A few months ago the English alternative rock band Radiohead released their long awaited album “In Rainbows” as a free download, leaving it up to the fans to decide what they would pay, if anything at all. [1]
As someone who has had the difficult and expensive experience of distributing physical copies of my documentaries on DVD I can tell you that it was with great anticipation that I viewed this experiment. I was surprised and a little disappointed to find that only 40% of those downloading actually paid for it. [2]
I recall as a young man buying vinyl records for about $5 a piece and watching as the price slowly went up and up, hitting about $12 before giving way to CDs which eventually topped out at around $16 to $18 a pop. These days, with iTunes selling individual songs for $.99 and most albums for about $9.99, I feel like I am getting a bargain. Of course, I still have the expense of having to burn my own CDs to play them in my car, not being hip enough to own an MP3 player.
Still, I find myself wondering what I would pay for some of my favorite music if given the opportunity to decide on my own. The temptation to take it for free would be strong but I am smart enough to know that if enough people do that the ability to place our own value on music would disappear, as it has done with Radiohead. The band has since retracted its “free or whatever” offer, prompting some to accuse the band of chickening out [3] as they saw potential revenue slip through their fingers.
In the band’s defense, Radiohead’s leader Thom Yorke contends that it was always an experiment, not a business model for themselves or anyone else, and that it had run its course. (As of December 31st “In Rainbows” has become available on iTunes and the CD can be purchased through the usual outlets.)
However, a nagging question still remains. Now that music is being freed from the cost of being physically reproduced on disk, how much should we pay for it?
What is music worth to you?
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