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Research Finds Digital Music Streaming Consumption Dropped as a Result of Covid-19 and Lockdowns
Decline in human mobility has stunning consequences for content streaming
The Covid-19 pandemic and lockdowns significantly reduced the consumption of audio music streaming in many countries as people turned to video platforms. On average, audio music consumption decreased by 12.5% after the World Health Organization’s (WHO) pandemic declaration in March 2020.
Music streaming services were an unlikely area hit hard by the Covid-19 pandemic. New research in Marketing Science found that the drop in people’s mobility during the pandemic significantly reduced the consumption of audio music streaming. Instead, people turned more to video platforms.
“On average, audio music consumption decreased by more than 12% after the World Health Organization’s (WHO) pandemic declaration on March 11, 2020. As a result, during the pandemic, Spotify lost 838 million dollars of revenue in the first three quarters of 2020,” said Jaeung Sim, a PhD candidate in management engineering at KAIST and one of the authors of the research study on this phenomenon. “Our results showed that human mobility plays a much larger role in the audio consumption of music than previously thought.”
The study, “Frontiers: Virus Shook the Streaming Star: Estimating the Covid-19 Impact on Music Consumption,” conducted by Sim and Professor Daegon Cho of KAIST, Youngdeok Hwang of City University of New York, and Rahul Telang of Carnegie Mellon University, looked at online music streaming data for top songs for two years in 60 countries, as well as Covid-19 cases, lockdown statistics, and daily mobility data, to determine the nature of the changes.
The study showed how the pandemic adversely impacted music streaming services despite the common expectation that the pandemic would universally benefit online medias platforms. This implies that the substantially changing media consumption environment can place streaming music in fiercer competition with other media forms that offer more dynamic and vivid experiences to consumers.
The researchers found that music consumption through video platforms was positively associated with the severity of Covid-19, lockdown policies, and time spent at home.
-PublicationJaeung Sim, Daegon Cho, Youngdeok Hwang, and Rahul Telang,“Frontiers: Virus Shook the Streaming Star: Estimating the Covid-19 Impact on Music Consumption,” November 30 in Marketing Science online (doi.org/10.1287/mksc.2021.1321)
-Profile Professor Daegon ChoGraduate School of Information and Media ManagementCollege of BusinessKAIST
2022.02.15 View 7406 -
Professor Jihee Kim Wins the Lucas Prize for Her Income Inequality Theory
Professor Jihee Kim from the School of Business and Technology Management at KAIST was announced as one of two winners of the 2021 Robert E. Lucas Jr. Prize. Professor Kim was recognized for having provided an empirical analysis on engines of income growth, sources of income inequality, and their rich interplay in her paper published in the Journal of Political Economy (JPE) in October 2018. The co-author of this study, Professor Charles I. Jones at Stanford University, was honored to be another awardee of this year’s Lucas Prize.
The Robert E. Lucas Jr. Prize, simply known as the Lucas Prize, is awarded biannually for the most interesting paper in the area of Dynamic Economics published in the leading economics journal JPE in the preceding two years. The prize was established in 2016 in celebration of the 1995 Nobel Prize in Economics Laureate Dr. Lucas’s seminal contributions to economics. The two former prizes were presented in 2019 and 2017 respectively.
Professor Kim and Professor Jones, in their award-winning paper titled 'A Schumpeterian Model of Top Income Inequality', observed that top income inequality was relatively low and stable between 1960 and 1980, but then rose sharply in some countries, including the United States and the United Kingdom.
The authors focused on entrepreneurial activities and the resulting income as the driving force of income inequality. They assumed that the forces that increased the efforts of fast-growing entrepreneurs to improve their products or increased productivity of their efforts could increase income inequality. On the other hand, the forces that enhanced creative destruction or that raised the rate at which high-growth entrepreneurs lost that status could decrease income inequality, according to the authors’ theory.
Professor Kim explained, “Various economic forces due to globalization, the advancement in AI and IT technologies, taxes, and policies related to innovation blocking may explain the varied patterns in income inequality.”
“Through follow-up research, I will continue developing economic theory models that can analyze the impact of changes such as income tax rates and salary negotiations on income inequality,” she added.
Professor Kim received her bachelor’s degree from the KAIST School of Computing in 2005 and pursued her graduates studies at Stanford University, acquiring a master’s degree in economics in 2011 and a doctoral degree in management science and engineering in 2013.
