Finding Right Revenue Models for Digital Goods in. Various Market Segments. - An Analysis of the Japanese Digital Music Market -

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1 Finding Right Revenue Models for Digital Goods in Various Market Segments - An Analysis of the Japanese Digital Music Market - Jiro Kokuryo and Motohiro Hattori Graduate School of Business Administration, University of Keio Hiyoshi-honcho, Kohoku-ku, Yokohama, Japan Abstract This paper surveys the research of market segments in connection with the revenue model of the media environment digitized and connected by network on the topic of the revenue model of music soft ware. This research suggests existence of various market segments in digital goods favoring different payment schemes: some favoring tradition pay per copy models and others favoring pay after use (shareware like) revenue models. Keywords Market segments, Digital goods, Payment schemes, Peer to peer file sharing, Business models

2 1. Introduction Peer to peer file sharing technologies allow easy and low cost copying of music are creating turmoil in the music industry. A serious conflict exists between those who stubbornly try to restrict copying of music and those who defiantly reject suppressing the capabilities of the digital technologies for economic reasons. An analysis of music listeners suggests the existence of distinct segments in the market for digital content favoring various payment models (i.e., revenue models from the viewpoint of the industry). Perhaps with a careful assessment of the consumers, and by designing appropriate business models for various market segments, we can step beyond the conflict and create an industry in which we can fully exploit the technical possibilities of the network. From those viewpoints, this paper surveys the preceding research in connection with revenue models for digital goods and conducted consumer questioners to derive a new hypothesis about a consumer image and a revenue model. Let us first analyze the source of the problem. Traditionally, the revenue model of the music industry has been protected by the exclusive access to sound sources that allowed only the owner to duplicate the materials. However, in the digital media environment, it is possible for ordinary consumers to reproduce a sound source and to circulate it to the public at low cost without lowering the quality of the material. At the theoretical level, there is a natural tendency for the price of information goods on the network to be driven down to zero. Digital goods on the net have the public-goods characteristic, i.e., their marginal cost is almost zero. Once a digital good is placed on the network and permission is given to the recipient to copy and forward, the marginal cost for the original supplier of the information becomes zero. As a result, foundations of the revenue models in the music industry are shaken. Efforts are being made to protect the existing model legally and technologically. Copyright Act Revision, 1998, is an example in Japan by which Public Transmitting Rights was introduced. In 1999 Napster trial in the U.S. the recording industry successfully blocked Napster s file sharing service. Another example is the recording industry has been introduced Super-CD, a device prevents copying in PCs. On the other hand, efforts are also being made to create unconventional revenue models to accommodate the features of emerging technologies. An example is charging a membership fee for using P2P file exchange systems. The essential purpose in designing these revenue models is to provide incentives for the information value creators. Furthermore, an important goal is to harness the designers of business models should think creatively to address customer needs and to take advantage of the opportunities that new technology provides. For example, the CD rental system in Japan, in spite of initial objections that it would erode sales of new CDs, succeeded in expanding revenue for the industry.

3 2. Preceding research of an revenue model for information Although there is not much preceding research that discussed the revenue model of information goods in digital and networked media environment, there are the research of Jiro Kokuryo (2000), Carl Shapiro and Hal R.Varian (1998), and Esther Dyson (1997). Jiro Kokuryo (2000) classified that the different revenue models by noting what scarcity each model was linked with in consumer image. This is based on the logic that money is a medium to exchange scarce resources, and if any revenue is to be generated, it has to come by exchanging something of scarcity with another. It follows that since information on the net does not have scarcity by itself, it has to be bundled with scarcity of other goods or services. In other words, this model focuses on Complementary goods that generate revenue, demand for which are created by information. Carl Shapiro and Hal R.Varian (1998) argue that the information goods can be differentiated by versioning them to address various market segments and thus protect profit margin. The revenue model by free distribution ( Versioning-Free Version ) of content using the feature of digitization and a network and the cost structure of information goods is also shown. The Versioning-Free Version is almost the same as that of the Complementary goods which Jiro Kokuryo has shown. The outline and example of the Carl Shapiro and Hal R.Varian models are Versioning such as Delay, Convenience, and Comprehensiveness and Versioning-Free Version such as a model which connects informational worth to a profit, building awareness, and gaining Follow-on Sales. Esther Dyson (1997) interpreted and classified the dealings form of the information goods which actually consumer accepted, and classified it as a model which connects informational worth to a profit such as Performance, Intellectual service, Sponsorship, Duplicate sale and so on. In a meaning of extraction of the choice for a company adopting a revenue model, it is thought that almost all the dealings forms considered actually are included. As a result, a model like Sponsorship that differs from market dealings is also classified. The three revenue models suggest that digital and network technologies will create a variety of business models rather than a single dominant model. We can summarize types of revenue models as follows: 1) Duplicate sale : e.g., CDs, 2) Complement goods : Distributing information goods free of charge and create profit with the goods and service of those other than information goods, and 3) dealings, e.g., donation and/or payment for government policy. And the important remarks are that the possibility of revenue models is discussed from the feature of consumer consciousness. Thus, there can be hypothesis that the payment models exist fitting to consumer segments. In order to explore this phenomenon, we want to explore a consumer image linking to revenue models by using the consumer questionnaire described in the next chapter.

