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Rockonomics

How Music Explains Everything (About the Economy)
Narrated by: Fred Berman
Length: 9 hrs and 6 mins
3 out of 5 stars (1 rating)

Non-member price: $37.98

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Publisher's Summary

Alan Krueger, the former chairman of the president's Council of Economic Advisers, uses the music industry, from rock artists to music executives, from managers to promoters, as a way in to explain the principles of economics and the forces shaping our economic lives.  

As economists recognise, the music industry is often a leading indicator of today's economy; it is among the first to be disrupted by the latest wave of technology, and examining the ins and outs of how musicians create and sell new songs and plan concert tours offers valuable lessons for what is in store for businesses and employees in other industries that are struggling to adapt.   

Drawing on interviews with leading band members, music executives, managers and promoters and using the latest data on revenues, royalties, tour dates and merchandise, Rockonomics takes listeners backstage to show how the music industry really works - who makes money and how much, and how the economics of the music industry has undergone a radical transformation during the last 20 years.  

Before digitalisation and the ability to stream music over the internet, rock musicians made the bulk of their income from record sales. Today, income from selling songs has plummeted, even for superstars like Taylor Swift; the real money nowadays is derived from concert sales. In 2016, for example, Billy Joel earned $212.4 million from his live performances and less than $1 million from record sales and streaming. Even Paul McCartney, who has written and recorded more number one songs than anyone in music history, today, earns 93 percent of his income from live concerts. Krueger tackles common questions: how does a song become popular? And how does a new artist break out in today's winner-take-all economy? 

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio on our desktop site.

©2019 Alan Krueger (P)2019 Hodder & Stoughton Limited

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  • 02-07-2019

great descriptive, more useful to music outsiders

I thoroughly deeply enjoyed it. Revealed a few things I didn't know. I was however hoping that after listening I would be more comfortable trying to anticipate music industry future trends... the only fault I have with the book is actually a problem with Economics in general, this is that it's full of lagging indicators... to be fair though, anyone who tells you they can predict the future is probably overconfident. I also wish there was more on African music markets.

1 of 1 people found this review helpful