The Economics of the Popular Music Industry [electronic resource] : Modelling from Microeconomic Theory and Industrial Organization /
Byun, C.author.
This Palgrave Pivot uses modeling from microeconomic theory and industrial organization to demonstrate how consumers and producers have responded to major changes in the music industry. Byun examines the important role of technology in changing its structure, particularly as new methods of creating and accessing music prove to be a double-edged sword for creators and producers. An underlying theme in the project is the question of how the business of music affects creativity, and how artists continue to produce creative output in the face of business pressures, the erosion of copyright enforcement, and rampant online piracy. In addition to being a useful resource for economists interested in the music industry, this approachable Pivot is also ideal for business and music majors studying the effect of technology on their chosen fields.
Description based upon print version of record.
Cover; Half Title; Title Page; Copyright Page; Table of Contents; List of Illustrations; 1 Introduction; 2 Basic Consumer Theory; 2.1 The utility function, budget constraints, and indifference curves; 2.2 Experiential goods and consumer optimization; 2.3 Individual and market demand curves; 2.4 Consumer theory: perfect substitutes; 2.5 Pirated digital downloads as perfect substitutes for recorded music; 2.6 The "price" of illegal downloading; 2.7 Streaming as the new consumption mode?; 2.8 Consumer theory: perfect complements; 2.9 Perfect complements: related music goods
2.10 Perfect complements: concert touring and the Bowie theory2.11 Perfect complements: collectors and a vinyl resurgence?; 2.12 Intellectual property rights and music piracy; 2.13 Intellectual property rights: music licensing, a very brief history of ASCAP and BMI; 2.14 Games of strategy: the Prisoner's Dilemma and ASCAP vs. BMI; 2.15 The Cournot model and oligopolies; 2.16 Streaming: the newest mode in consumption and production; 2.17 Streaming and price discrimination; 2.18 Streaming and music piracy as substitutes; 3 Basic Producer Theory; 3.1 Cost functions
3.2 Diminishing returns to production3.3 The shape of cost functions; 3.4 The firm's supply curve: the shutdown rule; 3.5 The market supply curve; 3.6 The profit maximizing decision rule; 3.7 Perfect competition vs. oligopoly: the demand curve and marginal revenue curve; 3.8 The oligopoly and price discrimination; 3.9 The profit maximizing decision rule; 3.10 The oligopoly market structure: barriers to entry; 3.11 Barriers to entry: the ownership of intellectual property; 3.12 The new 360 deals; 3.13 Barriers to entry: Startup costs and the cost of investing in new talent
3.14 Barriers to entry: economies of scale3.15 Streaming as the new production/consumption model; 3.16 Streaming as a viable income source?; 3.17 Market power and collusion; 3.18 Technology erodes market power; 3.19 The new business models; 3.20 The future?; 4 Conclusion; Bibliography; Index
Includes bibliographical references and index.
This Palgrave Pivot uses modeling from microeconomic theory and industrial organization to demonstrate how consumers and producers have responded to major changes in the music industry. Byun examines the important role of technology in changing its structure, particularly as new methods of creating and accessing music prove to be a double-edged sword for creators and producers. An underlying theme in the project is the question of how the business of music affects creativity, and how artists continue to produce creative output in the face of business pressures, the erosion of copyright enforcement, and rampant online piracy. In addition to being a useful resource for economists interested in the music industry, this approachable Pivot is also ideal for business and music majors studying the effect of technology on their chosen fields.
Microeconomics.
Industries.
Music.
Arts.
Industrial organization.
Economic theory.
Microeconomics.
Industries.
Music.
Arts.
Industrial Organization.
Economic Theory/Quantitative Economics/Mathematical Methods.