By Chong Hyun Christie Byun (auth.)
This Palgrave Pivot makes use of modeling from microeconomic concept and business association to illustrate how shoppers and manufacturers have answered to significant alterations within the tune industry.
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Extra info for The Economics of the Popular Music Industry
Ownership over intellectual property, and control over its use, is at the heart of the battle over musical compositions and sound recordings and their use and reproduction. It is clear that technology has played an enormous role in nearly obliterating the enforcement of property rights over sound recordings, and the issues facing the music industry today all originate from this key point. 0004 46 The Economics of the Popular Music Industry in terms of garnering revenues and fair royalty payments to musicians and composers from time immemorial.
In addition, these declines in sales are coincident with the first appearance of Napster, the first online site to download pirated music. Waldfogel (2012b) shows that album sales over time, from the 1980s to the late 1990s were variable, yet on a positive upward trend. 5 albums sold per person, on average, in the United States, then roughly leveled off till 1999. 5 albums per person for 2005. The collapse in physical album sales after the introduction of Napster is quite dramatic. It appears that the predictions based on economic theory, that consumers are substituting in (free) pirated music for (costly) purchased music are borne out by the industry trends in sales, since the sharp decline in sales is at exactly the same time as the advent of Napster, which enabled consumers to find and download music for free.
We continue to do this for every price on the vertical axis and derive the market demand curve. So in a sense, we are adding the demand curves “horizontally” by considering each price level and determining quantity demanded by all individuals at that price level. 5 shows a given price of P1 and the quantities demanded by individuals A and B at that price. These quantities are added and form one point on the market demand curve. 4 Q QB Individual B’s Demand Curve QA+ QB Q Q Market Demand Curve Individual demand curves aggregate to the market demand curve Consumer theory: perfect substitutes The above discussion about indifference curves was based on two typical goods, X and Y for which the consumer has a standard preference structure and between which there is a degree of substitutability given by the MRS.