Rockonomics (free read online) by Alan B. Krueger

Alan B. Krueger ☆ 1 CHARACTERS

Rockonomics

E struggling to adaptDrawing on interviews with leading band members music executives managers promoters and using the latest data on revenues royalties streaming tour dates and merchandise sales Rockonomics takes readers backstage to show how the music industry really works who makes money and how much and how the economics of the music industry has undergone a radical transformation during recent decadesBefore digitalization and the ability to stream music over the Internet rock stars made much of their income from record sales Today income from selling songs has plummeted even for super. I loved loved loved Rockonomics it makes my heart break that Alan Krueger will not live to see the success this book is guaranteed to have with the general publicYes it s an exaggeration to say you will learn economics from this But if you re a loser like me who knows the economics and wants to find out about the music industry you re in for a treat The author was basically friends with all these people who work in music and they told him how their industry worksThe summary is as follows it pays nothing except to literally a handful of artists who benefit from two facts that make this a superstar market first scale you can reach many people and second they are uniue they would regardless be financially better off as superstars in any other business you care to name because for the benefits it gives us music is dirt cheap music is totally insignificant as an industry both in terms of total income generated USD 15 billion per annum in the US and comfortably under 50 worldwide and in terms of percent of population employed than half the money is made from live performances because recorded music CDs downloads and streaming these days brings very little compared to what it did before music became digital and is often a loss leader Apple for example uses it to sell gadgets studios bet on artists but not even two out of ten albums produced ever made money pundits thought the new technology would make it so the market for music would become less concentrated and diversified and the shape of the distribution would tilt away from superstars p 93 we re still waiting that s because to succeed you of course need talent determination etc but chiefly you need luck you need luck because success in music has always been impossible in the absence of large snowball effects and music these days spreads through social media which are all about measuring these snowball effects in real time and jumping on them should you get lucky enough to score a hit you need a manager to negotiate with the studios and to keep your costs down and maybe even to get you a bunch of revenue streams on top of your live performance revenues to price discriminate among your fans to sell some merch short for merchandise etc you ll need a lawyer to negotiate your rights which by the way are very complicated and uneven from country to country and from medium to medium within each country intellectual rights to music are justified on the basis of three or less sound economic arguments but Krueger actually says fairness and justice for the people who make the music is an even bigger reason to give them the rights to music they d probably make for free and in the absence of any copyright laws that said copyright laws do result in and better music and there are economic studies to prove this the converse also holds with very little music of note coming out of countries that do not protect musicians who is Drake and why have I never heard of him China the only boring chapterBut it ain t about that at allI m doing the book a grand disservice by merely listing the main points because Rockonomics actually isn t about these points Rather they are the background noise the author s hyperactive brain is making as he s taking you on tour That s what s going on here As you re reading it you re basically touring the music industry alongside Alan Krueger interviewing all these artists who are his friends and jumping from cool trivia to cool observationComfortably the best part is trying to identify song titles in the text It s highly possible that every line in the book is plucked from a song My rather obvious favorite is on page 170 Won t spoil it for you

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Alan Krueger a former chairman of the president's Council of Economic Advisers uses the music industry from superstar artists to music executives from managers to promoters as a way in to explain key principles of economics and the forces shaping our economic livesThe music industry is a leading indicator of today's economy; it is among the first to be disrupted by the latest wave of technology and examining the ins and outs of how musicians create and sell new songs and plan concert tours offers valuable lessons for what is in store for businesses and employees in other industries that ar. No one else could have written a book with this range Rockonomics draws on economic theory standard government surveys proprietary administrative data a uniue survey fielded by the author and interviews with a range of people in the music industry It covers just about every aspect of the music industry The book focuses on the economics of the music industry including a number of familiar themes like how streaming revenue is rising but recorded music primarily drives touring revenue how live ticket prices are set how merchandise is marketed how streaming is changing the makeup of songs and Relatively little of this was revelatory as someone who only casually follows these issues I knew most of it but all of it was definitive and authoritative A secondary purpose of the book and it is secondary notwithstanding the subtitle is to use the music industry to illustrate a number of economic concepts like superstars and ineuality the behavioral economics that leads stars to underprice their tickets for fear of sending the wrong signal the economics of incomplete contracts the endogenaity of preferences and even simple demand curves but in advertising revenueIt is hard not to linger over the references in the book to artists that died prematurely including some sympathetic references to them dying at their own hands This plus the broad range of Rockonomics makes it all the harder to accept the fact that Alan Krueger will not write another book

SUMMARY Ý SABLEYES.CO.UK ☆ Alan B. Krueger

Stars like James Taylor and Taylor Swift The real money nowadays is derived from concert sales In 2017 for example Billy Joel earned 274 million from his live performances and less than 2 million from record sales and streaming Even Paul McCartney who has written and recorded number one songs than anyone in music history today earns 80 percent of his income from live concerts Krueger tackles commonly asked uestions How does a song become popular And how does a new artist break out in today's winner take all economy How can musicians and everyday workers earn a living in the digital economy. If you are a music geekfan or if you want to know about music industry this a book for you If you aren tthink twice


About the Author: Alan B. Krueger

Alan Bennett Krueger was an American economist



10 thoughts on “Rockonomics

  1. says:

    No one else could have written a book with this range Rockonomics draws on economic theory standard government surveys proprietary administrative data a uniue survey fielded by the author and interviews with a range of people in the music industry It covers just about every aspect of the music industry The book focuses on the economics of t

  2. says:

    Rockonomics Alan B Krueger 2019 325pp ISBN 9781524763718A light introduction to the money aspect of the music business See alsoKurt Dahl entertainment lawyer and musician advice at You Need to Know About the Music Business Donald S Passman 9th edition 2015 ISBN 1501104896The Economics of Music Peter Tschmuck 2017 ISBN 191

  3. says:

    Princeton economics professor Alan Krueger examines the music industry hoping to demonstrate the study of economics through the prism of popular music and hoping to draw parallels to the economy at large The result is of a book about the music business than about economics but I wager that most readers are inter

  4. says:

    I loved loved loved Rockonomics it makes my heart break that Alan Krueger will not live to see the success this book is guaranteed to have with the general publicYes it’s an exaggeration to say you will learn economics from this But if you’re a loser like me who knows the economics and wants to find out about the music indust

  5. says:

    Let's get one thing out of the way This is neither the sort of exhaustive coverage of recorded and performance popular music that Da

  6. says:

    Alan Kruger passed away earlier this year He was a prolific and widely cited Princeton economist I was most familiar with his research on minimum wage laws and their effects but he was active in many areas Then I heard about this book

  7. says:

    “Rockonomics” is a somewhat frustrating read a potentially excellent idea that isn’t executed as adeptly as it could be and ultimately falls a little flat It might sound strange to say this about a book by a Princet

  8. says:

    If you are a music geekfan or if you want to know about music industry this a book for you If you aren'tthink twice

  9. says:

    Alan Krugers last book is indeed a doozy it answers pretty much every uestion one might have about the Economics of the music industry and how it relates to the overall trends our economy has been facing for the past few de

  10. says:

    A fabulous must read book that teaches you tons about business economics musicWhat’s compelling The nitty gritty details of how the business of music really works What makes money the scams scoundrels scalawags success levers inv

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