In this paper, we use the business model concept to study the evolution of the French record industry between 1998 and 2008. This original approach enables us to describe the way the value creation logic of an industry evolves when facing tremendous turmoil. Adopting a longitudinal perspective, we identify different strategies of change which imply a greater or lesser degree of innovation. After analyzing these strategies, we show that developing interactions outside the boundaries of the industry represents a great path for innovation. It helps managers to overcome cognitive pressures that can result from a dominant business model. Also, partnerships with outsiders are an efficient way to increase the value creation potential of the industry. This research provides interesting results for practitioners from the creative industries by highlighting different approaches to innovation. From a theoretical perspective, it offers a different point of view on mechanisms of value creation by adopting an inter-industrial level of analysis.
