Subscription Knowledge Series # 5: Are You Streaming Music or still Buying Records?
Most of us grew up with records (not the database records, the ones with music on it). Whenever we thought of music – we thought about radio, records and how to tape them for friends. New music was not just something we heard; it was something we celebrated with our friends. It was a normal thing to go out with a friend to a record store for an hour or more and listen to records with headphones, not just individual songs – full albums from one band! And after buying them we met again with our gang to hear the albums together, read the booklets and talking about the latest music. Our record collection was our treasure!
This was commodity as we were young – something we loved – and nobody, really nobody – thought about that this idyll was going to die – someday.
If you ask kids today about records – not sure if they understand what you are talking about. Asking them about the next phone box? No idea what that is!
If you look at the evolution of the business models in the music industry, they even changed more than once: From buying physical records or CD’s it changed to buying electronic tracks on our iPod or Smartphone.
And even that is replaced by the streaming services – music is not bought anymore – it’s consumed – with a monthly flat rate you have access to the full library. With your smartphone you carry an endless music collection in your pocket – whatever you want – whenever you want – wherever you want!
And while this is a clear advantage for the consumers – the customers – this was a huge change for the labels, the music publishers. The ones who digitalized and transformed their business are the clear winners with a constant and reliable monthly revenue stream, even in times of crisis.
The world is changing, constantly, in every perspective you didn’t think about before. But it’s not an intrinsic change of our world – it’s because people change it – bright people looking for new ideas or opportunities to improve.
If you think back – there were many changes – and there are more changes to come – they don’t stop at any borders, industries or brands.
Every company in any industry needs to constantly innovate and change before competitors do:
Enjoy this inspiring video to see how to keep rolling in the subscription-based economy:
Want to think about your business models? Think about what’s needed to make a trial with your products – how you need to transform your existing processes or add new ones.
Promised – it’s an inspiring new world to dive into – with entirely fresh aspects and completely new opportunities.
Be not only the only the one to invent these ideas – be the one to implement them!
This blog is part of a blogs series, please follow this link to find an overview to all blogs of this series:
Subscription Knowledge Series: Overview & IDC eBook
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