Premium Essay

Eric King

In: Business and Management

Submitted By ericrlking
Words 696
Pages 3
Principles of Entr3preneurship
Business Trends
ERIC KING

AI logo © 2013 by Eric King

According to Tim-Graw (2012), the social trend is evident throughout the world with more networking events and opportunities occurring weekly. Social trend involves top social networking platforms such as Facebook, MySpace, and other Internet networking sites. The list continues further with the creation of music apps, Spotify, Pandora, and these other networking sites will impact the industry by providing opportunity for growth. Whenever a new social media tool is created, a new opportunity is as well. New opportunity means an increase in jobs, expanding the pool of success to Full Sail graduates and other industry driven people. This trend will also be impactful to the industry by recognizing what’s new and hot on the market! New applications are being formed from web 2.0 tools allowing for users to run businesses with just one click away. It is important that we monitor this trend to see what exactly are the people are following. You have to know your target audiences wants and needs in order to satisfy them and become successful.
One example of a business monetizing from social trend is Rick Ross’s, Untouchable MayBach Music Group also known as MMG. “Maybach Music Group has climbed to the forefront of mainstream rap” (BET, 2013). In order to be great in this music industry, you have to be able to keep up with the trends of it. Though Rick Ross has a catalogue of 4 popular mainstream artists to his catalogue, it was very important for him to brand himself first before putting Meek Mill, Wale, Omarion, and French Montana on the map. “The newly-formed label is dominating airwaves and sweeping in millions of fans” (BET, 2013).
Another example of a business monetizing on social trend is Justin Beiber. “At the end of May 2012, Beiber made 55 millions dollars! Just Beiber has...

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