"Early on in the entertainment industry, it’s in the interest of the business to think of themselves as throwing a party, not selling a product. I think they attract more of a following that way," he said.
"But over time, the industry takes more the form of a market and is driven by market forces. The Superbowl initially felt like it was rewarding its fans. But then it becomes established and the League finds it in its interest to push up prices."
That is Alan Krueger, from this BBC article on his work on the economics of rock music. Hat tip to EconBall blog.
Rockonomics is great. I’m pleased to see well-known
economists tackling the economics of music.
Now, let’s hope these “big shots” don’t forget to cite
pioneers of music economics, who were doing music
economics before it was “hot.”
Peter Alexander, in a 1994 paper in the Jounal of Cultural Economics, (years before Napster), first pointed out that digitizing music would allow people to distribute music electronically, which could revolutionize the structure of the music industry.
http://www.springerlink.com/(lrtmuh55x1hmqqibze4xwi55)/app/home/contribution.asp?referrer=parent&backto=issue,3,8;journal,50,75;linkingpublicationresults,1:100284,1
Full disclsoure: Peter is a close friend of mine and we
do write and publish together.
Here’s his music publications.
http://www.peterjalexander.com/pages/799191/index.htm
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