChinaMediaSolutionstodevelopanddistributeworldclass
solutionsfordeliveringmobilemusicandmultimediaentertainmenttowirelesscustomersthroughout
ChinaandotherAsiaPacificmarketsectors(ACCESS).Thesesolutionswillprovidemusicexperiences
inthehighestqualitywithuserfriendlyinterfacesandfeaturesonmobileplatforms.Itwillbe
economicallyviableforSMEtodistributetheirproductsandservicesintheChinamarketand
throughouttherestoftheworld.
Asforaddressingtheproblemswithmusicpiracy,SMEhastakenmeasuressimilartothoseof
othermajorrecordlabels.Litigationsandlegislationswerefiledandenforced.Copyprotectionand
preventivestepssuchasdataencryption,watermarking,andspoofingwereimplemented.However,
themainfocuswastopromotelegitimatealternativestoP2Pnetworkswhileatthesametime,
discouragethepracticeofillegaldownloading.WhenSMEwasstillSonyBMG,thetwogiantcreated
PressPlayasasubscriptionbaseddownloadserviceinattempttolimitillegaldownloading.Later,SME
startedofferingPlatinumMusicPass;anewdownloadingservicewheretheMP3formatisfreefrom
protectionschemes.
ConclusionSolutions&Recommendations
ImposingfearupontheconsumersthroughlitigationsandlegislationswillonlyhelpSMEtoa
certainextent.WhatSMEshoulddoisfocusmoreonlongtermpotentialgainsratherthanonshort
termlosses.Thecompanyshouldlearntoembracethetechnologicalchangesthatcomealonginstead
ofresistingit.Whiletheycancontinuetodevelopdigitalcopyprotectionsfortheirmusic,theycanalso
investmoretimeandmoneyinonlinesubscriptionservices.Furthermore,sincethesalesofCDshave
beengraduallydeclining,itwouldbewisetomarketCDsthathasaddedvalue(i.e.freeposter,deluxe
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boxset,coupons,discountsetc.)Theaddedvaluewillgivetheconsumersmoreincentivetobuythe
CDs,becauseitwillgivethemthefeelingofgettingtheirmoneysworthandmore.Moreover,SME
couldalsostartembracingMP3sasanotherformofretailratherthanjustCDsalone.Andforthose
consumerswhoenjoyhighqualitymusic,SMEcanfocusonadaptingtheusageofSACD&DVDAdiosto
reachthemandfurtherexpandtheirrevenuestream.
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AppendixA
SMEValueChain
Efficiency Retailers Promotions
ArtistsPool
Human Consumers Advertisements Customer Primary
NewTalent > > > >
Capital Internet Movies Support Activities
InboundOperationsOutboundMarketingService
LogisticsLogistics&Sales
FirmInfrastructure
Hierarchical
CostCutting
HumanResources
Diverseworkforce(variouskindsandtypesofartists)
Continuoustalentsearch
TechnologyDevelopment Support
SybaseTechnology Activities
PlatinumMusicPass
DRM
Procurement
ManyAcquisitions
SizeofCompany
Merger
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"CaseStudy/SonyMusic."Thinkmap.2008.23Nov.2008
<http://www.thinkmap.com/casestudies_sonymusic.jsp>.
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2006.27Nov.2008<http://press.sonybmg.com/2006/10/09/googlesignsagreementwith
sonybmgmusicentertainmenttogiveusersaccesstoexpansivecatalogofmusicvideos/>.
"SonyBMGEntertainment."Indeed.2008.23Nov.2008<http://www.indeed.com/cmp/sonybmg
musicentertainment>.
"SONYBMGMUSICENTERTAINMENTandWarnerMusicGroupAnnounceInvestmentinACCESSChina
MediaSolutions."ACCESS.2008.28Nov.2008<http://www.access
company.com/news/press/access/2007/20070123.html>.
"SonyBMGMusicEntertainmentSuccessStory."SybaseInc.2008.27Nov.2008
<http://www.sybase.com/detail?id=1032356>.
"SonyBMG."Wikipedia.2008.18Nov.2008<http://en.wikipedia.org/wiki/sony_bmg>.
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<http://www.nypost.com/seven/07112008/business/sony_bmg_wins_merger_appeal_at_top_
eu_co_119438.htm>
"SonyCorporationAnnouncesCorporateStrategy2005."NewsBlaze.11Sept.2005.26Nov.2008
<http://newsblaze.com/story/2005092123123500001.mwir/topstory.html>.
"SonyEntertainmentInc."HooversAD&BCompany.2008.18Nov.2008
<http://premium.hoovers.com/subscribe/co/overview.xhtml?id=fffryhctsrjtkxtjkr>.
"SonyMusicEntertainment."MobileCast.2008.17Nov.2008
<http://64.233.169.132/search?q=cache:k8bo5otwp2wj:www.mobilcast.com/pdfs/
melodeo_china_jv_final_1.22.pdf+sony+music+entertainment%2bstrategy&hl=en&ct=
clnk&cd=10&gl=us>.
Tildesley,William.Sonyconfirmsrootkitproblem.Ivirtua.MonSep03,2007.
<http://www.ivirtuaforums.com/sonyconfirmsrootkitproblemt10834>
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UniversalMusicGroupCaseStudy(Reference)
VanBuskirkElliot.SonyBMGWillAllowAmazontoSellItsMusicWithoutDRMWired.10Jan.2008
<Mhttp://blog.wired.com/music/2008/01/amazonaddsson.html>
Williams,Martyn."SonyExaminesMusicStrategy."PCWorld.21Jan.2005.27Nov.2008
<http://www.pcworld.com/article/119372/sony_examines_digital_music_strategy.html>.
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