Streaming and subscription business model in the recorded music industry: cyclicality and payout decisions in major record labels before and after The -"spotify effec"t

• Autor(a) principal: Marani, Michelangelo
• Data de Publicação: 2021
• Tipo de documento: Dissertação
• Idioma: eng
• Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
• Texto Completo: http://hdl.handle.net/10362/145339
• topic: Corporate finance; Payout policy; Streaming; Music industry; Record labels; Subscription business model; Cyclicality; Domínio/Área Científica::Ciências Sociais::Economia e Gestão

The purpose of this directed research is to investigate the impact of streaming and the subscription business model on cyclicality and pay out decisions in the recorded music industry. The hypothesis behind this work is that streaming did not only bring the industry back to growth, but also made it more cash stable, less volatile, which in turn sets expectations for higher, more constant dividend payments being preferred to cash saving for potential crises or economy turnovers. The three major listed groups in the competitive environment of record labels will be the object of this study: Universal Music Group, Sony Music Entertainment, and Warner Music Group.