Business Models in the Music Industry
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Transcript of Business Models in the Music Industry
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Business Models in the Music Industry Eurosonic Noorderslag
January 14th, 2011
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Business models in the music industry?
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Value creation?
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Firms that record, produce, publish, distribute, and market music.
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Fans that listen to (or experience) music.
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How does the music industry create, deliver and capture value?
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What different business models do exist in the music industry?
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Business Model?
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Business Models?
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A business model describes the rationale of how an organization creates, delivers and captures value
Definition_Business Model
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Self Published
14 translations 70.000 sold copies
www.businessmodelgeneration.com
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BUSINESS MODEL
CANVAS
THE
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1. CUSTOMER SEGMENTS
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2. VALUE PROPOSITION
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3. CHANNELS
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4. CUSTOMER RELATIONSHIPS
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5. REVENUE STREAMS
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6. KEY RESOURCES
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7. KEY ACTIVITIES
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8. KEY PARTNERS
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9. COST STRUCTURE
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Client segments!
Key Partners!
Cost Structure!
Revenue Streams!
Channels!
Client Relationship!
Key Activities!
Key Resources!
Value Proposition!
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OFFER
DISTRIBUTION CHANNELS
CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
KEY ACTIVITIES
PARTNER NETWORK
KEY RESOURCES
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The Music Industry
The Music Industry
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A dynamic market a global industry characterized by many players and fierce competition
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A product or service with a mass-‐market potential
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BrandAmp study, Millward Brown, 2007
“Music is something most people love, that no one dislikes and that touches everyone throughout their lives”
The role of music in peoples’ lives
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A global industry
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Something for everyone
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The creative genius
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Lots of good advisors
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Enough players
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Technology advancements
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Declining sales
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Global music sales (physical and digital) excluding VAT
1997: 38 billion USD 2009: 17 billion USD
Global music sales
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Business models in the music industry
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A record company
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The big 4
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Independent labels
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1 main activity
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The business model of a record company
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OFFER
DISTRIBUTION CHANNELS
CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
KEY ACTIVITIES
PARTNER NETWORK
KEY RESOURCES
Mass market Hits and
wannabee hits
Tours and concerts Huge sales
from a few ar:sts’ albums
Merchandising
Marke:ng & promo:on
Detec:ng & building talent
Por@olio of star ar:sts
Copyrighted content
Distribu:on channels
Manufacturers
Marke:ng & promo:on Subsidizing
unsuccessful ar:sts
Royalty payments
TV
Radio
Retailers
Digital
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Piracy
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The dominating phenomenon
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The big discussion
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The business model of piracy
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OFFER
DISTRIBUTION CHANNELS
CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
KEY ACTIVITIES
PARTNER NETWORK
KEY RESOURCES
Mass market
Digital
Developers of illegal
applica:ons and soGware
User skills, interest and commitment
Upload
Peer-‐to-‐peer
Download All the worlds music
A network of commiLed
users
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iTunes
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“Rock and Roll will never die. It is, however, being reborn.”
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A new, successful business model
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Very successful
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1 billion songs sold: February 23, 2006
1.5 billion songs sold: September 12, 2006
2 billion songs sold: January 10, 2007
2.5 billion songs sold: April 9, 2007
3 billion songs sold: July 31, 2007
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Steve Jobs announced in his "It's Showtime" keynote
that Apple had 88% of the legal
U.S. music download market on September 12, 2006
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The business model of iTunes
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OFFER
DISTRIBUTION CHANNELS
CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
KEY ACTIVITIES
PARTNER NETWORK
KEY RESOURCES
Mass market
iTunes store
Retail stores
Apple stores
apple.com
Seamless music experience and great design (music and hardware)
Lovemark
Switching costs
Hardware/soGware design
Marke:ng & Sales
Supply chain management
Content & agreements
Apple brand Talented people
(designers)
iTunes soGware
iPod hardware
Music royal:es
People, design & development
Hardware manufacturing
Marke:ng & Sales
Record labels
OEMs
High-‐volume content revenue
High-‐margin hardware revenue
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Spotify
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“We are going to provide music to everyone (any time, any place) for free in a legal way”
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“Our dream is to collect all the world’s music and make it accessible to everyone.”
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Spotify aggregates content from right holders, distributes it to consumers through the technical platform and monetizes both through a free, ad funded service, and a subscription service.
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The business model of Spotify
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The Business Model of Spotify
OFFER
DISTRIBUTION CHANNELS
CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
KEY ACTIVITIES
PARTNER NETWORK
KEY RESOURCES
Access to music via
streaming and download services
Pla@orm development
and maintenance
Licensing agreements
SoGware and network engineers
Rightholders (labels and publishers)
Adver:sers
Internet + PC
Ad fees Subscrip:on
fees PC
Subscrip:on fees PC + mobile
Royal:es to rightholders
Salaries
Bandwith costs
Automated online
rela:onship
Global music fans
Adver:sing
Pla@orm and brand
Internet + mobile
3rd party APIs Communi:es
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The artist
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“I just want to sing and perform.”
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Crowd-‐funding paves the way for the independent artist
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€ 40.000 11 days
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€ 24.000 promotion
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The business model of Hind
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OFFER
DISTRIBUTION CHANNELS
CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
REVENUE STREAMS COST STRUCTURE
KEY ACTIVITIES
PARTNER NETWORK
KEY RESOURCES
Music
The Brand Hind
Videos (performance)
Music archive
Songwri:ng
Promo:on
Singing & performing
Concerts
Music fans
Radio/TV
Hind.com
Online pla@orms
Events
(Social) media
Brand experience
Musicians & Songwriters
Producers
CD produc:on & distribu:on
Artwork & Studios
Management
Tech & tour team
Band
Investment concerts,
transporta:on Salaries
IT, website and marke:ng
Concerts
Music sales
Merchandising
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Looking back at some major shifts in the music industry
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A fragmented copyright industry made it impossible to set up legal, sustainable business models.
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The gap of legitimate business models for customers paved the way for the rise of piracy.
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The unbundling of the album killed significant revenue streams impacting the whole music industry.
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Looking at some current shifts in the music industry
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Legislation around piracy
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Music distribution
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Shift from ownership to access
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Technology capacity
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Customer in charge
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What do customers want (tomorrow)?
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The Big Challenge in Business Modeling
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Who is my customer?
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What does he or she wants?
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What is he or she willing to pay for?
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Different needs
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Market split-‐up
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Multi-‐party scene serving customers needs
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More questions?
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www.businessmodelsinc.com
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www.businessmodelgeneration.com
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