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This paper examines the concept of business models. Through the paper of secondary data from the recorded sound industry, the authors explore how business models change over time. The history of the recorded sound industry, from its birth in the 1870s shows how technologies, market offerings and the network architecture generate change as different actors play their part. The story raises three important questions; What are business models? Where is business models situated? and How do business models happen? Next the paper identifies technology, market offering and network architecture as the three core elements of business models and presents them as a framework for understanding business development in manufacturing and service settings.
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