The Economics of the Popular Music Industry - Byun, C.
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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…mehr

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Produktbeschreibung
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.
Autorenporträt
Chong Hyun Christie Byun is Associate Professor of Economics at Wabash College, USA. She teaches courses on statistics, econometrics, environmental economics, and the economics of the financial crisis. She is an avid music listener and is interested in applying economic theory to study the changes in the music industry.
Rezensionen
Review 1:

Vanessa Rogers
Assistant Professor of Music History
Rhodes College
By using modelling from Microeconomic theory and Industrial Organization, the author proposes to analyse several aspects of the music industry from an economic standpoint. The author seeks to establish that musical creativity in (popular?) music is affected by economic considerations, and that recent developments in technology have changed the structure of the modern music industry.
The author proposes four chapters. The first is an overview of the basic economic aspects of the music industry, including an introduction to Microeconomic theory and Industrial Organization. The author's central argument regarding the importance of changes in technology is also presented in this chapter.
The second chapter outlines the oligopolic market structures found in the structures of the modern record company. The hegemony of the company 'brand' and high start-up costs are found to be restrictive to artists; in addition, the current means of production and distribution of music are also described as monopolies. Emphasis is given to new copyright issues, one of which is the problem of music reproduction. The chapter focuses on providing the basics of music industry as a business. It also elaborates further upon the main argument (the importance of technology), and for the first time mentions the second argument regarding artist creativity as an aspect of music production under examination.
The third section of the book examines consumer behaviour by using Microeconomic theory. Consumer preferences are taken into account when considering the market for music, and consumer theory is applied to the decisions made by consumers when making a purchase.
The fourth chapter focuses on the substantial role of technology in the business of music, and on recent technological advances which impact the music industry, including home studios, personal computers, self-built websites, digital downloads, and the advent of YouTube and social media.

This book will clearly fill a gap in the current offerings in studies of economics and the music industry, and deserves to be published. The author's proposal outlines a text which would provide an engaging and intellectual overview of economics, especially for students learning about economics for the first time. The two central arguments - that technology is instrumental to changes in the industry, and that musical creativity is affected by these changes - are particularly strong.
The proposal as it stands, however, ought to be fleshed out further in order to address the following concerns below: 1) scope, and 2) clarity of argument.
Scope: The author does not make clear the scope of this study. The author states that the project will 'provide a general overview of the music industry from an economics perspective'. Will this book concentrate solely on the American modern popular music industry, or will it include discussion of the global music market? Which genres of music will be examined (rock, pop, r&b, etc.)? The author never explicitly says that they will concentrate on 'pop' music production (they mention an example using 'pop songs' in chapter three), so can we assume that they will also look at classical, country, and other types of music that are also part of the general 'music industry'?
Which parts of the 'music industry', specifically, will be examined? 'Economic aspects of the industry' certainly includes more than just the creation, production, and distribution of recordings, but also musicians' incomes, the wages of sound engineers and promoters and other related personnel, 'swag' and merchandise sales, other related income streams (such as P. Diddy's clothing line, for example), music videos, television and other commercial music, ticket prices, broadcasting, and copyright issues, to name just a few.
Will the author examine historical aspects of the music industry? The 'music industry', broadly defined, st…mehr