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Businesses in the UK music retail market Flashcards

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1
Q

UK customers buy physical recorded music through

A

a mix of independent shops, national chains, online platforms, and supermarkets

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2
Q

Independent record stores, such as Rough Trade and Banquet Records, offer

A

vinyl and CDs, and some host live events to engage local music communities

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3
Q

Major high street retailers like HMV provide

A

a broad range of titles across many genres

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4
Q

Supermarkets, including Tesco and Asda, also

A

sell popular music releases, largely in CD format, at competitive prices

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5
Q

Online platforms - especially amazon.co.uk and hmv.com - are a

A

major outlet for buying physical music, offering convenience, wide availability and home delivery

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6
Q

Notable retailers

A

HMV
Amazon UK
Rough Trade
Banquet Records
Gatefield Sounds

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7
Q

HMV:

A

With its significant presence on the high street, HMV is the UK’s biggest music retail chain and its hmv.com website is a key online source

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8
Q

Amazon UK:

A

A major online retailer that sells physical music products as well as a popular streaming platform (Amazon Music)

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9
Q

Rough Trade:

A

Known for its focus on independent and alternative music, with stores in cities like London and Nottingham as well as a successful online store

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10
Q

Banquet Records:

A

Based in Kingston upon Thames, this store is known for combining retail with live music promotion

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11
Q

Gatefield Sounds:

A

A respected independent shop in Whitstable with a broad and loyal customer base

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12
Q

HMV, originally called

A

His Master’s Voice, opened its first store on London’s Oxford Street in 1921

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13
Q

HMV quickly became a

A

leading UK music retailer, known for selling vinyl, CDs, DVDs and video games

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14
Q

After HMV faced

A

severe financial difficulties due to competition from digital downloads and streaming, HMV entered administration in 2013 and again in 2018

It was rescued by Sunrise Records & Entertainment in 2019, which revitalised the brand

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15
Q

In recent years HMV has

A

expanded its vinyl offer, merchandise and pop-culture products, increasing its profitability

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16
Q

HMV’s Birmingham outlet, the

A

largest entertainment store in Europe, sold 25,000 vinyl albums, 80,000 CDs and 40,000 DVDs in 2022

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17
Q

HMV’s Business Approach: Product Range

A

HMV offers a diverse selection, including music CDs, vinyl records, DVDs, Blu-rays, video games and music merchandise

It has expanded to include technology products like headphones and speakers

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18
Q

HMV’s Business Approach: Customer Service

A

HMV focuses on the in-store experience by integrating digital initiatives such as in-store wi-fi and digital kiosks

These allow customers to explore and discover new products

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19
Q

HMV’s Business Approach: Pricing Strategies

A

HMV employs competitive pricing, often bundling products and offering promotions to attract customers

Examples include the popular ‘3 for £66 range, available in-store and online

It also offers a loyalty program, PureHMV, to encourage repeat business

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20
Q

HMV’s Business Approach: Marketing Tactics

A

HMV uses a multichannel approach, combining its online platform with physical stores

Stores host live events and signings to draw customers into stores, creating a community around the brand

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21
Q

Amazon.co.uk sells

A

a wide range of CDs and vinyl records

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22
Q

On Amazon.co.uk, customers can

A

easily browse popular albums, new releases, and exclusive versions like coloured vinyl or signed copies

These special editions attract music collectors and fans

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23
Q

Although Amazon doesn’t

Study These Flashcards
A

publish exact sales figures, it plays an important role in selling CDs and vinyl in the UK

24
Q

Amazon’s Business Approach: Product Range

Study These Flashcards
A

Amazon UK offers a wide range of music products, including CDs, vinyl records, digital downloads and streaming services through Amazon Music Unlimited

