Business Model Innovation: A Solution for Thai Music Business in Thailand 4.0 Era
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Abstract
Thai music business is one of the creative industry sections which is the gear of “Thailand 4.0” that pulls the Thai economy out of “the middle income trap”. However, Thai music industry is currently declining because of the development in digital and internet technology, which changes music consumers’ behavior and gains the copyright infringement. This problem affects the music business’s income heavily.
This article tries to introduce a “Business model innovation” concept which could help Thai music business to adapt itself to survive in the current situation. Business model innovation is a managerial tool that helps business to respond to the situation by changing itself radically. Business model innovation is a process of redesigning the business model from the ground to create and deliver new value which makes target customers more satisfied with the new business way. Business model innovation is changing the business logic that includes customer value proposition, revenue model, cost structure, core resource, and core business process. It tries to turn a new technology from a threat into an opportunity.
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New York: Hyperion.
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