• LO1 – To mix and master diverse material so that it can be presented on a compilation audio product to a client.
• LO2 – To research how to present products in a manner that is appealing to the education sector.
• LO3 – To research and price up options and tariffs for creating final products.
• LO4 – To research and practice the internal dynamics of running a production company.

To research and price up options and tariffs for creating final products.

 

Researching similar products proved to be challenging as I could find any company offering a similar product.

We decided to approach this by talking with educational establishments to get primary feedback on the pricing scheme.

Ross (COWA) was particularly useful as he gave honest and constructive feedback.

We added the idea of bundles as this would give customers a set figure for a product. The bespoke service would still exist this was mainly to give upfront costs to potential customers on the website.

 

I was curious to get a second opinion on the pricing as that was one area we were a little uneasy on.

I approached Ross with our original pricing scheme and his answer was more or less identical to Dave’s. He said that a studio rental fee wouldn’t be feasible due to their resources. Ross was interested in the CD option as he enjoyed the idea of a fully finished product, but question the price.

I then approached him with the new pricing strategy that involved the scaling. He definitely preferred this approach as it allowed him to tailor the cost to what he actually wanted. Out of the bundle option, he said he liked the idea of a band/EP because of its affordability. If he was to purchase an option he said he would go for that one as it’s enough material to promote with.

Ross also mentioned that when targeting schools to be careful of the fact that professional recordings may not be interesting to them. He said that the idea as a whole was good but that some places may not see the value in the product.

Ross was actually very helpful as he gave a second opinion on our idea as well some new input.

Another idea we had was to create bundles for our product. This would allow the client to potentially save money for a more structured recording process.

Band EP – 4 tracks – 1 USB’s – £399

Choir / Acoustic Recording – 3 tracks – 1 USB’s – £299

Full Showreel – 8 tracks – 3 USB’s – £699

These fixed tariffs would be designed to fit a majority leaving the original pricing for more bespoke options.

We feel these would be more appealing to many customers as it’s a set figure.

We would use psychological pricing to make them appear cheaper to the customer.

For recording, the price of £500 could be seen as expensive depending on what was being recorded. For example, if it was a choir that required just 2 microphones, £500 seems expensive especially if they don’t want much doing.

My thoughts on this were then to scale the pricing.

With a base cost being £250 for 2 hours. Then £50 per hour on top of that.

Mixing and mastering would start at £75 for 2 songs or 1 hour of work. Then £50 per song/hour

We would possibly get rid of CD’s as these can be expensive and don’t provide us with any income.

Branded USB’s is something we looked into at £5 per memory stick. The memory sticks are roughly £3 per unit from fluid branding, although there is a lot of competition.

For a choir wanting 2 songs and a USB delivery – £330.

A showreel for a music department at 5 songs and USB delivery – £625.

These prices seem fairer as each party can see a difference.