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2021.03.26 View 6955 -
Emeritus Professor Jae-Kyu Lee Wins the AIS LEO Award
Emeritus Professor Jae-Kyu Lee has won the Association for Information Systems LEO Award 2020. Professor Lee, the first Korean to receive the LEO Award, was recognized for his research and development in preventative cyber security, which is a major part of the efforts he leads to realize what Professor Lee has named "Bright Internet."
Established in 1999, this award was named after the world’s first business application of computing, the Lyons Electronic Office and recognizes outstanding individuals in the field of information systems. The LEO Award recognized four winners including Professor Lee this year.
He has been professor and HHI Chair Professor at KAIST from 1985 to 2016 since he has received his Ph.D. in information and operations management from the Wharton School, University of Pennsylvania. He served as the Dean of College of Business and supervised around 30 doctoral students. He is currently the Distinguished Professor of School of Management at Xi’an Jiaotong University.
His research mainly focused on the creation of Bright Internet for preventive cybersecurity, improving relevance of research from Axiomatic Theories, and development of AI for electronic commerce and managerial decision support.
He is a fellow and was the president of the Association for Information Systems, and co-chaired the International Conference on Information Systems in 2017. He was the founder of Principles for the Bright Internet and established the Bright Internet Research Center at KAIST and Xi’an Jiatong University. He also established the Bright Internet Global Summit since ICIS 2017 in Seoul, and organized the Bright Internet Project Consortium in 2019 as a combined effort of academia-industry partnership. (www.brightinternet.org.)
He was a charter member of the Pacific Asia Conference in Information Systems, and served as conference chair. He was the founder editor-in-chief of the journal, Electronic Commerce Research and Applications (Elsevier), and was the founding chair of the International Conference on Electronic Commerce. In Korea, her served as president of Korea Society of Management Information Systems and Korea Society of Intelligent Information Systems.
"I am honored to be designated the first Korean winner of the honorable LEO Award," Lee said. "Based on my life-long efforts for developments in the field, I will continue to contribute to the research and development of information media systems."
2020.12.16 View 5343 -
New Members of KAST 2020
< Professor Zong-Tae Bae (Left) and Professor Sang Ouk Kim (Right) >
Professor Zong-Tae Bae from the School of Management Engineering and Professor Sang Ouk Kim from the Department of Materials Science and Engineering became new fellows of the Korean Academy of Science and Technology (KAST) along with 22 other scientists in Korea.
On November 22, KAST announced 24 new members for the year 2020. This includes seven scientists from the field of natural sciences, six from engineering, four from medical sciences, another four from policy research, and three from agriculture and fishery.
The new fellows will begin their term from January next year, and their fellowships wll be conferred during the KAST’s New Year Reception to be held on January 14 in Seoul.
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2019.12.09 View 10366 -
College of Business Honored with the WRDS-SSNR Innovation Award
(Professor Inmoo Lee (far left), Robert Zarazowski (WRDS), Gregg Gordon (SSRN) and Professor Jae Kyu Lee)
The KAIST College of Business received the WRDS (Wharton Research Data Services)-SSNR Innovation Award for the Asia-Pacific region on October 31 during the AACSB Asia-Pacific Conference in Seoul.
The WRDS-SSRN Innovation Award is intended to elevate the visibility of pioneering research across a broad range of financial and economic topics. Three winners are selected annually from across North America, Europe, and the Asia Pacific based on their ability to demonstrate innovation and research excellence.
The award was created through collaboration with SSRN, the world’s leading early-stage research platform and Elsevier, a global information analytics company specializing in science and health. It honors top business schools that produce exceptional data-driven research. A part of the Wharton School of the University of Pennsylvania, WRDS provides global corporations, universities, and regulatory agencies with the thought leadership, data access, and analytics needed to enable impactful research.
The Dean of the College of Business Youngbae Kim, said that KAIST has been taking the lead in responding to global trends, offering many innovative programs such as an MBA for Social Entrepreneurship and the Master Course for Green Growth Management. KAIST already has been selected as the Most Innovative University in the Asia-Pacific Region by Thomson Reuters for the last two years.
Robert Zarazowski, managing director of WRDS said they recognize and support the outstanding achievement taking place at KAIST as well as its commitment to growth and innovation in business education.
