2020年度 KGRI Working Papers

This paper describes how business models in the music recording industry have evolved in accordance with technological developments and a changing societal environment. The research initially started with a historical analysis on how new technologies have been reshaping business models to provide a better, or 'liberating,' experience for consumers while unbundling and rebundling various components of the delivery system to secure revenue from the intangible "experience" good. At the theoretical level, this paper aims to establish a generic model for how technology affects business models in the "experience economy." Development of such a framework is important as the business models suited to physical goods are not useful for the rapidly developing experience goods that are delivered digitally. The first phase of the research strongly suggested that not only technologies but also major societal events, most notably those that triggered economic recessions, may have played a role in the development of new forms of business models in the industry that sometimes use technologies that were developed decades before. A second phase of research was conducted to verify how social events played a role in the evolution of business models and technology adoptions that came with it. We found instances of both technology-led evolution AND socially-led innovations. Ultimately, we found that the meaning of 'liberation' in consumer experience has changed throughout history, which acted as the driving force in the development of business models for experience goods like music.

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