Innovation is a much overused and often misused term, yet when considered in its truest sense it is arguably the single most important issue that the music industry must address if it is ever going to rediscover long term, sustainable revenue growth.
Of course the modern day music industry is a complex and diverse collection of entities with equally disparate innovation trends, not however starting from a base of zero, despite what some may think.
Indeed, we all do innovation. Even the least innovative of companies do some form of innovation, at some level, at some pace.
The three metrics which determine whether a company is in balance innovative or not are:
Degree of innovation pursued
Culture of innovation supported
Rate of innovation achieved
Performing strongly on all three of these Innovation Performance Indicators (IPI) IPIs will not guarantee a company success (external factors such as consumer demand, marketing, finance will all help determine that). But excelling at all three IPI’s will ensure that a company has the frameworks for creating product strategies that have the agility and adaptability necessary for success.
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Via Albin Serviant