I often talk about innovation and how if organizations are not innovating and adapting, the only news we will read about them is that they are bankrupt. So let’s give credit to HMV Canada for being innovative and recognizing that the world of music has changed.
HMV operates more than 100 stores in Canada, selling CDs, DVDs and other audio and video recordings. Today they launched a digital music service called The Vault. Users can sign up for a subscription based service to stream music (and eventually movies) or even download them to a phone or mp3 player. Bravo to HMV Canada for recognizing this changing customer need and doing something about it.
The president of HMV Canada, Nick Williams, said, “We absolutely believe we should provide people with music in any way they choose to experience it, whether that’s (to) download, stream it…or come into stores and buy it physically.” What an enlightened way of thinking.
This is a great example of innovating to meet new customer demands. It’s what Blockbuster should have done with movies (although Netflix is glad they didn’t) and what Indigo and Barnes and Noble should do with books (although Amazon is glad they didn’t).