IDEAS home Printed from https://ideas.repec.org/a/pal/palcom/v11y2024i1d10.1057_s41599-024-02657-7.html
   My bibliography  Save this article

Do artists perceive blockchain as a new revenue opportunity? A social representation study of the Korean music industry

Author

Listed:
  • Yujun Park

    (School of Media & Communication, Korea University)

  • Seongcheol Kim

    (School of Media & Communication, Korea University)

Abstract

Although blockchain has often been perceived as a game-changer that can revolutionize the music industry, it also retains possible challenges regarding the practicality of such innovative adoption. This study seeks to construe the realistic thoughts raised by artists regarding the new revenue opportunities arising from the adoption of blockchain in the Korean music industry. This involves the disintermediation of the obsolete music royalty distribution system and a new revenue channel from the Non-fungible Token market. Based on social representation theory and interviews with Korean artists, this study found ambivalent perceptions towards the adoption of blockchain in the music industry - hoping for new possibilities while also perceiving the impracticality of such innovation. Indeed, it may be too good to be true for artists who have observed the local domain with little change regardless of their continuous cries for help. After thorough discussion, the study provides key implications to induce sound settlement of an innovative technology.

Suggested Citation

  • Yujun Park & Seongcheol Kim, 2024. "Do artists perceive blockchain as a new revenue opportunity? A social representation study of the Korean music industry," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    • Handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-02657-7
    DOI: 10.1057/s41599-024-02657-7
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1057/s41599-024-02657-7
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1057/s41599-024-02657-7?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Luiz Antonio Joia & Juliana Aparecida Pinto Vieira, 2021. "Going beyond Cryptocurrencies: The Social Representation of Blockchain," Sustainability, MDPI, vol. 13(24), pages 1-18, December.
    2. Luis Aguiar & Joel Waldfogel, 2021. "Platforms, Power, and Promotion: Evidence from Spotify Playlists," Journal of Industrial Economics, Wiley Blackwell, vol. 69(3), pages 653-691, September.
    3. Suzanne D Pawlowski & Evgeny A Kaganer & John J Cater, 2007. "Focusing the research agenda on burnout in IT: social representations of burnout in the profession," European Journal of Information Systems, Taylor & Francis Journals, vol. 16(5), pages 612-627, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Gaétan de Rassenfosse & Adam B. Jaffe & Joel Waldfogel, 2024. "Intellectual Property and Creative Machines," NBER Chapters, in: Entrepreneurship and Innovation Policy and the Economy, volume 4, National Bureau of Economic Research, Inc.
    2. Shafaq Khan & Mohammed Shael & Munir Majdalawieh & Nishara Nizamuddin & Mathew Nicho, 2022. "Blockchain for Governments: The Case of the Dubai Government," Sustainability, MDPI, vol. 14(11), pages 1-22, May.
    3. Daniel Winkler & Christian Hotz-Behofsits & Nils Wlomert & Dominik Papies & Jura Liaukonyte, 2024. "The Impact of Social Media on Music Demand: Evidence from a Quasi-Natural Experiment," Papers 2405.14999, arXiv.org.
    4. Gambato, Jacopo & Sandrini, Luca, 2024. "Not as good as it used to be: Do streaming platforms penalize quality?," ZEW Discussion Papers 24-045, ZEW - Leibniz Centre for European Economic Research.
    5. Martin Peitz, 2023. "Governance and Regulation of Platforms," CRC TR 224 Discussion Paper Series crctr224_2023_480, University of Bonn and University of Mannheim, Germany.
    6. Gambato, Jacopo & Sandrini, Luca, 2023. "Not as good as it used to be: Do streaming platforms penalize quality?," ZEW Discussion Papers 23-032, ZEW - Leibniz Centre for European Economic Research.
    7. Na, Eunkyung & Jung, Yoonhyuk & Kim, Seongcheol, 2023. "How do care service managers and workers perceive care robot adoption in elderly care facilities?," Technological Forecasting and Social Change, Elsevier, vol. 187(C).
    8. Shiva Agarwal & Cameron D. Miller & Martin Ganco, 2023. "Growing platforms within platforms: How platforms manage the adoption of complementor products in the presence of network effects?," Strategic Management Journal, Wiley Blackwell, vol. 44(8), pages 1879-1910, August.
    9. Johannes Loh, 2022. "Selection, Consumption, and New Music Exploration in an Online Social Network: A Dyadic Approach," CESifo Working Paper Series 10120, CESifo.
    10. Janek Meyn & Michael Kandziora & Sönke Albers & Michel Clement, 2023. "Consequences of platforms' remuneration models for digital content: initial evidence and a research agenda for streaming services," Journal of the Academy of Marketing Science, Springer, vol. 51(1), pages 114-131, January.
    11. Alagöz, Nazli, 2024. "Promotion and technological change in the music industry," Other publications TiSEM 511ceba0-62a0-4c60-a76c-f, Tilburg University, School of Economics and Management.
    12. Gustavo Berganti~nos & Juan D. Moreno-Ternero, 2023. "Revenue sharing at music streaming platforms," Papers 2310.11861, arXiv.org.
    13. Amelia Fletcher & Peter L Ormosi & Rahul Savani, 2023. "Recommender Systems and Supplier Competition on Platforms," Journal of Competition Law and Economics, Oxford University Press, vol. 19(3), pages 397-426.
    14. Nils Wlömert & Dominik Papies & Michel Clement & Martin Spann, 2024. "Frontiers: The Interplay of User-Generated Content, Content Industry Revenues, and Platform Regulation: Quasi-Experimental Evidence from YouTube," Marketing Science, INFORMS, vol. 43(1), pages 1-12, January.
    15. Lukas Jurgensmeier & Bernd Skiera, 2023. "Measuring Self-Preferencing on Digital Platforms," Papers 2303.14947, arXiv.org, revised Feb 2024.
    16. Nam, Jinyoung & Ro, Dan & Jung, Yoonhyuk, 2023. "Netflix's presence: Investigating content producers' understanding of Netflix in the Korean media industry," Telecommunications Policy, Elsevier, vol. 47(4).
    17. Yanhui Wu & Feng Zhu, 2022. "Competition, Contracts, and Creativity: Evidence from Novel Writing in a Platform Market," Management Science, INFORMS, vol. 68(12), pages 8613-8634, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palcom:v:11:y:2024:i:1:d:10.1057_s41599-024-02657-7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: https://www.nature.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.