重塑全球增长的六大突破性商业模式（英）

Strategy & Corporate Finance PracticeSix breakthrough business models reshaping global Six business models piloted in Asia offer lessons for global leaders in anymarket—and just might be the key to the next wave of sustainable growth. bySemyon YakovlevwithJohn Davis Asia is steadily reshapingthe global economic landscape. The region is on a plausibletrajectory to represent as much as 60 percent of Fortune 500 companies within the next decade and is already emerging as the world’s primary engine of trade.1Its large population,advanced-manufacturing depth, and high levels of digital adoption and public–privatecollaboration create fertile ground for experimentation. But these structural advantages do notfully explain Asia’s rising global influence. What truly differentiates the region is the way Over the past three to five years, six archetypes have repeatedly surfaced in the region acrossmarkets, sectors, and companies of various sizes (Exhibit1).These models—which are broadlyfocused on harnessing trust, emotional resonance, and personalization, with AI as anaccelerant—represent strategic choices made by leaders, not outcomes unique to Asia’s context This article outlines the structural environment that has fostered these models, the sixtransferable business model archetypes (with examples of breakout successes in each, and theassociated learnings global companies can take into their own contexts. The potential can hardlybe overstated: Using these models, companies in Asia have achieved CAGRs above 15 percent Asia’s foundations for breakthrough business models The emergence of these novel business models is not accidental. Across markets, fourstructural dynamics created fertile ground for their development—though they are not required Scale and speed Asian markets combine massive user bases with high levels of digital adoption. A livestreamformat, product concept, or digital service can reach tens of millions of users almost instantly, System-level collaboration Public–private digital infrastructure lowers friction and increases inclusion. For example, India’sUnified Payments Interface provides real-time payments for hundreds of millions of users. Andthe country’s Open Network for Digital Commerce(ONDC)—a government-led initiative tocreate an open e-commerce network—allows even the smallest merchants to access national Exhibit1 Depth of digital services Super-app ecosystems—which host hundreds or even thousands of mini apps—embedpayments, identity, logistics, messaging, and credit into a single interface. This lowers the costof adding new services and fundamentally changes how users interact with media, services, Regulation as catalyst Regulators in several Asian markets encourage digitalization while establishing clear rails fordata use and identity security. This has enabled fast and responsible scaling of digital services, Six breakthrough business models Across markets and sectors, six archetypes have helped spur growth for Asian companies ofvarious sizes, resulting in CAGRs that far outpace the underlying market (Exhibit 2). Emotion-first products: Turning affinity into recurring demand Emotion-first products are engineered from inception to create anticipation, identity, andcommunity. Rather than treating emotion as a brand-building by-product, these companies treat Across Asia, companies have industrialized the mechanics of emotional engagement: scarcity,drops, fan rituals, collection loops, live cocreation, and rich narratives for their intellectualproperty (IP). Pop Mart is a leading example. Its blind-box collectibles—especially the Monstersline, which features the plush Labubu toys—successfully translate anticipation into commercial success. In the first half of 2025, Pop Mart generated $1.9 billion in revenue, with its MonstersIP accounting for more than a third of that.2As a result, the company grew to become the largest The K-pop ecosystem illustrates a similar logic. HYBE, an agency best known for representingboy band BTS, surpassed $1.6 billion in revenue in 2023 by building communities that spanoffline concerts, digital content, livestreams, and fan-to-artist interactions on Weverse.4Fans participate in rituals, cocreate content, and experience a sense of belonging that leads to highlypredictable recurring spending across merchandise, albums, digital items, and tickets. For global companies, the implication is clear: Emotional engagement can be designed,measured, and monetized at scale. Data on user-generated content velocity or communitysentiment can complement traditional brand metrics, and this IP can become a multiproduct Network-driven commerce: Scaling trust through creators and culture Exhibit2 a complete retail system where consumers have embraced shopping within chat, livestreams, Livestream commerce in China illustrates the potential opportunity. Douyin’s e-commerce GMVgrew approximately sevenfold in five years, from an estimated $75 billion in 2020 to