Changing perception of value as a driver for industry transformation - case music industry

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en
dc.contributor.author Vainio, Velde
dc.date.accessioned 2014-10-09T08:07:52Z
dc.date.available 2014-10-09T08:07:52Z
dc.date.issued 2014
dc.identifier.uri https://aaltodoc.aalto.fi/handle/123456789/14155
dc.description.abstract The objective of this study is to better understand the dynamics of how and why industries transform and the role that value perception, innovation and business models play in that transformation. More specifically, we aim to get a better understanding of where the music industry is currently standing and where it is headed in order to make more informed decisions about new business ventures in this industry. In the current debate over the future of music industry and whether the industry will in fact survive, there would seem to be an underlying confusion regarding what is considered as the music industry and the business of music in general. In other words, is the question about whether the music industry modeled according to the "old world" - with its power centralized around record labels and monetization based on imposed copyrights - will survive, or, whether there is business to be made in the future with music in general? This thesis attempts to clarify this confusion by contrasting the past, the present and the future of music industry through the lenses of value perception and business models. A case company is studied and industry expert anecdotes are collected to form the qualitative empirical portion. By adapting the RCOV business model framework, we create collective meta-business models of the old and the new music industries to analyze and interpret the change that has taken place in the industry. The results of this thesis show that the business models of music industry have changed from the linear value creation of the copyright-centered business towards artist-centered networked business models, where both consumers and artists have more power to decide what they want and how they want to be involved in the business. Also, because of the networked business models, the artist and consumer sides are beginning to form 'relationships' where they influence and co-operate with each other, generating and consuming value together. Artists need to understand the rules of social media and the related business models in order to make money in the new music business environment. The preference in music consumption has moved from owning music to having access to music. The current state and the future of the music industry would seem to revolve around the themes of medium-less production and consumption, increased access, new interactive value creation, and the new networked business models. en
dc.format.extent 60
dc.language.iso en en
dc.title Changing perception of value as a driver for industry transformation - case music industry en
dc.type G2 Pro gradu, diplomityö fi
dc.contributor.school Kauppakorkeakoulu fi
dc.contributor.school School of Business en
dc.contributor.department Johtamisen laitos fi
dc.contributor.department Department of Management Studies en
dc.subject.keyword perceived value
dc.subject.keyword business model
dc.subject.keyword industry change
dc.subject.keyword music industry
dc.subject.keyword innovation
dc.subject.keyword RCOV
dc.identifier.urn URN:NBN:fi:aalto-201410102769
dc.type.dcmitype text en
dc.programme.major International Design Business Management (IDBM) en
dc.programme.major International Design Business Management (IDBM) fi
dc.type.ontasot Master's thesis en
dc.type.ontasot Pro gradu tutkielma fi
dc.subject.helecon kansainväliset yhtiöt
dc.subject.helecon international companies
dc.subject.helecon musiikkiteollisuus
dc.subject.helecon music industry
dc.subject.helecon toimialat
dc.subject.helecon business branches
dc.subject.helecon muutos
dc.subject.helecon change
dc.subject.helecon kulttuurijohtaminen
dc.subject.helecon arts management
dc.subject.helecon liiketalous
dc.subject.helecon business economics
dc.subject.helecon mallit
dc.subject.helecon models
dc.subject.helecon verkostot
dc.subject.helecon networks
dc.subject.helecon ansaintalogiikka
dc.subject.helecon wage trends
dc.ethesisid 13720
dc.date.dateaccepted 2014-06-19
dc.location P1 I


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