|Title:||Strategies of Music Labels to Create Value in the Recorded Music Business Ecosystem||Language:||English||Authors:||Schuhmann, Sven||Qualification level:||Diploma||Keywords:||Music label; music business ecosystem; platform; streaming; innovation; entrepreneurship||Advisor:||Köszegi, Sabine Theresia||Issue Date:||2020||Number of Pages:||77||Qualification level:||Diploma||Abstract:||
This thesis examines how music labels strategically manage partners and create value in the recorded music business ecosystem. Systematically analyzing and hand-coding statements by top managers of three major music labels and two streaming platforms in earnings calls and conferences with institutional investors, this thesis studies with whom and for whom music labels create value and what their value proposition is. The findings ofthis analysisare compared to the literature onthe distinct characteristics of value creation and appropriation as well as strategic alignment and competition in business and platform ecosystems.The findings suggestthat the market structure in the recorded music business is unique,because very powerful hub companies(major labels) froma highly concentrated market interact with multiple streaming platform ecosystems. Streaming platforms are the most relevant complementary partners for labels to appropriate value from recorded music, but they compete in their value creating strategy for artists and creators. Music labelsreactto this competition bydiversifying their value proposition towards creatorsinbridging structural holes in the value propositionof streaming platforms. They do so by integratingservices (through mergers, acquisitions and joint ventures)from adjunct business ecosystems connected to neighboring rights (merchandize, live business, publishing and artist management) as well as by aggregating data across multiple streaming platform ecosystems and all relatedfields of business (e.g.,social media, neighboring rights, brands partnerships, music entrepreneurs).Moreover, labels leverage their huge catalogue of master rights toreinforce a fragmented landscape of multiple platform ecosystems bylicensing content to and cooperatingwith a magnitude of streaming services. This thesis adds to the understandingof value adding strategies in the lightof ecosystem theoryby studying the recorded music business. Next to this, it adds to literature on businessand platform ecosystems in describing complementary strategies in a unique market constellation in which powerful hub companies interact with multiple platform ecosystems.
|DOI:||10.34726/hss.2020.81522||Library ID:||AC15713138||Organisation:||E017 - Continuing Education Center||Publication Type:||Thesis
|Appears in Collections:||Thesis|
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checked on Feb 25, 2021
checked on Feb 25, 2021
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