Independent Artists How do they feature Spotify and other Revenue Streams within their Business Model in 2024?
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| Dokumentumtípus: | Diplomadolgozat |
| Kulcsszavak: | Business Model Analysis entrepreneurship Independent Artists Revenue Streams small businesses |
| Online Access: | http://dolgozattar.uni-bge.hu/57386 |
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| 100 | 1 | |a Mora González Luis Fernando | |
| 245 | 1 | 0 | |a Independent Artists |b How do they feature Spotify and other Revenue Streams within their Business Model in 2024? |c Mora González Luis Fernando |h [elektronikus dokumentum] |
| 520 | 3 | |a Spotify’s role in the music industry, particularly for independent artists, raises questions about its impact on their financial sustainability and artistic strategies. This research explores how independent musicians use and adapt to Spotify’s business model, to benefit their own, focusing on three key aspects: its influence on their revenue streams, other income sources they rely on, and the traits required for market readiness. The study draws from literature that highlights Spotify's dependence on the "Big Three" record labels and examines the implications of its business model for independent artists. Concepts such as Aaker’s Brand Equity Model and Marketing 4.0 provide insights into branding and adaptation strategies in the digital era. Additionally, the platform’s controversial royalty model and the industry's shift towards digitalization and transient content consumption are considered. The research adopts a mixed-methods approach by combining quantitative and qualitative methods. Surveys targeting independent artists active on Spotify offered insights into their revenue structures and challenges, while interviews with five experienced independent artists provided a deeper understanding of the industry’s dynamics. Together, these methods ensured a comprehensive exploration of Spotify’s role and the strategies artists employ for success. Most participants, over two-thirds, reported that Spotify royalties contribute only a small portion (0-10%) of their total revenue, reaffirming the platform’s limited financial impact. Nonetheless, Spotify remains vital for global visibility and audience engagement. Independent artists significantly rely on alternative income streams, such as live performances, merchandise sales, and crowdfunding. Live shows help boost merchandise sales (which is the main revenue stream), and build stronger audience connections, while crowdfunding acts as a financial safety net once a solid community has been built around the artistic project Success in today’s music industry requires independent artists to adopt a strategic approach. Key factors include a strong social media presence, producing high-quality music, and maintaining an engaged fan base. Many artists prefer DIY approaches over signing with record labels, as the latter often fail to provide meaningful financial benefits. Viewing music projects as entrepreneurial ventures that balance creativity and business is essential. Ultimately, the research concludes that while Spotify provides a powerful platform for exposure, it is not a primary revenue stream for independent artists, though it represents a significant support for growth. Overall, the platform serves as a tool to drive other income-generating activities. Independent musicians must approach Spotify strategically, leveraging its reach to amplify their brand while adopting a business-oriented mindset to build financially sustainable music careers. Moreover, the study highlights the importance of DIY practices, which empower artists to maintain creative control and financial independence. By avoiding record labels and building their projects from the ground up, artists can maximize profits, adapt to market demands, and establish a sustainable presence in the industry. In this way, Spotify is both an opportunity and a challenge, requiring careful navigation to maximize its potential while preservingindependence. | |
| 695 | |a Business Model Analysis | ||
| 695 | |a entrepreneurship | ||
| 695 | |a Independent Artists | ||
| 695 | |a Revenue Streams | ||
| 695 | |a small businesses | ||
| 700 | 1 | |a Sarkadi Katalin |e ths | |
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