The Impact of Digitalization on the Formation of Management and Marketing Strategies in the Global Music Market

The global music industry has undergone substantial changes since digitalization has both opened up various potentials and contributed to a number of challenges ranging from negative externalities regarding cultural diversification to fundamental restructuring processes related to the development of major and independent record companies in terms of marketing and management strategies. This study aims at evaluating the consequences of digitalization on the decision-making choice related to the formation of management and marketing strategies of economic players. To provide a more nuanced picture of the main trends in the music business environment, VRINE modelling of global record industry, a case analyses both of EU regulations on copyrights in the digital era and marketing-management strategies will be used to investigate both the micro- and macro- consequences of the phenomenon, along with the competitive and performance, risk-management, implications related to the development of music companies to show whether digitalization should be considered as a devastating or sustaining factor in the strategies. Thus, the study may also contribute to burning issue as the perspectives of music industry in the era of contet-marketing, that is, the findings might have important implications. In addition, results from the study will be presented in the department of International Business at the National Research University Higher School of Economics. Keywords: music business, record companies, strategic management, marketing, EU regulations, streaming services