The present work is a case study based on the analysis of the brazilian phonographic industry, between the period from 1990 to 2010. Based on what was observed in the literature review, the nature of the research is qualitative. Six interviews were carried out with executives from the multinational and national majors in the industry (Som Livre, WEA, EMI, Universal, Sony, RCA, etc.). By objective, this research seek to understand how the main companies of the Brazilian music industry perceived the turbulence of the environment resulting from technological innovation, how they developed responses from their dynamic capabilities and what learnings and transformations took place in a new industry scenario. Three moments were taken into account that the phonographic industry passed through in this period: change of media supports, adoption of new hardwares for reproduction and consumption of phonograms and disintermediation of processes, routines, productions, distributions and consumption of phonograms. The results of the study show that technological changes presented two different scenarios for the brazilian music industry: the actors obtained large revenues from the new digital technology, at the same time that the transformations, not foreseen by the industry, caused radical changes, both in the business and in the technological environment of firms. This fact has had serious consequences for the traditional business model of commercialization of phonograms. In this sense, what can be highlighted is an inertia of the actors in relation to the turbulence of the environment. Based on the findings, academic contributions and suggestions for future research were made.