BOOK: The Economics of the Popular Music Industry

I recently learned that some of my original critical writings about the music industry has been cited multiple times in the book “The Economics of the Popular Music Industry: Modeling from Microeconomic Theory and Industrial Organization” by Chong Hyun Christie Byun, an Associate Professor of Economics at Wabash College.

 
Abstract: The music business appears to be (almost) the same as it ever was, with a handful of large firms maintaining control over the production and distribution of music. With significant economies of scale, it makes economic sense for these firms to use their market power to produce music efficiently and cheaply. But musical innovators have challenged the dominant paradigm and emerged as independent artists with control over their past and future works. Technology has and will continue to enable them to do so, leveling the playing field for new musicians to find better ways to distribute music. Economic theory provides the analytical tools for music consumers and producers to study the industry and understand how musical creativity endures in the business of music.