'A cheerful and illuminating read, full of delicious anecdotes and
valuable nuggets. It does what Krueger did best - brings economics
to life, and life to economics.' The Times, Books of the Year 'A
key voice on a vast array of economic issues for more than two
decades' Barack Obama 'A cheerful and illuminating read, full of
delicious anecdotes and valuable nuggets. It does what Krueger did
best - brings economics to life, and life to economics' The Times
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 recognize, 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, promoters, and using the latest data on
revenues, royalties, tour dates, and merchandise, Rockonomics takes
readers 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
twenty years. Before digitalization 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?
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