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In addition to uploading and managing songs on the platforms, Aggregators are also responsible for collecting royalties deriving from the sale of music and then distributing payments to artists and record companies. Following this approach, we observe how recent digital innovation amplifies the boundaries of the new sharing economy, emphasizing the benefits of quick and easy access to a wide range of resources at a reduced cost. Studies have identified the challenges that deserve more investigation (Ranjan and Read, 2016), among which the intricate stakeholder participation, difficulties in opening up value chains, and trust and intellectual property issues. To the best of our knowledge, our research is the first attempt to get insight into the link between VCC and BT in the music industry, observing the phenomenon at macro-, meso- and micro-levels, in which value is created through exchange and integration of multi-actor resources. Like any cultural sector, the music industry represents a valuable setting to uncover the opportunities of this innovation. With digitization and transmission on the web, the music industry is recombining the value creation process.

Moreover, the continual evolution of music-related commercial activities goes together with the adoption of digital technology, driving an epochal paradigm shift in business models. According to Teece (2010), “a business model embodies nothing less than the organizational and financial architecture of a business” (Teece, 2010, p. 173). The impact of innovation is determining a radical change in the structure and governance of music firms to sustain competitive advantage (Andreassen et al., 2018).

SaaS CFO: Role and Importance In Scaling up Your SAAS Business

Within the past decade, more than “15 to 30 percent” of tracks on streaming services are unidentified with a specific artist. This law protects a “musical work,” or musical arrangement, the combination of notes, chords, harmonies, rhythms, and lyrics. Sometimes a musician might own copyrights for both the musical work and the sound recording, but at other times, the two copyrights might be owned by different people or entities.

Also, keeping in mind that your company’s equity accounts depend on its IRS categorization is essential (single, partnership, or corporation). Movies, television shows, and videography make up the majority of this industry’s activity. Sparkdrop Records is a blog dedicated to fueling a new generation of business-savvy rockstars by delving into the world of music business.

Liabilities Account

Typical features of this type of software are tools for tracking performance income, expenses, taxes, payroll, invoicing, and record-keeping. It is also often capable of generating reports that can be used to better understand your financial performance. Some cloud-based programs even offer real-time synchronization with multiple devices such as phones and tablets so that you can access your data wherever you are. RIAA’s members work tirelessly to find new artists, help them reach their potential in the business, and connect to fans.

Moreover, it delineates actions related to the participation of actors as active partners in service innovation through various interactive channels. The pioneer of modern music printing was Ottaviano Petrucci (born in Fossombrone in 1466 – died in 1539 in Venice), a printer and publisher who was able to secure a twenty-year monopoly on printed music in Venice during the 16th century. His Harmonice Musices Odhecaton, a collection of chansons printed in 1501, is commonly misidentified as the first book of sheet music printed from movable type. That distinction belongs to the Roman printer Ulrich Han’s Missale Romanum of 1476.

Rose Record Label

After each interview, transcription was an essential point for subsequent discussions. Data were analysed and interpreted using steady comparative analysis to find starting concepts, link this evolving set of ideas to higher-level categories, and then, when required, establish potential linkages between classes (Sarker et al., 2012). The constant comparing process implicitly involves data triangulation across respondents, types of organizations, and respondents’ organizational responsibilities, among other things.

• Pursuing a college degree is an effective way to prepare for a career in the music industry.
• Acumatica is a cloud-based accounting software that provides financial management, inventory management, and order management features.
• Just like music managers, hiring a bookkeeper is only justifiable once you have done some serious heavy lifting.
• It is worth noting that each level is influenced by events that occurred in the past or by a present situation or future perspective.
• His Harmonice Musices Odhecaton, a collection of chansons printed in 1501, is commonly misidentified as the first book of sheet music printed from movable type.
• A recording contract specifies the business relationship between a recording artist and the record company.

This latter scenario is primarily due to technological threats, such as ransomware assaults on the BT network (Moll and Yigitbasioglu, 2019), although blockchain ensures highly secure transactions (Deloitte, 2016). Other potential problems could come from the anonymity of some cryptocurrencies, which could be used to trade potentially in suspicious criminal transactions or laundered funds, or to fund terrorist acts (Turner and Irwin, 2017). Only recently has the potential of new technological innovations, such as blockchain, been given music industry accounting attention as a source of competitive advantage in the ongoing debate on economic value creation (Erevelles et al., 2022; Mačiulienė and Skaržauskienė, 2021; Zhang et al., 2021). At the definitional level, VCC still has uncertain boundaries, as few studies explicitly clarify its meaning and contents (Neghina et al., 2015). Overall, VCC theory gives a valuable framework for understanding how to add value to “existing value” (Ramaswamy and Ozcan, 2014) or use existing value to lead growth through interplays between firms and actors.

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This helped musical styles to spread to other cities and countries more quickly, and it also enabled music to be spread to more distant areas. Before the invention of music printing, a composer’s music might only be known in the city she lived in and its surrounding towns, because only wealthy aristocrats would be able to afford to have hand copies made of her music. With music printing, though, a composer’s music could be printed and sold at a relatively low cost to purchasers from a wide geographic area. As sheet music of major composer’s pieces and songs began to be printed and distributed in a wider area, this enabled composers and listeners to hear new styles and forms of music.

Esports (competitive gaming) and gambling games are becoming more and more well-liked, which has accelerated the growth of this industry. This allows them to provide invaluable advice when making crucial business decisions. For https://www.bookstime.com/articles/statement-of-comprehensive-income instance, if you want to buy a car for your touring plans, a skilled CPA may advise you to buy it under your brand name instead of your name. Such a move can make a significant difference in your personal and business finances.