This Palgrave Pivot uses modeling from microeconomic theory and industrial organization to demonstrate how consumers and producers have responded to major changes in the music industry. Byun examines the important role of technology in changing its structure, particularly as new methods of creating and accessing music prove to be a double-edged sword for creators and producers. An underlying theme in the project is the question of how the business of music affects creativity, and how artists continue to produce creative output in the face of business pressures, the erosion of copyright enforcement, and rampant online piracy. In addition to being a useful resource for economists interested in the music industry, this approachable Pivot is also ideal for business and music majors studying the effect of technology on their chosen fields.

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.

This book charts the effects of new communication technologies and the Internet on the creation of music in the early 21st century. It examines how the music industry will be altered by the Internet, music online services and MP3-technology. This is done through an integrated model based on an international history of the industry since the phonograph’s invention in 1877, and thus, the history of the music industry is described in full detail for the first time.

Given than hip hop music alone has generated more than a billion dollars in sales, the absence of a major black record company is disturbing. Even Motown is now a subsidiary of the Universal Music Group. Nonetheless, little has been written about the economic relationship between African-Americans and the music industry. This anthology dissects contemporary trends in the music industry and explores how blacks have historically interacted with the business as artists, business-people and consumers.

What determines the price of a pop concert or an opera? Why does Hollywood dominate the film industry? Does illegal downloading damage the record industry? Does free entry to museums bring in more visitors? In A Textbook of Cultural Economics, one of the world's leading cultural economists shows how we can use the theories and methods of economics to answer these and a host of other questions concerning the arts (performing arts, visual arts and literature), heritage (museums and built heritage) and creative industries (the music, publishing and film industries, broadcasting). Using international examples and covering the most up-to-date research, the book does not assume a prior knowledge of economics. It is ideally suited for students taking a course on the economics of the arts as part of an arts administration, business, management, or economics degree.