The music industry is one of the most dynamic business sectors. It has had to evolve and adapt to continually changing technologies and business models. Its latest challenge has been Covid-19 and the loss of live music at a time when live performance outstrips music sales as the primary source of income for today's artists.
The second edition of this much used introduction to the economic workings of the music business explores the impact of the pandemic at every level of the sector and considers how the business model may need to change going forward as different stakeholder positions shift. The new edition also examines new trends in the music industry such as the increasing dominance of tech companies and data, the increasing importance of CMOs as market players, the increased role of artist management, which has impacted on new business contracts, as well as changes to how we use music in our everyday lives and how this impacts on new entrepreneurial behaviours around music.
Introduction 1. A short economic history of the music business 2. Microeconomics of music: music as an economic good 3. The economics of music copyright 4. Music publishing 5. Sound recording 6. Live music 7. Secondary music markets 8. Music labour markets 9. Economics of the digital music business Conclusion Glossary
Peter Tschmuck is Professor for Cultural Institutions Studies at the University of Music and Performing Art Vienna. He also teaches courses at the University of Economics and Business Administration in Vienna, at the Danube-University in Krems, the University of Music, Drama and Media in Hanover, and at the Zeneipari Hivatal in Budapest. His books include Creativity and Innovation in the Music Industry (2nd edn, 2012) and Music Business and the Experience Economy (2013). He is Editor of the International Journal of Music Business Research.