4 3. Analysis of the consumer image of information goods Factor analysis is carried out as the first step for identifying consumer clusters. A questionnaire consisting of 20 five-scale questions was prepared to survey on music consumption. Next, using a subject's factor score obtained by factor analysis, the sample was categorized into clusters. To see the relation between each cluster and preferred services (payment models), the questionnaire included 8 questions on customer perception, five-scale on various payment models. Based on the reaction to the service of each cluster, it interprets whether the needs for that service are relatively strong. This takes into consideration the relation between each cluster and service. The investigation outline is as follows: 1)Candidate: Person residing in Japan have internet connections, 2)Investigation method: Closed questionnaire using a web, 3)Investigation period: From October 29, 2001 to November 05, 2001, and 4)Effective reply: 1,324 replies Result of analysis From Factor analysis we derived four factors named: 1)Alignment, 2)Relation, 3)Search, and 4)Conservative. Then, we obtained four unique clusters based on the difference in the reaction to four factors of each subject (factor score). Three clusters which are conspicuous and react to the factor of Alignment, Search and Conservative can be checked, however, a cluster cannot be checked in the reaction to Relation. The reaction to the factor of each cluster was considered synthetically, and named as follows: 1) Alignment, 2) Social, 3) Mainstream and 4) Independence group. Having identified clusters in the market, we then saw if there are relations between clusters and types of revenue (payment) models they prefer. Finally, we gained the following data including cluster profiles. Fig The feature of each cluster Cluster name (Number of people) Man-and-woman ratio Age (Reference value) Alignment (165) Social (150) Mainstream (936) Independence (73) 58% / 42% 45%/ 55% 47%/ 53% 42%/ 58% 30's. (29%) 30's. (31%) 30's. (29%) 19's and 20 s. (38%, 34%) Broadband ratio 36% 29% 33% 44% The Internet use time (2 hours or more per day) The amount of expenses for music titles, such as CD (The past one year) Preferred revenue model 55% 48% 51% 62% zero. (39%) less than 5000 yen. (33%) Duplicate sale, dealings, less than 5000 yen. (35%) Duplicate sale, dealings 25,000 yen or more. (27%) Complement goods, dealings

5 3.3. Summary We would like to summarize our research results as follows: 1) The investigation confirmed that the various consumer clusters exist according to their music consumption attitude: Alignment, Social, Mainstream, and Independence clusters. And the clusters support various revenue models. 3) Independence cluster has the relatively high Internet use time as compared with the other clusters, and it can be seen as becoming an important cluster with the future spread of broadband. The percentages supporting Complement goods and dealings are high. So, we can say that positive correspondence of the record industry is probably needed. 4) Existence of the Mainstream and Social clusters, supporting the existing revenue model of Duplicate sale, was confirmed. There is neither low rate of broadband use nor Internet use time in the clusters. Even if broadband progresses, it is suggested that they support the business model represented by mass marketing of existing record companies. 5) All the needs of Alignment cluster are relatively low, and since it shows the very same taste as Mainstream cluster to each service, it can be understood the group with the element of follower which follows in footsteps of Mainstream cluster. 4. The significance and the limit of this paper This research suggests existence of various market segments favoring different payment schemes. We believe this has significant implications both in theory and in practice particularly in the context of broadband computer networks. Most serious limitation of this paper is that this survey was conducted on-line and it does not capture actual music listener population. And the relationship between consumer cluster and revenue model we derived is only be suggested basis. In the future we hope to set more theoretical support for the research. References 1) Kokuryo Jiro(2001): Jyouhoukachi no syuuekimoderu, Jyouhouka to keizai system no tenkan, Toyo keizai shinpou sya 2) Yuichi Sasaki and Satoru Kitayama(2000): Linux ha ikanishite business ninattaka, NTT syuppan 3) Carl Shapiro and Hal R.Varian(1998): Information Rules, Harvard Business School Press 4) Hal R.Varian(1995): Pricing Information Goods, The author's home page 5) Esther Dyson(1997): A design for living in the digital age, Broadway Books

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