Record labels' chance to drive the future! How record labels handle the changing landscape to create value in the relationship between record label and artist as well as artist and consumer

Abstract: The digital advancement has enabled a shift in the power dynamics of different players in the industry. For instance, the digital music services and platforms that help artists to release their music independently, hence artists don't need the record labels to release their music and connect with fans. The consumer preferences have also changed, enabled by digital music services and AI-playlists. It is now more important than ever to have an ability to connect with listeners and to get them actively engaged throughout the artist's career, especially because of increasing use of smart speakers and voice assistants, making the artist more anonymous on the playlists. The aim in this thesis has therefore been to investigate how record labels have changed their orientation, internal functions and roles within the marketing and sales functions, to enable better value for the artists to have a career, as well as how record labels work to create consumer engagement for the artists in the digital consumer journey. This was conducted by having 12 interviews with people in different marketing and sales roles in Swedish record labels. Findings confirm that the market orientation is affecting the value that record labels can facilitate and co-create, where co-creation is key. Other findings are a changed focus in the sales function, an increased importance of brand partnership, sync and content as well as social media management. Furthermore, consumer engagement is connected to having a more holistic consumer journey view, where record labels put a lot of focus on the behavioral dimensions such as sharing. Five tips on how to create consumer engagement and have a holistic approach towards the consumer journey are provided.