Industry Overview
The Karaoke culture is popular in East Asia. Unlike the karaoke in bars/clubs offered publicly, the karaoke style here I want to discuss is the one has private rooms for different size of parties, and that is why the concept of Revenue Management can be applied broadly in this industry. I will specifically focus in Taiwan, because the karaoke culture in Taiwan is mature, and the company even expand the business to other countries.
The word “Karaoke” is originated from Japanese, so is the culture. Karaoke is firstly developed in Japan in 1970’s and then expanded to other countries in Asia in 1980’s, but the origin of the idea is obscure. Reference: http://en.wikipedia.org/wiki/Karaoke
In Taiwan, karaoke plays an important role in people’s nightlife. It’s the place for family, friends, colleagues, and even doing business. The karaoke industry in Taiwan is dominant by one company which has two different brands, one for higher class (more expensive) and the other one for lower class (cheaper). Higher class brand charges more with its glorious and hotel-look lobby, fancier private room decoration, more delicious food, and convenience (in-room restroom). There is another premium venue of that company that doesn’t see as a brand but more like a status, because it is limited to members, and joining the membership is by invitation (http://www.cashboxvip.com/viprespect.html). Thus, people start to consider going to karaoke as a luxurious entertainment, not to mention it seems to be a trend for the hotels in Hong Kong and Macau to design presidential suites with an “entertainment room” when we visited last June. Since people can easily spend hours in karaoke, the revenue can be generated in many ways. I will discuss the application based on my observations and experiences in Taiwan, and karaokes in Taiwan also do a better job than karaokes in Singapore on applying revenue management.
(Website of karaoke in Singapore:
a. http://www.partyworldktv.com.sg/promotion-29305210352041938144.html
b. http://www.kbox.com.sg/StaticContent.aspx?u=6)
The following are the overview of basic levers applied in Taiwan:
Space: (not applied in Singapore)
Karaoke has limited capacity, as the number of private rooms are fixed. Also, the size of the private rooms usually vary from small for 3 to 4 people to party size, 18-20 people, or even super party size for up to 35 people.
Time:
The time slot is limited, but the minimum consumption unit vary as the size of private rooms. Usually the rack rate is charged by hour, but promotion packages are charged based on 3-hour consumption, and you can extend by hour as the basic unit.
Also, karaokes apply dynamic pricing according to peak/off-peak hour and high/low season. The prices are differentiated by time of day, day of week, and month of year.
Occupation: (not applied in Singapore)
In Taiwan, students and senior are privileged for cheaper price. People older than the age of 55 are able to enjoy senior discount, as 55 is the minimum age to retire in Taiwan. The reasons may be students are more price-sensitive, but they also have more free time to spend in karaokes, and seniors also have more free time once they retire.
(Unfortunately, the website of the dominant company is in Mandarin, but I think you can still figure out how variable their prices are! Variable pricing charged by per person: http://www.cashboxparty.com/ktv/web_ktv/web_ktv.asp
Rack rate charged by hour per room: http://www.cashboxparty.com/ktv/map/price/kp17.html)
The Levers
SPACE
The inventory unit for karaokes is private room. A karaoke can be as big as a maze with narrow hallways and unorganized directions so it can utilize the space to its maximum. Karaokes define the space implicitly, because the size categories vary according to the space of each branch. Likewise, the capacity of private rooms varies in different branches. The following are the different private room sizes of the biggest karaoke branch in that company:
Small – 2 to 7 people
Medium – 8 to 10 people
Medium big – 10 to 12 people
Big – 12 to 15 people
Super big – 15 – 18 peope
Party size (“Presidential Suite”) – 18 – 35 people
Other utilizations of space:
a. Other than the main revenue generator, private rooms, karaokes utilize spaces for a major human need, food. Consumers not only can order in-room dining in a la carte style, but also can go to buffet area for all-you-can-eat service. Of course the delicacy level is depending on the class of the brand.
