A new era of the music industry? Blockchain and value co-creation: the Bitsong case study

Abstract

Purpose: The study aims to investigate the impact of technological innovation, such as blockchain, in the music field from a value co-creation perspective, highlighting how it is determining a radical change in the business model and value creation process. Design/methodology/approach: To shed light on how blockchain adoption is reconfiguring the music industry, the authors adopted a qualitative-based approach based on a case study, allowing us to investigate value co-creation at three levels (macro, meso and micro) through exchange and integration of multi-actor resources. Findings: The authors found that blockchain adoption in the music industry can singularly shape the business model, representing a powerful tool to enhance inter-organizational cooperation in value creation. It effectively deals with operational and business issues, besides financial transactions, profoundly impacting both the creation and distribution of value within the supply chain. Research limitations/implications: The research contributes to a better understanding of innovation adoption in a specific setting, the music industry, giving support and guidance for players working in this ecosystem. The blockchain-music link helps close the gap between music and society through technology, thus providing a foundation for future research. Originality/value: The paper provides new insights into the antecedents and mechanisms of value co-creation, spanning macro-, meso-, and micro-levels of context. It also illustrates the factors underpinning Bitsong viability to embed the value co-creation perspective in designing the business model within a value network.