"THE IMPACT OF RAPID TECHNOLOGICAL DEVELOPMENTS ON THE MUSIC INDUSTRY: THE CASE OF GREECE"

THE IMPACT OF RAPID TECHNOLOGICAL DEVELOPMENTS ON THE MUSIC
INDUSTRY: THE CASE OF GREECE
Athens, 12 May 2013
THE IMPACT OF RAPID TECHNOLOGICAL
DEVELOPMENTS ON THE MUSIC INDUSTRY: THE
CASE OF GREECE
Petros Fountoukidis
HELLECIC OPEN UNIVERSITY
SCHOOL OF SOCIAL SCIENCE, MBA-MASTERS IN BUSINNESS ADMINISTRATION

Athens, 12 May 2013
The purpose:
-Το present the economic impact, whether positive or negative, on the technological
sectors of the music industry.
Examine:
-the extent to which technology affects the very existence of this industry
-explores the areas within the music industry that have been most affected by this
new technology
-the views of people involved in it
Methodology:
-empirical study
-use of a questionnaire about the case study of Greece
-The findings are analyzed according to the literature review
Results:
-Αppraisal
-Conclusions
-Recommendations

Athens, 12 May 2013
Chapter 1: Introduction
Chapter 2: The structure of the music industry today
How technological achievements have affected the industry
How the industry has adapted and responded to this new environment
Chapter 3: The reason of the data collection
The size of the sample
The methods adopted to collect the data
The structure of the questionnaire
Chapter 4: The research findings
The research findings and their implications
Chapter 5: The conclusions, limitations and recommendations

Athens, 12 May 2013
The music industry is comprised of a very widespread and
diverse network of businesses which are all connected by the
selling of the same product; the music or brand of the artist.
The basic participants in the industry coordinate their efforts in
order to sell the product to the consumer.
Important distinction
The recording business ≠ The music industry

Athens, 12 May 2013
Field Effect Impact
The production
system
Technological development has changed the
location of production from the commercial
recording studio to the computer-based home
set-up.
The decrease in
the cost
Promotion
Taking part in direct marketing, using tools such
as cell phones, artist websites, pod casting,
internet radio and even video games.
Transfer of
promotion from
labels to artists
themselves
Distribution
Change of model=from physical product to
digital product
Different model,
from cost
intensive to cost
effective
Consumption Purchases from home
Easier
accessibility to
music

Athens, 12 May 2013
How technology has affected an average consumer's enjoyment of music
compact devices like smart phones, iPods, ipads, tablets
the immediate access to the music
live streaming media
Easier accessibility to music
products

Athens, 12 May 2013
How technology has affected them
easy access to an independent global network
instant publication
easy communication with the potential consumers(=audience)
reduction of production cost
Artists exploit more range of
markets than through the record
company way.

Athens, 12 May 2013
Before the changes After the changes
Supplier groups hold all the
power
Buyer hold the majority of
power

Athens, 12 May 2013
Production The classic music industry business model : the mass
production
Promotion Collaboration with other media companies
(telecommunication operators, TV)
Consumption paradox phenomenon. Consumers "refuse" to buy the
music product but willing to pay to see a live performance.
Distribution Other channels to boost sales:
• supermarkets
• funded new chain stores
• individual tracks to mobile phone companies
• newspapers
Greece was always a step behind, compared with the
rest of Europe, in adoption of technology infrastructure
and advanced information systems

Athens, 12 May 2013
Focuses on an
empirical study
General picture
of the
competition
industry through
Porter’s analysis
Distribution of a
questionnaire
Results/Findings

Athens, 12 May 2013
Online web survey – Questionnaire
 50 people part of the music industry
 Gathering of the data:
October 23rd 2012-November 28th 2012

Athens, 12 May 2013
Consumers behavior = The majority of the participants in the survey
show that they are already in the digital era.

Athens, 12 May 2013
 Considering innovations: iTunes, Social Streaming and Cloud
technology
 Better approach to the consumers: Stop music consumers
demonized as “pirates”
What is missing from the music industry?
Frequency Valid Percent
Being realistic 9 18
Innovation 17 34
Better approach to the
consumers 8 16
Feeling 1 2
Free music TV 2 4
Money to artists 3 6
Something else 5 10
Quality 5 10
Total 50 100

Athens, 12 May 2013

Athens, 12 May 2013
 Limited available time
The amount of material & publications concerning
the subject
Selection of participants (small sample)

Athens, 12 May 2013
production
promotion
distribution
consumption
By artists themselves
Direct marketing through
technological advances
Through digital means
Digital era will continue

Athens, 12 May 2013
 larger sample
 legal aspect of the music industry could be explored
in more detail
 Specific parts of technological impact, such as live
streaming
 For Greece the lack of research in this field, this
subject clearly lends itself to further study

Athens, 12 May 2013
Thank you for your attention
Petros Fountoukidis

"THE IMPACT OF RAPID TECHNOLOGICAL DEVELOPMENTS ON THE MUSIC INDUSTRY: THE CASE OF GREECE"

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