For anyone thinking of entering the music industry, or working in it already, “Rockonomics” is an eye-opening and entertaining read
music tickets tell you about supply and demand, and the working of secondary markets? How do operas in early 19th-century Italy provide a natural experiment in the impact of copyright law on creativity? And how do the finances of a global concert tour illustrate Baumol’s cost disease? These are the sorts of questions that Alan Krueger, a chairman of the Council of Economic Advisers under Barack Obama, answers in “Rockonomics”.
Mr Krueger’s love of music shines through as he anatomises the industry’s finances and its increasingly “winner takes all” nature. Today the top 5% of performers claim 85% of concert revenue, for example, and the top 1% take 60%. He looks at how recording and touring revenues have changed, the business model of streaming, how contracts work and whether political activism makes business sense for artists.
He also provides much wonkish detail on radio royalties and the evolution of copyright law. He notes that William Baumol used the example of a string quartet when formulating his “cost disease” theory about the relationship between prices and productivity . A detailed analysis of the peculiarities of the Chinese music market is followed by a nod towards behavioural economics and music’s impact on happiness. There are also interviews with solo artists, bands and music executives.
Because it focuses on a single field, “Rockonomics” lacks the variety of “Freakonomics”. Despite its aspirations, the book is more effective at using economics to explain the music industry than vice versa. For readers with a budding interest in economics, other tomes will prove a more effective gateway drug. But for anyone thinking of entering the music industry, or working in it already, “Rockonomics” is an eye-opening and entertaining read.
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