2017.11.03 View 6079 -
Professor Hahn Named Sangnam Business Researcher Awardee
Professor Minhi Hahn of the School of Management Engineering at the KAIST College of Business has been named the winner of the 22nd Sangnam Business Researcher Award. The Sangnam Award is the highest distinction made by the Korean Academic Society of Business Administration to recognize an outstanding scholar in the field of business & management for that year.
His research focuses on how marketing communication impacts customer choices and their satisfaction. Professor Hahn has served on the faculty of the College of Business since 1989, and has supervised more than 21 Ph.D.s and 203 master’s students while publishing more than 51 papers in domestic and foreign journals. He served as dean of the KAIST College of Business, president of the Korean Marketing Association, and president of the Korean Society of Consumer Studies. Currently Professor Hahn is a board member on the strategic committee of the College of Management at National Sun Yat-sen University in Taiwan.
Professor Hahn said, “I am pleased to receive this award on behalf of the people who are working for the development of Korean business administration. I will do my utmost to support younger scholars to continue their meaningful research." The award ceremony will take place at the Plaza Hotel in Seoul on February 23.
2017.02.19 View 6223 -
Prof. Jae-Kyu Lee Campaigns on "Bright Internet" Worldwide
Professor Jae-Kyu Lee (pictured on the right) from the College of Business at KAIST is one step closer to fulfilling his dream of achieving the “Bright Internet,” a campaign that he first proposed as he became the president of the Association for Information Systems (AIS) in June 2015.
On December 12, 2015, Professor Lee signed a memorandum of understanding (MOU) at a convention center in Fort Worth, Texas, between the AIS and the International Telecommunication Union (ITU)—a specialized agency of the United Nations that is responsible for issues related to information and communication technologies—on a collaborative research and development program to make the Internet safer for everyone.
The MOU pursues building a trusted international information and communication technology (ICT) infrastructure by proposing telecommunication policies, developing international standards, and organizing interdisciplinary conferences.
The Bright Internet is an initiative to protect online users from cyber terrors, privacy breaches, and cyber-crimes. Further, it involves putting accountability to those who initiate or deliver cyber threats, thereby eliminating the possible source of Internet related crimes.
Following the MOU agreement, Prof. Lee delivered a speech on his campaign at the 2015 International Conference on Information Systems and received positive responses from the audience.
The Bright Internet campaign has been selected as visions of various ICT organizations worldwide including the Korea Society of Management Information System and the International Federation of Information Processing. KAIST and Tsinghua University in China adopted it as an academic topic for research and teaching.
Prof. Lee claimed that the Internet should be used in a manner based on the values of trust, ethics, and decorum. He further noted that it is important to build Internet environments that not only protect individuals from cyber threats or attacks, but also hold those who commit online crimes accountable for their actions.
2015.12.28 View 7971 -
Academic Award Established in the Honor of Professor Jae-gyu Lee
An academic award has been established to celebrate the academic achievements of Jae-gyu Lee, a chair professor at KAIST’s Business and Management Department.
The Korean Society of Management Information Systems (KMIS) created the “Safe Internet Jae-gyu Lee Academic Award” at the 2015 KMIS Fall Symposium held on November 21, 2015 at the Business and Management building of Yonsei University in Seoul.
The award will be presented to researchers operating both in and outside Korea, who strive to achieve a clean and safe Internet environment by preventing cyber terrors, attacks, and crimes.
Appointed as the President of the Association for Information Systems (AIS), a global academic organization to advance the field of information systems, in July 2015, Professor Lee has adopted the “safe and clean Internet culture” as the official vision of the AIS. During his inaugural speech, he urged the international community including AIS to work together for better solutions to cyber problems.
For the implementation of the Safe Internet Jae-gyu Lee Academic Award, KMIS plans to form a committee to select winners through evaluations and recommendations. The award will be presented from 2016 forward.
Also, Professor Lee has recently donated USD 87,000 to KMIS to fund research in safe Internet culture and cyberspace security.
2015.11.25 View 6906 -
Professor Jae Kyu Lee Appointed the President of Association for Information Systems
Chair Professor Jae Kyu Lee of KAIST’s College of Business was appointed the President of Association for Information Systems (AIS) on July 1, 2015. Professor Lee will serve a one-year term, which will end in June 2016. With four thousand members researching information systems from 90 different nations, AIS is the largest academic society in the fields of information system and business process engineering.
Professor Lee has proposed his idea of “the Bright Internet” as the official vision of AIS. Employing this vision, AIS will create technology and systems, as well as sponsor international cooperation to solve fundamental issues of the Internet including concerns over hacking and cyber-related crimes.
