The intricacies of the music industry recently stumped a Nobel Prize-winning economist. The New York Times’ Paul Krugman, sharing a panel with members of Arcade Fire at this year’s South by Southwest music conference, told attendees that successful musicians continue to make most of their money the centuries-old way: live performance. As with the rest of society, though, the lion’s share of that income is increasingly going to only a tiny elite. “I actually don't quite understand how the bands I like are even surviving,” Krugman said. He was being self-effacing, sure—but probably not entirely.

So: What is music worth? As Krugman’s improbable-enough SXSW presence shows, the question has gained renewed prominence as of late, from celebrity-stirred discussions about online streaming to last month’s $7.4 million “Blurred Lines” jury verdict. The answer, however, is a moving—if not almost invisible—target. Putting the debates about artists’ income from Spotify, Pandora, and their ilk in a broader historical context, it becomes clear that the money made from a song or an album has clearly decreased over the last several decades. What’s equally clear, though, is that the value of music is almost as subjective financially as it is aesthetically; the economics of music, it turns out, is more dark art than dismal science.


steve's opinion:

Art doesn't pay.

music, literature, sculpture, film, photography, dance, painting...

Art is Art.

business is business.

The tiny fraction of artists who are able to make art they believe in whilst making a living wage are one of three things:

1 - ridiculously fortunate (lightning strikes once in a while)

2 - so talented that they have broad appeal and enough people are willing to pay

3 - making art that they may not entirely believe in - but it pays well and see point #1.

Most successful artists that I am aware of fall into one of those three buckets. There are probably more buckets. And I don't know what I'm talking about. This is just the rambling opinions of the village idiot.

If I ever go to grad school - my dissertation will be titled: God Hates Artists

posted by DarkLinkXXXX: 1247 days ago