Consumers’ taste towards music has now been reshaped by the advent of influencers and through curated playlists. Back in the era when physical music stores dominated, customers would buy their record labels depending on taste of music. But now, the differentiation has reduced thanks to the uniformity attained via the internet. Thus, the music industry can now be reconfigured with the new players and stakeholders in mind. Selection of music is now determined by a cycle involving Production, Appropriation, Consumption and Classification, in that order. There is a now real conflict between the Monetary Space and the Evaluative Space. It is this conflict where music industry players will need to tweak their business innovations around. Several other conflicts can also then be given legitimacy. One of them will be philosophical between selling out versus merely making a living.

Source:https://knowledge.insead.edu/leadership-organisations/how-authenticity-shapes-your-playlist-11056

Uploaded Date:11 May 2019