Apple's new classical music service is launching in two weeks. Online music services are fairly hostile to the genre, so it'll be interesting if this will work with fans.
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According to the announcement, Apple Music Classical will offer an experience tailored for the classical music listener with the ability to search by composer, work, artist, or even catalogue number, and find specific recordings instantly, thanks to complete and accurate metadata. It will also offer ‘hundreds of curated playlists, thousands of exclusive albums, composer biographies, deep-dive guides for many key works, intuitive browsing features and much more’.
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tickets and concerts
On ticket sellers, scaling, and something of a messy crises.
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In a 2006 paper titled “Rockonomics: The Economics of Popular Music,” written with Marie Connolly, Krueger reports on data that he and twelve Princeton students collected at a Springsteen concert in Philadelphia, on October 6, 2002. Every ticket cost seventy-five dollars, and the box-office amounted to around $1.5 million. Krueger and his researchers found that a quarter of the fans they interviewed before the show had bought their tickets on the secondary market, where they had paid an average of two hundred and eighty dollars. Had Springsteen charged the market price for all tickets, he would have collected about four million dollars in additional revenue, a figure Krueger calls “astounding.” Studying concert-ticket sales, Krueger also told me, is not all that different from analyzing mortgage-backed securities, which were at the heart of the financial crisis. Both are bought and then resold on a secondary market, and “both markets are also subject to price bubbles, lack of trust, inadequate regulation, and imperfect information.”
By drastically underpricing the Izod Center tickets, Springsteen was inadvertently helping to create the circumstances for an orgy of speculation and scalping on the secondary market. The desire for a hot ticket is not an economic calculation; it’s a craving. Thanks to the Internet, satisfaction is only a couple of mouse clicks away.
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06:29 in General Commentary, Music | Permalink | Comments (0)