3 ms·
The question of worth changes as time goes by and technology changes. When your only option for consuming a new song was to either wait for it to play on the ra
by dkrich 9y ago
The question of worth changes as time goes by and technology changes. When your only option for consuming a new song was to either wait for it to play on the radio or go buy the album, the value was much higher because supply was controlled by a few and consequently in short supply, so pricing power was much higher.
Now most of the power lies with the consumer who will typically consume whatever artists choose to offer their creations for close to free. There are some artists like Garth Brooks and formerly Taylor Swift, who wield enough power through enormous demand for their songs to limit supply and charge higher amounts, but these are the exceptions.
What's ironic about this article to me is that Justin Bieber would likely not have ever become famous in the first place if not for YouTube because that's where he was discovered. The same goes for a large percentage of today's most successful artists. So previously the record labels wielded all the power and only the chosen few who they deemed worthy made large sums of money. Now pretty much anybody can put their stuff out there but the consequence is that they can't control the supply.