Ok , yes, I just finished writing my last entry but a very interesting story title came across my Google News Gadget. “Radiohead May Have Made $6-$10 Million on Name-Your Cost Album”
Boy oh boy, name your our price for an album seems like a very interesting idea. I ‘m glad it is working for Radiohead, but the big question is can it work for artists that don’t have a cult follow built? How long will this model really last?
Radiohead was lucky enough to be the first big name to do name your own price album buying. The first companies right out of the hatches are the usual forefronts of their markets. I read a story of a company paying $1,000 to download the Rainbows album. Pity sales? How many other after them will run into such luck?
Lets look at the flip side to this. There is still piracy with the album. Forbes is reporting that more copies of the album have been pirated than downloaded legally. Forbes This isn’t stopping piracy because nothing can. The RIAA (Recording Industry Association of America) can sue all they want, but once a product has hit the market at a lower price or free(intentional or unintentionally) that is what the consumers hold the value as. I know I won’t pay original price on select items because I know they go on sale. I never pay full price when I shop at Kohl’s because the whole store eventually goes on sale! I don’t see value in the original price of the item, and why should I when I know I can get it cheaper, especially living in California where it’s $5 for a gallon of milk. I love to save money where I can.