Prioritizing Business Model Factors of Music Awards: Using Interpretive Structural Modeling

Abstract

This study investigates the prioritized business model factors of the Mnet Asian Music Awards (MAMA) using the Business Model Canvas (BMC) framework and Interpretive Structural Modeling (ISM). MAMA, hosted by CJ ENM’s Mnet, is one of the most prominent annual music events in Asia, and it plays a critical role in promoting K-pop globally while fostering cultural exchange. However, MAMA faces several challenges, including high logistics costs, complex international partnerships, and audience engagement across different regions. This study utilizes in-depth interviews with seven industry experts to analyze the critical components of MAMA’s business model. The BMC framework was used to identify the most important factors, while ISM, a methodology for analyzing and prioritizing complex interrelationships between factors, helped to prioritize them based on their influence and interconnectedness. The study found that Key Resources such as brand awareness and artist performances were the most critical factors, followed by Value Propositions and Key Partnerships while Revenue Streams and Cost Structures were lower-priority factors. The study concludes by discussing the implications for event organizers and suggesting areas for future research, such as the impact of digital transformation on international music awards and strategies to enhance audience engagement.