The extent of damage from cyber-related crimes grows each year. Every day, 56 billion junk emails are sent to computers which are hacked and become “zombie” computers. The social cost of such crimes is estimated to be 400 billion US dollars annually.
Based on "the Bright Internet," AIS will build a preventative Internet security system by adopting ground rules that make attackers responsible for the damages from such crimes. The system will also modify technology and other systems to minimize privacy infringement while maintaining security. Finally, the Bright Internet proposes to adopt an international standard for this security system through collaboration with the International Telecommunications Union (ITU).
Professor Lee said, “The vision of the Bright Internet started from an awareness that we needed to resolve issues such as Internet addiction, indiscriminate media exposure, and verbal violence. This vision developed by the experts from all around the world will not only bring a revolution of a reliable Internet platform to a global scale but also reshape the Korean Internet platform.”
2015.07.02 View 6758 -
Professor Jae-Kyu Lee's Memoir "Knowledge and Beyond"
Professor Jae-Kyu Lee of KAIST’s College of Business has recently published a book called Knowledge and Beyond (available only in Korean). It deals with selected aspects of science and the world around us.
In Knowledge and Beyond, he expounds on his understanding of science, business, life, and religion. In part autobiographical, he describes his thirty-year career and his interaction with his past students who are now leading scientists and scholars in Korea, and offers some advice on how to better treasure life. Professor Lee also recounts his own life: his childhood, growing up and maturing with his mates, love at first sight of and his unconditional love towards his wife.
With respect to science, he talks about the origin of knowledge and ways to find solutions to questions that seem almost impossible to answer and offers a few aphorisms, such as: “studying is more like a marathon, not a boxing match;” “do not predict, but plan your future” and “learn by head in class, learn by heart in life.”
Knowledge and Beyond is a must read for those who have become exhausted by today’s competitive world, reminding readers of their life goals and paths.
Professor Lee said, “I wrote this book for the young to share the true meaning of life over plain knowledge. You can never find out the true meaning of life unless you combine simple and spiritual knowledge, and I hope this book helps in showing a way to achieve it.”
Professor Lee has taught at KAIST since 1985, and is currently the Dean of KAIST's Business College. He was formerly the Dean of KAIST College of Management, Director of KAIST EEWS (energy, environment, water, and sustainability) and the Vice Provost of the Singapore Management University’s School of Information Systems. He was also the President of The Korea Society of Management Information Systems and the President of Korea Intelligent Information System Society.
2015.03.24 View 6252 -
Professor Jae-Kyu Lee Elected to Head the Association for Information Systems
Jae Kyu Lee, HHI (Hyundai Heavy Industries, Co., Ltd.) Chair Professor, College of Business at KAIST, was elected to lead the world major academic society, Association for Information Systems (AIS), from July 2015 to June 2016. Professor Lee will be the first Korean to serve the organization as president. From July 2014 to June 2015, he will serve as president-elect.
Currently, Professor Lee is the Director of EEWS (Energy, Environment, Water, and Sustainability) Research Center at KAIST, focusing on research and development in finding solutions to critical issues facing humanity. He also played a pivotal role in the conclusion of a memorandum of understanding between HHI and KAIST in June 2013 to establish HHI-KAIST EEWS Research Center within the KAIST campus.
The AIS is the premier professional association for individuals and organizations who lead the research, teaching, practice, and study of information systems worldwide.
A news article on his appointment:
Asian Scientist, May 16, 2014
Korean Engineer To Lead The Association For Information Systems
http://www.asianscientist.com/academia/korean-engineer-lead-association-information-systems-2014/
2014.05.19 View 9980 -
An International Student of KAIST Interviewed with a Tunisian Radio Show
Amine
Mcharek, a Tunisian doctoral student of the Management Science School at KAIST,
joined the popular morning radio show in Tunisia called “Expresso” on April 4,
2014 as a guest speaker, together with high ranking officials from the Tunisian
government, the Minister of Transport and the Special Advisor to the President.
In the show, Amine introduced KAIST and its impressive achievement in education and research. He also discussed the
Tunisian government’s intention to create a science and technology university in the nation by bench-marking KAIST. For the show, please go to:
http://www.radioexpressfm.com/ecouter/expresso-avec-sami-lemchareg-04-04-2014
(conducted in French).
2014.05.19 View 6236