In 1974, ABBA kick-started the Swedish music miracle by winning the Eurovision Song Contest. To date, Sweden (a small country of ten million inhabitants) has brought home 7 victories and accounts for a disproportionately large share of the global music trade. Apart from that, Spotify, the world’s best-known music streaming platform with 345 million monthly active users, was founded in Stockholm by two Swedish tech entrepreneurs...
What are the key secrets behind the global success of Swedish music industry? The answer is that Sweden’s global music success mirrors how Swedish firms internationalize. Simply put, the Swedes do music just like they do business!
Here are some parallels that can be drawn:
- Collaborative Approach: Swedish music thrives on collaboration, with songwriters, producers, and artists working together to create music. Similarly, Swedish firms embrace collaboration and partnerships when expanding internationally.
- Focus on Quality and Craftsmanship: Just as Swedish music is known for its high-quality production and songwriting, Swedish firms are recognized for their commitment to quality and craftsmanship.
- Supportive Ecosystem: The Swedish state provides support and resources for both the music industry and business community. Funding, grants, and export programs help Swedish firms establish their presence in international markets, while also fostering a supportive environment for entrepreneurship and innovation.
- Reputation and Branding: Swedish music, like Swedish firms, benefits from the positive reputation associated with Swedish design, innovation, and quality. The country's strong branding as a hub for creativity and excellence contributes to the global success of both its music and businesses.
- Global Mindset: Swedish music artists have a global outlook, collaborating with international artists and incorporating global sounds into their music. Similarly, Swedish firms have a global mindset when expanding internationally.
- Innovation and Adaptation: Swedish musicians are known for their willingness to experiment and adapt to international trends, incorporating diverse influences into their music. Swedish firms also demonstrate a similar mindset by embracing innovation and adapting their products and strategies to meet the needs and preferences of global markets.
- Digitalization and Technology: Sweden's early embrace of digital music consumption through platforms like Spotify has had a significant impact on the global music industry. Similarly, Swedish firms have been at the forefront of technological advancements, particularly in sectors like information technology, telecommunications, and clean energy.
Success in the music industry, like any other industry, typically doesn't happen by accident. Achieving global success in music requires a combination of talent, strategic planning, and effective execution - just like the Swedes do it!