b. Another space utilization for karaoke is to selling company-branded products, such as stationary or products signed by famous singers, but it accounts for a very little part of the revenue.
c. In one of the signature karaokes of this company, there is a restaurant serving Cantonese Dim-Sum inside the karaoke. It is a rare but a brilliant concept. For people who go to karaoke but is not that into singing, they may go to that restaurant so they can eat food at the table with more comfortable height. Also, after an all-night singing, people in Taiwan like to have either a late night snack or early breakfast before dawn. The idea of the restaurant can attract people who bother which restaurant to go to. http://www.cashboxparty.com/ktv/cashboxdining/
Karaokes tend to save spaces for private rooms, as the more parties they can accommodate, the more revenue it can generate. To increase more revenue by using space, both brands may consider charging private rooms according to the distance to buffet area. The closer to buffet area, the more expensive the room rent, since people can save more time on going back and forth for food and drinks.
TIME
Karaoke sells time explicitly. The prices are either charged by per private room per hour, or by per person per certain time slot (ex. by per person for 3 hours). The pricing differs as follows:
a. Hour – separate a day into 5 different slots: (http://www.cashboxparty.com/ktv/map/price/kp17.html)
07:00-10:59 – the cheapest
11:00-15:59
16:00-17:59
18:00-19:59
20:00-22:59(Sunday to Thursday) 20:00-01:59(Friday and Saturday) – the most expensive
23:00-06:59(Sunday to Thursday) 02:00-06:59(Friday and Saturday)
b. Day of week
As what I mentioned above, Friday and Saturday are considered as “peak season”, and Monday to Thursday are “off-peak season”. The pricing for Sunday is slightly higher than weekdays but much lower than Friday and Saturday.
c. Month of year
This pricing differentiation is specially catered to student groups. Since students in Taiwan have winter vacation (3 to 4 weeks long in January and February) and summer vacation (8 to 9 weeks long in July and August), it is less often for students to go to karaokes with friends or classmates.
d. Special holidays
Public holidays are considered as peak season for karaokes, such as Christmas and spring break (can last from 3 – 5 days to celebrate Tomb-sweeping Day and Children’s Day)
Apart from the above explicit specifications of time, I suggest karaokes can consider to charge implicitly by the number of songs. It is not uncommon that the time we pay for the private room is about to end, but my favorite song is not played yet. If people can pay by songs, then such situation can be avoided and customers can also leave without pity.
PRICE
Karaoke uses physical and non-physical rate fences to differentiate its pricing, but the application of physical rate fences is far less than non-physical.
a. Physical rate fences are the size of private rooms, minimum charge for party size private room, and location of the karaoke branch. It is obvious that karaoke locating in downtown business area or in prime cities can charge higher than other locations. (Minimum rental list for Presidential Suite: http://www.cashboxparty.com/ktv/act/1001118_17/)
b. Non-physical rate fences are occupation (student), age (senior and birthday discount), membership (membership of karaoke and certain credit card holder), and time.
Other non-physical rate fences that I think is doable are advanced reservation and distance to buffet. To manage inventory more efficiently, karaokes can consider charge slightly higher for walk-ins in peak hour or hot season. Also, as what I have mentioned, it is possible for people to pay more for a private room which is closer to buffet area.
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A. Definition and Concept
Carbon capture is an important part of efforts to stop climate change because it lowers the amount of carbon dioxide (CO2) that is released into the air, mostly from factories and power plants. The main idea is to capture CO2 emissions at their source, before they are released into the air. This stops them from adding to the greenhouse effect and climate change.
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B. Technologies for Carbon Capture
Pre-combustion Capture
Pre-combustion capture is the process of capturing carbon before fossil fuels are burned. Carbon-containing fuels, like coal or natural gas, are partially oxidized or reformed in this method to make a gas mixture mostly made up of hydrogen (H2) and carbon dioxide (CO2) (CO2).
