Visa launched a white paper recently called “Lessons from the music business – how to profit from next generation payments”.
At Insights 13 in Cannes, Peter Ayliffe, CEO for Visa Europe talked about the need to embrace change, drawing on the example of the music industry.
This is an industry which, instead of embracing the change driven by digital, chose to try and protect the status quo by refusing to co-operate with new entrants, build new ecosystems or share in new revenue streams. As a result, it has taken the industry a long time to recover.
Payments are now being impacted by the shift to digital in the same way the music industry was at the end of the 20th century. However, it is possible to take a more direct road to a much better destination – a destination that will add value to all customers.
To do so, companies need to:
- positively embrace and lead the change;
- build a new, open eco-system with new partners;
- innovate to create value be securing new, more diversified, more sustainable revenue streams and a broader customer relationship.
You can download the full white paper here.
