THE ROLE OF COLLABORATION VALUE CHAIN DESIGN AT REWARD-BASED CROWDFUNDING PLATFORMS AND MUSIC INDUSTRY IN INDONESIA
DOI:
https://doi.org/10.47312/ambr.v4i1.231Keywords:
Music Industry, Reward-Based Crowdfunding, Value ChainAbstract
Industry 4.0 has brought many changes, in the financial sector there is financial technology. One form of financial technology is crowdfunding. Creative industries are quite high sectors that use crowdfunding as a funding model. This research includes collaboration between crowdfunding and the music industry. In the process of collaboration between the crowdfunding and the music industry, the parties need to conduct a value chain analysis and find out their competitive advantages to maximize fundraising. The consequence of collaboration between the crowdfunding and the music industry is the presence of new business models accompanied by changes in the value chain. This study aims to determine value chain design collaboration between reward-based crowdfunding and the music industry. This research is based on the value network theory, using a qualitative approach with multi-cases study design. This research was conducted by gathering information through interviews with crowdfunding and the music industry. The results show that collaboration leads to changes in value chain design. Crowdfunding has changed the pattern of production in the music industry with its involvement in funding, sales, and distribution. Other forms of crowdfunding and other creative industries require further investigation. This study aims to help practitioners understand how reward-based crowdfunding is changing the music industry.Downloads
References
Badan Ekonomi Kreatif. (2016). Mengenal Crowdfunding. Retrieved February 28, 2019, from http://indonesiakreatif.bekraf.go.id/ikpro/financials/mengenal-crowdfunding/
Badan Ekonomi Kreatif. (2017). Ekonomi Kreatif Outlook 2017: Era Ekonomi Kreatif harus menjadi tulang punggung ekonomi Indonesia, 82.
Bank Indonesia. (2017). Peraturan Bank Indonesia Nomor 19/2/PBI/2017, (Tentang Transaksi Sertifikat Deposito di Pasar Uang). Retrieved from http://www.bi.go.id/id/peraturan/moneter/Documents/PBI_190217.pdf
Ernst & Young. (2018). Industry 4.9: engaging with disruption. Ahmedabad.
Fintech Indonesia. (2019). Fintech Indonesia. Retrieved February 20, 2019, from https://fintech.id/
Gamble, J. R., Brennan, M., & McAdam, R. (2017). A rewarding experience? Exploring how crowdfunding is affecting music industry business models. Journal of Business Research, 70, 25–36. https://doi.org/10.1016/j.jbusres.2016.07.009
Hadida, A. L., & Paris, T. (2014). Technological Forecasting & Social Change Managerial cognition and the value chain in the digital music industry. Technological Forecasting & Social Change, 83, 84–97. https://doi.org/10.1016/j.techfore.2013.04.005
Kagermann, H., Lukas, W., & Wahlster, W. (2011). Industry 4.0: With the Internet of Things on the way to the 4th industrial revolution. vdi-nachrichten.
Kickstarter. (2019). Successfully Funded Projects. Retrieved February 10, 2019, from https://www.kickstarter.com/help/stats
Kirby, E., & Worner, S. (2014). Crowdfunding: An infant industry growing fast. IOSCO Research Department, 1–62. https://doi.org/10.1037/0893-164x.19.2.208
Kolase.com. (2019). Kolase.com. Retrieved February 20, 2019, from https://www.kolase.com/
Marr, B. (2016). Why Everyone Must Get Ready For The 4th Industrial Revolution. Retrieved February 20, 2019, from https://www.forbes.com/sites/bernardmarr/2016/04/05/why-everyone-must-get-ready-for-4th-industrial-revolution/#5af877b33f90
Nucciarelli, A., Li, F., Fernandes, K. J., Goumagias, N., Cabras, I., Devlin, S., … Cowling, P. (2017). From value chains to technological platforms: The effects of crowdfunding in the digital game industry. Journal of Business Research, 78, 341–352. https://doi.org/10.1016/j.jbusres.2016.12.030
Otoritas Jasa Keuangan. (2019). Penyelenggara Fintech Terdaftar di OJK per 1 Februari 2019.
Paschen, J. (2017). Choose wisely : Crowdfunding through the stages of the startup life cycle. Business Horizons, 60(2), 179–188. https://doi.org/10.1016/j.bushor.2016.11.003
Pastonesi, R. (2013). The impact of crowdfunding on musicians’ business: Findings from Denmark, Norway, and Sweden. Retrieved from https://repositorio.ucp.pt/bitstream/10400.14/14071/1/Master Thesis_Rocco Pastonesi.pdf
Porter, M. (1995). Competitive Advantage: Creating and Sustaining Superior Performance. New York: Free Press.
Russ, H., Kuilboer, J.-P., & Ashrafi, N. (2014). Business Intelligence in the Music Industry Value Chain: Ensuring Sustainability in a Turbulent Business Environment. International Journal of Business Intelligence Researchgence Research, 5(1), 50–63. https://doi.org/10.4018/ijbir.2014010104
Sekaran, U., & Bougie, R. (2016). Research Methods for Business: A Skill-Building Approach (7th Editio). New Jersey: John Wiley & Sons Ltd.
Stabell, C. B., & Fjeldstad, Ø. D. (1998). Configuring value for competitive advantage: on chains, shops, and networks. Strategic Management Journal, 19(5), 413–437. https://doi.org/10.1002/(sici)1097-0266(199805)19:5<413::aid-smj946>3.3.co;2-3
Stake, R. E. (2006). Multiple Case Study Analysis THE GUILFORD PRESS New York London.
Thompson, A., Strickland III, A. J., Gamble, J. E., & Peteraf, M. A. (2017). Crafting and Executing Strategy. The Quest For Competetive Advantage: Concepts.
Yin, R. K. (2003). Application of Case Study Research Second Edition. Interpretive Interactionism (2nd Edition). California: Sage Publication.
Downloads
Published
Issue
Section
License
Authors who publish with this journal agree to the following terms:
The journal allow the authors to hold the copyright without restrictions and allow the authors to retain publishing rights without restrictions.
The journal allow the authors to hold the copyright without restrictions and allow the authors to retain publishing rights without restrictions. Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).
This work is licensed under a Creative Commons Attribution 4.0 International License.