"Comprehensive and well documented, drawing on the author's prodigious knowledge of the industry." – David Throsby, Times Literary Supplement
The music industry is one of the most dynamic and fascinating business sectors. Its business model has continually to adapt and react to changing technologies that impact at every level from distribution to artist management.
The Economics of Music provides a concise and rigorous presentation of the economics of the music business. It highlights the economic principles that govern a business that is an economic good protected by copyright law. The core sectors of the industry – publishing, recording, live music – are examined and how they operate together through a myriad of licencing arrangements.
The revenue streams for recording companies are analysed alongside the income stream of musicians to show how particular formats and platforms affect profit margins and how live performance now outstrips music sales as the primary source of income for today’s artists.
The book shows how a combination of established publishers, new promoters and a new generation of music providers has created a heady mix of competing and collaborative economic models. Add to this a growing DIY culture among musicians and the ever-changing behaviour of consumers and, as the author shows, we have the most challenging of economic landscapes but one nevertheless capable of generating huge returns.
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
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.