Being a non-professional student of economics, I have something to say (quote) about the music industry. Recently, that one guy from KISS (:P) made some comments about Rock n Roll being Dead. While I can understand and sometimes relate to his comments, I have some insight into the issue. You see, most of the musicians Ive known have said something along the same lines... Its impossible to make it as a musician in this age of digital downloads (also, piracy)... blah blah blah. I can see why people have these fears. When Napster hit, it was such a dramatic event that forever altered the landscape of music business practically overnight. We went from selling CDs and making bank to making a record and having it copied infinitely for free. Who wouldnt be pessimistic about such a thing? The answer is: people who dont objectively research and think about it. Which I also understand, because every person is subject to some unintentional subjectivity from time to time. However, since I sometimes am also capable of objective thought (sometimes called reason, or logic), and am also a musician, Ive done some thought on this. For the past five or so years, Ive made the argument that whoever adapts to the changes in the market the most expediently and efficiently will make the most profit. An example would be Apple, who made mp3 players readily accessible, easy to use and obtain, and efficient. They also did it the best first. So, they made the most money. The same goes for musicians. The market has changed. Adapt or fail. Heres that quote: Anyone who has followed popular music over time knows that changes in technology (e.g., the 12-inch single) constantly change the nature of the business and the kind of music that gets recorded. The proliferation of infinitely-copyable digital files is no different, and the artists who have figured this out and serve their customers, will make much more money (ceteris paribus) that those artists who think the fans exist to do what the artist wants. In other words, those entrepreneurs who better serve society will be more handsomely rewarded. Those who have contempt for their customers will disappear. This is the basic equation of entrepreneurial activity
Posted on: Thu, 11 Sep 2014 08:18:08 +0000
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