Writing for the public - a public, after all, that avidly watches reality TV and seemingly endless sports competitions - adds nothing to the store of knowledge, nor does it necessarily help out in that secondary activity of the university, the education of undergraduates - who may graduate and go on to successful and lucrative careers in reality TV and the sports industry. Even Paul McCartney, who has written and recorded more number one songs than anyone in music history, today, earns 80 percent of his income from live concerts.The rewards structure of the academy is always under attack from one side or another, but certainly low on the list for most universities is what is derisively called “popularization,” which means writing not for one’s peers but for the broader public. In 2017, for example, Billy Joel earned $27.4 million from his live performances, and less than $2 million from record sales and streaming.
The real money nowadays is derived from concert sales. Today, income from selling songs has plummeted, even for superstars like James Taylor and Taylor Swift. The music industry is 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.ĭrawing on interviews with leading band members, music executives, managers, promoters, and using the latest data on revenues, royalties, streaming tour dates, and merchandise sales, 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 recent decades.īefore digitalization and the ability to stream music over the Internet, rock stars made much of their income from record sales.
Alan Krueger, a former chairman of the president's Council of Economic Advisers, uses the music industry, from superstar artists to music executives, from managers to promoters, as a way in to explain key principles of economics, and the forces shaping our economic lives.
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