Steam Methane Reforming (SMR)
CH4 + H2O → CO + 3H2
Water Gas Shift (WGS)
CO + H2O → CO2 + H2
Techniques for Separation: Next, the CO2 is taken out of the stream of hydrogen-rich gas using techniques such as pressure swing adsorption (PSA) or chemical absorption.
Post-combustion Capture
Post-combustion capture is the process of removing carbon from the air after fossil fuels have been burned. This is especially true for power plants and factories that are already up and running. The flue gas, which has CO2 and other pollutants in it, is cleaned up to separate the CO2.
Absorption using Amines.
CO2 + 2RNH2 → R2N-CO2H + RNH3
Desorption (Regeneration) of Amines
R2N-CO2H + RNH3 → CO2 + 2RNH2
The CO2 is separated using absorption methods, which usually involve amines. It is then desorbed so that it can be used or stored.
Oxy-fuel Combustion
Oxy-fuel combustion is the process of burning fossil fuels in a room filled with pure oxygen instead of air. This makes flue gas mostly made up of CO2 and water vapour, which makes the process of capturing it easier.
Combustion with Oxygen
CH4 + 2O2 → CO2 + 2H2O
Condensation separates the CO2 from the water vapour, making a stream of very pure CO2.
C. Current Developments in Carbon Capture
The field of carbon capture is always changing. New technologies are being researched and developed all the time to make them more efficient, cheaper, and easier to use on a larger scale. A number of important changes are occurring in the field of carbon capture, including:
Advancements in Materials for Absorption
The main goal of research is to make absorbent materials for post-combustion capture that work better and cost less. This includes looking into new solvents and solid adsorbents to make the processes of absorption and desorption better.
Membrane-based Technologies
Carbon capture technologies based on membranes are getting more attention because they could be useful before and after combustion. These membranes can selectively separate CO2 from other gases, which is a good improvement over the old ways of separating gases.
Integration with Renewable Energy
To make things work better, carbon capture technologies are being combined with renewable energy sources. For example, combining biomass energy generation with carbon capture can lead to a process with net-negative carbon emissions, which makes energy production more environmentally friendly overall.
Direct Air Capture (DAC)
More and more people are using DAC technologies, which are made to take CO2 directly from the air. Chemical processes or materials that selectively remove CO2 from the air are used in these methods. This is a way to deal with emissions from sources that are spread out.
Enhanced Oil Recovery (EOR) with Carbon Capture
Some projects are looking into how to combine carbon capture with techniques for enhanced oil recovery. In these methods, CO2 is captured and then injected into oil reservoirs to help get more oil out of them while the carbon is stored underground.
Policy and Financial Incentives
More and more governments and international groups are realizing how important carbon capture is to meeting climate goals. Policies and financial incentives are being put in place to encourage the use of carbon capture technologies. This creates an environment that is good for research and development.
III. Carbon Storage
A. Introduction to Carbon Storage
As the world struggles to deal with the growing problems caused by climate change, carbon storage has become an important way to lessen the bad effects of too much carbon dioxide (CO2) emissions. Carbon storage, which is also called carbon sequestration, is the process of capturing and safely storing CO2 emissions from power plants and factories so that they don’t get released into the air. This all-around approach is very important for lowering the amount of greenhouse gases in the air and stopping global warming.
The idea behind carbon storage is to keep CO2 safely stored for a long time in different geological and oceanic reservoirs, so it doesn’t add to the greenhouse effect. Even though advances in technology have made carbon storage more possible, it needs to be used with a deep understanding of the different ways it can be stored, how they affect the environment, and the problems that come with each.
B. Geological Storage
Geological storage is a popular way to store carbon, using formations deep underground to safely hold CO2. Geological storage has been looked into in a number of different ways, and each has its own pros and cons.
Depleted Oil and Gas Fields
Carbon storage could be done in oil and gas fields that have been used up. These fields often have the right geological features to safely store CO2 after they have been used to extract hydrocarbons.
