This week Richard puts Will on the hot seat, and review all his amazing work on the economics of the music industry, something that is a lot smaller than everyone imagines, even if it touches all of us deeply.
For more on Bubble Trouble, including transcripts of the show, visit us online at http://bubbletroublepodcast.com
You can learn more about Richard at https://www.linkedin.com/in/richard-kramer-16306b2/
More on Will Page at: https://pivotaleconomics.com
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Super Fans and Music: The Shape of the Music Industry
In this episode of Bubble Trouble, super skeptical analysts Richard Kramer and Will Page discuss the concept of 'super fans' in the music industry. They critique the idea that fans' increasing ability to interact directly with artists is reshaping the music industry. They draw a parallel between their industry and finance, highlighting the importance of algorithmic methods in both. They also delve into the thriving local music scenes in various countries due to streaming and direct artist-to-fan communication. Furthermore, they analyze the potential impacts of AI on the music industry, noting that AI-created music doesn't compete with human-made music and that major music platforms are making staff cuts due to market saturation and reduced growth. In Brussels, they signal plans to discuss policies against 'bad actors' on platforms, responsible AI, fair remuneration for authors, and transparency of algorithms. The episode wraps up emphasizing the value of user comments as a metric of audience engagement.
00:00 Introduction
00:36 Part One
01:06 The Super Fan Phenomenon
03:41 Understanding the Super Fan Economy
04:27 The Impact of User-Centric Models
08:39 The Power of Direct Communication with Fans
10:21 The Rise of Glocalization
17:25 The Influence of Algorithms in Music
19:23 Part Two
21:30 The Economics of Emerging Markets in the Music Industry
22:24 Understanding the Impact of Data Costs and Conversion Models
23:20 The Challenges of Operating in India's Media Market
24:08 The Music Industry's Growth Bubble and the Role of AI
25:17 The Limitations of Algorithms in Music Curation
26:21 The Impact of AI on Music Consumption and Creation
26:57 The Value of Human Curation in Music
28:03 The Role of Algorithms in Global Music Trends
28:54 The Intersection of Music and Finance
32:56 The EU's Approach to Music and Media Markets
36:14 The Power of Super Fans and the Resistance Factor
39:10 The Significance of Comments in Measuring Engagement
40:37 Wrapping Up: The Future of Music and Finance
41:33 Credits
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Bubble Trouble: Laying Out Inconvenient Truths About How Business and Financial Markets Really Work