Abstract
This research takes the initial steps of exploring a novel field and discusses the importance of the business mindset in the arts. Following a theoretical summary, the authors examine trends in the music industry and the expectations set for a 21st century symphony orchestra, and then focus on the operation of the Berlin Philharmonic Orchestra, the London Symphony Orchestra, the San Francisco Symphony, the Budapest Festival Orchestra and, later, the Dohnanyi Orchestra Budafok. The orchestras have similar missions, but they use different business models. The main difference between the orchestras traces back to their funding; the American orchestra functions solely on market-based funding, while in the case of European orchestras, significant public funds are present. The aforementioned orchestras have realised that in today’s ever-changing world no business model is forever, and they have attempted to respond to the changing demands of consumers and utilise the opportunities given by technology.
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