CO2 Injection into Depleted Reservoirs
CO2 + H2O → H2CO3 (Carbonic Acid)
The injected CO2 can push out any remaining hydrocarbons, which can help get more oil or gas out of the ground while also storing carbon.
Depleted fields have been shown to be geologically stable, and they often already have infrastructure that can be used for monitoring and injecting fluids.
Deep Saline Aquifers
Deep saline aquifers, which are found deep underground, can store a lot of CO2. These formations are made up of porous rock that is full of salty water and can be used as safe storage areas.
Dissolution of CO2 in Saline Water
CO2 + H2O → H2CO3
When CO2 is pumped into saline aquifers, it mixes with the salty water and turns into carbonic acid. The CO2 that has been dissolved is then trapped inside the salty rock of the aquifer.
Deep saline aquifers can store a lot of water, and adding CO2 to them is thought to be a safe and reliable way to do it.
Coal Seams
Coal seams, which are usually used to get fossil fuels out of the ground, can also be used to store CO2. It is possible to inject CO2 into coal seams that can’t be mined. This helps recover coalbed methane and stores carbon at the same time.
Adsorption of CO2 onto Coal
CO2 + Coal → Adsorbed CO2
CO2 sticks to the coal surface, which lowers the pressure in the coal seam and makes it easier for methane to escape (coalbed methane recovery). Utilizing coal seams for carbon storage has two benefits: it improves gas recovery and stops CO2 from being released.
C. Ocean Storage
Putting CO2 directly into the deep ocean is what ocean storage is all about. This idea has caused a lot of debate because of worries about the environment and unknown long-term effects. This method could provide a huge amount of storage space, but it comes with a number of problems and moral concerns.
It is possible to bring CO2 from land and inject it into the deep ocean, where it will dissolve and stay in solution.
Dissolution of CO2 in Seawater
CO2 + H2O → H2CO3
When CO2 is injected into seawater, it breaks down and turns into carbonic acid. This method depends on how well the ocean can take in CO2 and spread it out over time.
There are problems with storing CO2 in the ocean because it could harm marine ecosystems, CO2 could leak out because of unplanned events, and changing natural processes is morally questionable.
D. Current Challenges and Future Prospects
Carbon storage has a lot of potential as a way to fight climate change, but it’s not easy to make it widely used. It is important to understand these problems in order to come up with good solutions and get the most out of carbon storage methods.
Monitoring and Verification
The safe containment of injected CO2 is the most important thing. Strong monitoring and verification methods are needed to find any possible leaks or unintended effects. Technologies like seismic monitoring, satellite imaging, and ground-based sensors are always getting better at making monitoring more accurate.
Storage Capacity and Site Selection
It’s not easy to find good storage areas that have enough space and are stable geologically. When choosing a site, it’s important to think about how close it is to emission sources, what the geology is like, and how it might affect the ecosystems nearby. Getting a full picture of the subsurface is important for getting the most storage space.
Economic Viability
The cost of technologies for capturing carbon, transporting it, injecting it, and keeping an eye on it all affects how economically viable carbon storage is. The goal of ongoing research is to lower these costs so that carbon storage is more competitive and financially viable, especially when compared to other ways to cut down on emissions.
Public Perception and Social Acceptance
How people feel about and accept carbon storage projects is very important to their success. Getting people to support carbon storage requires open communication and involvement from the community about its safety and benefits. It is very important to address concerns about safety and the environment.
Regulatory Frameworks and Legal Considerations
It is very important to set up clear legal and regulatory frameworks for carbon storage. International organizations and governments need to make broad rules about who is responsible, what their long-term responsibilities are, and how their actions might affect the environment. Harmonizing these rules around the world will make it easier for carbon storage projects to be built in different countries.
Ocean Storage Ethical Considerations
Even though ocean storage has a lot of potential, it raises ethical concerns about changing natural processes and the effects it might have on marine ecosystems. To find a balance between reducing climate change and protecting the environment, we need to think carefully about the moral issues and possible unintended effects of storing carbon in the ocean.
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