Why Pay For Music?

Source: www.macworld.com

The economic principle I’m exploring is “Institutions are the “rules of the game” that influence choices” My research question to help me study the economic principle is “How can consumers be persuaded to buy their music rather than finding a free alternative?”

 The article/video/etc published in the Huffington Post titled “Why you should pay for music” demonstrates this economic principle because it shows how when people pay for their music then music producers are more motivated to keep making quality music for their listeners.

 First, If people aren’t willing to pay for their music then the producers of that music don’t make any profit and might stop making music. It is to all of our own self interest to purchase all of our songs so that the bands that we enjoy listening to are provided for and keep producing more music.

 Second, A decline in people paying for their music leads to a decline in the quality of music because producers don’t spend too much time on a song if they know they will get little to nothing for it.
 If people pay for their music then bands will be more motivated to put more time and effort into making their songs sound great if they know that they will be payed for the quality of their music.

 Third, Bands make little to nothing from concerts after they pay off all the expenses from their trip there, their hotel, and all of the sound guys that help them put the concert together. At the end of the day the biggest producer of income for bands comes from people who buy their music.

 In my next blog post I will research: Is there a better alternative to obtaining music than free streaming services like Spotify?