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What is the value of the music experience to the consumer?
In the past, the value of the music experience might have been more connected to the community as music was likely one of very few entertainments the people could enjoy together. Moreover, the value of music and the music experience itself was more allied with live performance rather than selling volume units of CD's, records, or mP3 downloads.
The question here today is not whether or not music was better in the past compared to now, but whether or not the price of music is correct relative to other artforms?
When measured by each unit, by far, photographs, paintings, sketches, sculptures, DVD's, and any other kind of art you can think of is worth far more per unit than music. The only rivals to music in terms of art or entertainment are T.V. and film. Even though more people spend more of their time listening to music or attending a live music performance, music still receives far less monetary appreciation than do other art forms.
Let's look at this issue another way. If a photograph or painting by a famous artist is valued at $5,000 or $15,000,000 and thousands of people flock to see either one of them at a museum, their values don't change or they might actually go up. But what happens when you buy a digital download or a musician releases a new album?
First of all, the price of a digital download is automatically priced at $.99 no matter what demand is like. Also, the label prices the entire album where it thinks demand will help them to recoup their cost from the production, promotion, and marketing costs related to the project.
But here are some essential differences between other art forms and music. In general, no part of the public ever gets to touch or own the original copies of an artist work unless they buy it. In other words, the general public never gets to own a Picasso painting, unless they can outbid another buyer. However, the general public can buy a poster size print or an art book full of samples of Picasso paintings along with biographical information concerning his development as a person and artist over time.
But with music, the general population almost always gets to have the thing itself. The music is the thing. The master copies of songs produced by a musician or composer are the equivalent items to original paintings by master artists. The master copies are what the labels and producers want to own, but the general public just wants the experience.
But if music is art then it should be prices accordingly in similar terms as art other art forms. A copy of an original photograph by a highly-acclaimed photographer will cost the consumer less than the original. Same thing goes when it comes to copies or prints of original paintings.
With music, though, many people mistakenly believe that composers and musicians are selling a performance when really they're selling ideas or a shared emotional experience. Music is a means of communicating ideas and emotions with sound waves made by instruments and/or voices.
In basic economics, we learn that the price of something goes up when demand increases, and that the price of something goes down when demand goes down. So in theory, as demand goes up, price goes up and when demand goes down, price also goes down.
So then why is the price of a song or piece of music stuck at about $.99 per track? Even if the music is in demand, the price never changes unless the artist wants it to, but under no other circumstances.
Even though we live in a period of time where master paintings are selling for millions of dollars, the price of music is stable at $.99 per download. Looking around for digital music on Amazon you'll occasionally notice downloads selling for $1.50 or $2, but not often.
The point here is: more plays = lower cost per play.
100 plays of a $.99 download = .01 per play
10 plays = $.09 per play
In my estimation, there's just no way that $.99 is the value or true price of the music experience that the audience receives when they listen to music they really connect with and enjoy often. Instead, the value of that experience is what the artist or consumer says it is. Therefore, price, when it comes to music, is an agreement made between the artist and consumer about the value of the experience they both think they are giving and receiving through the music.
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Marc
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