Nowadays, consumers spend less money on recorded music than they ever did before. Around 40 billion songs are downloaded illegally each year, which counts for around 90% of all music downloads. So what can artists do to add somehow an extra value to their songs and find some new sources of revenues for their songs?
Starting from the fact reported by The International Federation of the Phonographic Industry, saying that the sales of recorded music fell almost $1.5 billion on 2010, mostly because of piracy, made this artist from the band “Alliota Haynes Jeremiah” come up with this ingenious way of offering a special version their hit songs by adding your name on them.
This customized song offering is possible due to the digital format the songs are in, which makes the process an easy “just add another layer of content” in the song, and record again.
This strategic move can be explained by the adapted model of Porter’s five forces, which tells us that Media is being again influenced by General Environmental influences, since they leverage on technology advances and globalization to provide an experience customized to each user.
In my opinion, this new source of revenue (charging $30 for each customized song) is a very innovative way to both provide a little extra cash to the artists and even advertise the band through word of mouth, this band has been doing this for less than a year and has been selling several hundreds of songs. I don’t expect this to change the industry in any way, but it might become a new trend for artists in the future to fight the illegal downloads.
See article:
And more references:
http://allaccesslive.us/interesting-facts-about-music/
No hay comentarios:
Publicar un comentario