The paper explores the importance of internet-facilitated value co-creation, especially in cultural industries. Through an extensive review of the literature, it shows that in many industries, a transformational shift is taking place from value creation to value co-creation, which is fundamentally changing the relationship between consumers and producers. In particular, the paper examines value creation and co-creation in the popular music industry. This reveals that though much of the research on music and the internet has revolved around the issue of music piracy, evidence is now emerging that the internet is enabling some record labels, musicians and fans to work together to co-create value for mutual benefit. The paper concludes by arguing that value co-creation is an important development that can transform the relationship between consumers and producers, and that in the popular music industry value co-creation can promote new, more positive, relationships among record labels, artists and fans.
This research examines social media users’ value-creation processes and the drivers of a start-up company’s successful social media strategy. This research primarily aims to understand start-ups’ effective utilization of social media and value co-creation processes. Although utilizing social media has become key for many organizations, start-ups and small businesses often suffer from a lack of understanding and knowledge of the utilization of social media tools. Therefore, this article uses a case study on the relationship between a social media platform and users’ value co-creation to offer a conceptual framework for start-ups to consider in utilizing social media. Our research reveals that four core drivers of social media success include experience, satisfaction, expression, and sharing ability. Each of these drivers in turn contains conditions for understanding users’ value-creation process and the creation of drivers for successful social media strategies. The research contributes to literature by providing a detailed review of users’ value co-creation as a part of a start-up’s successful social media strategy.
This article examines the “indie” music industry in South Korea. It describes a consumer-led market where network of consumers aided by social media take responsibility for its maintenance and development, specifically the market for indie music in South Korea. With the emergence of digital technology and a participatory culture, the roles of consumers have expanded. Through their commitment and passion for independent music, aided by social media, these consumers have developed a virtual indie music community, which uses a variety of mechanisms, such as producing podcasts, to promote its music. These non-traditional producers regard indie music as an important part of their lives and their existence, which is why they take responsibility for developing the indie community rather than leaving this to a profit-orientated music industry. Therefore, we demonstrate how in South Korea the production of indie music has ceased to be dominated by traditional actors, such as record labels, and is driven by the enthusiasm of music fans. Previous research on cultural markets suggests that consumers play critical roles in the formation and evolution of the market. This study sheds light on this process by depicting a cultural market that is governed by pro-social consumers (rather than anti-market resistance) who pursue a balanced approach between resistance to and negotiated harmony with commercial and social norms rather than drawing a simple boundary between “us” and “other”
Purpose – This article aims to explore the arguments that citizens of future cities will increasingly live in virtual communities as well as bricks and mortar ones, and that some previously physical supply chains will become virtual networks or communities. In examining these arguments, the article investigates the development of the independent music community in Seoul, South Korea. Design/methodology/approach – The research is based on a qualitative case study of music fans and independent record labels in Seoul. Findings – The article shows that independent music fans in Seoul have built a self-organising, fan-dominated, value co-creating community, which has replaced the old, music label-dominated, hierarchical supply chain. The community arose from the passion of fans and their engagement with social media, rather the intentions of city planners and supply-chain architects. Originality/value – The article shows that Seoul may be an exemplar of how future cities can and will develop, particularly in terms of the ability of people to use social media to develop and run their own virtual spaces and communities, which are tailored to the way they want to live their lives.
The emergence of new digital technologies, such as the Internet and new business models such as over-the-top (OTT) operators that utilize them, has transformed the media and broadcasting industries. As advanced technologies and business models are adopted, convergence between the broadcasting and telecommunication ("telecom") sectors has become a common business practice. Using the South Korean case study of a failed acquisition attempt of CJ HelloVision by SK Telecom, this research identifies the three essential features (economic, sociocultural, and industrial structure issues) related to convergence in the broadcasting and media industries. Further, this study reveals the potential consequences of convergence to the public, industry, and society, and offers critical implications for future policy direction. Finally, this study suggests the need for a change in the policy direction in the age of convergence in the broadcasting and media industries. In addition, it calls for the importance of a public-centric public benefit. Social and consumer welfare, and not profit or industrial growth, should dictate the public interest orientation in the broadcasting and media industries. Therefore, the meaning of public interest in broadcasting and media should not be limited in the industrial context of media; rather, it should consider the access to service by the public, the condition of consumption, and its consequences in the perspective of social and consumer welfare.
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