Define and give an example of a “blue ocean strategy” in a digital economy

The blue ocean strategy is a market in which there is very little or no competition at all. Due to there not being a lot of competition firms don't have to worry about pricing pressure. "Blue ocean strategy is the simultaneous pursuit of differentiation and low cost to open up a new market space and create new demand. It is about creating and capturing uncontested market space, thereby making the competition irrelevant"(Blue Ocean, n.d.). An example of a blue ocean strategy is Apple's iTunes. Apple created iTunes a music downloading service in 2003, allowing consumers to download music legally at a low price. This allowed billions of people who were downloading music illegally to buy songs at a reasonable price and better quality. According to Investopedia, "Apple made iTunes a win-win-win for the music producers, music listeners, and Apple by creating a new stream of revenue from a new market while providing more convenient access to music". 

What is Blue Ocean Strategy? Definition of Blue Ocean Strategy, Blue Ocean Strategy Meaning. (n.d.). Retrieved October 02, 2020, from https://economictimes.indiatimes.com/definition/blue-ocean-strategy

What is Blue Ocean Strategy: About Blue Ocean Strategy. (n.d.). Retrieved October 02, 2020, from https://www.blueoceanstrategy.com/what-is-blue-ocean-strategy/

Young, J. (2019, August 15). Understanding the Calm Waters of Blue Ocean Market Opportunities. Retrieved October 02, 2020, from https://www.investopedia.com/terms/b/blue_ocean.asp