25
Amazon's Business Approach: Customer Service
Amazon is known for its efficient delivery system, offering options like next-day delivery for Prime members Their customer service includes easy returns and 24/7 support
26
Amazon's Business Approach: Pricing Strategies
Amazon uses dynamic pricing strategies, adjusting prices based on demand, competition and other factors It often uses psychological pricing, setting prices just below round numbers (e.g. £9.99) to make products appear more affordable
27
Amazon's Business Approach: Marketing Tactics
Amazon uses personalised marketing, using customer data to recommend products They also offer promotions like free trials for Amazon Music Unlimited to attract new users
28
In 2024, there were
461 independent record shops in the UK, 122 more than 10 years ago Between them, these stores sold more than 2.2 million records
29
Rough Trade was founded by
Geoff Travis in 1976 as a small record shop in Ladbroke Grove, London It quickly became
30
Rough Trade quickly became
a hub for punk and alternative music fans, fostering a community where customers could discover new artists and connect with fellow enthusiasts
31
In 1978, Rough Trade
expanded into a record label, famously signing The Smiths
32
Today, Rough Trade has
six UK stores - two in London and others in Bristol, Nottingham, and Liverpool. There is also store at Rockefeller Center in New York
33
Rough Trade has
tripled its share of the UK vinyl market over the last five years
34
By December 2023, Rough Trade Retail (UK) Limited
achieved sales of £16.8 million, driven by a 10% increase in physical music sales and 15% growth in store visitors over the previous year Its website attracted more than 760,000 visits in February 2025
35
Rough Trade's Business Approach: Product Range
It specialises in vinyl records, focusing on independent and alternative music genres It also sell books, magazines and music-related merchandise
36
Rough Trade's Business Approach: Customer Service
Rough Trade emphasises creating a community atmosphere with knowledgeable staff who provide personalised recommendations
37
Rough Trade's Business Approach: Pricing Strategies
Prices are set to reflect the niche market, often higher than mainstream retailers due to the focus on independent labels and limited editions
38
Rough Trade's Business Approach: Marketing Tactics
Rough Trade hosts in-store events and live performances to engage customers In 2024, they hosted over 800 events across their stores, enhancing the in-store experience.
39
Banquet Records, located in
Kingston upon Thames, became fully independent in 2002 and is currently owned by former staff members Jon Tolley and Mike Smith, who transformed it from a struggling business into a major music hub
40
Banquet Records store and website specialise in
vinyl and CDs across genres including indie, punk, emo, dance, and hip-hop
41
Banquet hosts over
200 shows a year in-store and at local venues Acts like The Who, Billie Eilish, and Stormzy have played at Banquet-linked events.
42
Banquet Records is credited with
helping several artists reach No.1 in the UK charts and is seen as one of the country’s most influential record stores
43
Banquet Records lives up to its slogan,
“More than just your local record store,” by blending retail with live music experiences
44
Banquet Records' Business Approach: Product Range
Banquet offers a large selection of vinyl records, CDs, and tickets for local music events It focuses on indie, punk and alternative genres
45
Banquet Records' Business Approach: Customer Service
It is known for its strong ties to the local community, providing a personalised shopping experience It actively supports upcoming bands and new music
46
Banquet Records' Business Approach: Pricing Strategies
Banquet pursues a competitive pricing strategy with an emphasis on value, often bundling concert tickets with album purchases
47
Banquet Records' Business Approach: Marketing Tactics
It organises and promotes local events and club nights, such as the weekly 'New Slang' event, to foster a vibrant music community
48
Whitstable's Gatefield Sounds is a
family-run independent record shop founded in 1972
49
Gatefield Sounds offers a
diverse selection of vinyl records and CDs, catering to a wide range of musical tastes from Abba to Zappa, with serves customers aged 7 to 95
50
Gatefield Sounds has hosted
in-store performances, including a notable event by the band Slaves
51
In recognition of Gatefield Sounds'
contribution to the music community, Gatefield Sounds was shortlisted among the UK's top 20 independent record shops by Long Live Vinyl in 2019 The shop continues to thrive, reflecting the dedication of its owners to fostering a vibrant local music scene
52
Gatefield Sounds' Business Approach: Product Range
Gatefield Sounds offers a diverse selection of music across various genres on both vinyl and CD, catering to a wide audience It stocks music from a wide range of artists, ranging from Abba to Frank Zappa
53
Gatefield Sounds' Business Approach: Customer Service
They provide an efficient ordering service for items not in stock and can order films, DVDs, and Blu-rays As a family-run business established in 1972, Gatefield Sounds is praised for its knowledgeable and friendly staff who offer personalised recommendations Customers appreciate the welcoming atmosphere and the owner's expertise
54
Gatefield Sounds' Business Approach: Pricing Strategies
he shop offers reasonable prices for its wide selection of vinyl and CDs, balancing affordability with the value of physical music formats
55
Gatefield Sounds' Business Approach: Marketing Tactics
The shop hosts in-store live performances and album signings from both established and emerging artists Gatefield maintains an active presence on social media platforms like Facebook and Instagram to update customers on new releases and events The business participates in Record Store Day, offering exclusive releases and fostering a sense of occasion with traditions like providing sausage rolls to early customers

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