Publication Date: 2022/04/24
Abstract: Modeling agencies all across the world have a low level of market share concentration, accounting for less than 20% of total industry income according to IBIS World. While one of the Talent Agencies in Indonesia also had a considerable decline in overall sales income after one year of operation. Providing young and fresh models with special interests does not grow attractively for the customers. The business’s internal condition reveals a low attractiveness in value offers, despite the business’s great authenticity. As a result of the present value offers in the talent agency competition, the business is still lagging behind the other agencies. Various components in advertising and promotion assistance are demanded by the past customers, thus according to interviews. A qualitative technique was used to get these facts, which comprised a structured interview, actual observation, and a literature review. The analysis of this research shows that Lifestyle SMEs require assistance in advertising and promotion services, instead of only modeling services. Through the business model innovation process, there are three possible prototypes for a Talent Agency, beginning with the Creative Agency, Modelling Services Platform, and KOL Agency (Key Opinion Leader). It turns out the integrated prototype between the Creative Agency and the KOL Agency is proved to be the best business model for a Talent Agency, based on market demand for both value offerings. Eventually, the Talent Agency should consider being developed into a Creative Agency business model with onestop advertising, promotion, and micro-influencer services. Angel investors, banks, the government, and personal funds are all expected to invest in these creative initiatives. To support such new resources, a new professional’s recruitment will be required soon.
Keywords: Business Model Innovation; Small Business Enterprises; Talent Agency; Value Propositions.
DOI: https://doi.org/10.5281/zenodo.6480787
PDF: https://ijirst.demo4.arinfotech.co/assets/upload/files/IJISRT22APR537_(1).pdf
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