Masnick
Chris Anderson, editor from Wired Magazine, describes a ‘free market’ as the future business model for the new web-connected world. Anderson describes how the business behind the idea of things being free is not logical business plan, economically, but it is the direction we are heading. We are getting closer and closer to the concept of free, by getting closer and closer to having more memory and storage through digital means.
The idea of free marketing in the music industry is having a large impact on what musicians are trying to do to get money in their pockets. Musicians like Radiohead are experimenting with the ways in which technology is changing the availability of music – now becoming faster and more accessible. Anderson describes how bands benefit from giving their music away for free while Masnick elaborates.
Anderson describes how the musicians tend the benefit from the ‘free’ business model because they get the publicity and their name known. Especially so with smaller bands without labels. Masnick argues that big bands can make this work as well. Although Anderson does mention Radiohead and doesn’t make the distinction between large and small bands, Masnick goes into depth and says that larger bands can be successful in the free business model as well. Since most bands make their revenues from shows and performances, why would big bands be any different? Since they are already known and they have a strong following they can determine their profits will come form sold out shows. Small bands will be able to give out their music for free to gain a following, while bigger well known bands will use their followers as a support system. Either way, both types of bands are getting most of the revenue from performances.
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This is a really great way to increase revenue for the bands and to increase publicity. It's obviously an idea that's been a long time coming, but it works really well. The people who release their products for free are either giving away a product for free with the option of a premium version that would have to be paid for or they are giving it away in hopes that the consumers will search for more of their products that will also have to be paid for. Either way, this method is obviously working out for various types of companies, including those in the music industry.
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