Digital Transformation of Business Models in the

Transcript:Digital Transformation of Business Models in the:
Digital Transformation of Business Models in the Creative Industries: The Emergence of the Portfolio Model* Professor Feng Li, PhD Chair of Information Management Cass Business School, London Feng.li.1@city.ac.uk ESRC Sponsored Seminar on Business Models Henley Business School, Henley-on-Thames, 22 July 2014 © Feng Li, 2014 1 * This paper has been accepted for The 74th Annual Meeting of the Academy of Management (AoM) August 1-5, 2014 - Philadelphia, PA, USA Introduction Why the creative industries The empirical research A holistic business model framework Emerging trends The portfolio model Future research Questions © Feng Li, 2014 2 What are the creative industries? ‘What began as an opportunistic yoking together of art and industry in cultural policy for purposes of advocacy and investment has now been enthusiastically adopted by politicians, analysts and educators around the world as an umbrella term covering all or some of the arts, media and entertainment industries and associated branches of the knowledge economy.’ (Bilton, 2007: xvi). © Feng Li, 2014 3 The creative industries An umbrella term for those industries ‘based on individual creativity, skill and talent and have the potential to create wealth and jobs through developing intellectual property’ 13 sub-sectors explicitly identified A significant and rapidly growing segment of the economy © Feng Li, 2014 4 Sectors of the creative industries © Feng Li, 2014 5 Source: UK Department of Culture, Media and Sports (DCMS) Why creative industries? An ideal domain for systematic examination of the digital transformation of business models Full range of organisations - from large multinationals to micro-businesses Full range of activities – digital native sectors (such as digital games) where many new business models are developed and adopted traditional sectors that have been significantly affected by digital technologies (e.g. Publishing , design and music) areas where the full impacts of digital technologies are still to emerge (e.g. fine art) © Feng Li, 2014 6 This research Systematic literature review Two strands of empirical research Primarily qualitative to identify emerging trends © Feng Li, 2014 7 A holistic analytical framework of business models © Feng Li, 2014 8 The case studies © Feng Li, 2014 9 How digital technologies changed business models? © Feng Li, 2014 10 Emerging trends Exclusivity through personalisation Association and brand extension Pay as much as you like and dynamic pricing ‘Wisdom of the crowd’ Significant changes in - Revenue models in value propositions Value sensing and value