Radiohead released their latest album (In Rainbows) with a whole new business plan than any other album that has ever been released before. It's not in stores, you can only buy it online, and it's not on itunes, you can only get it directly from their website, and it's not 99 cents per song, it's whatever you want to pay for it.More... Go to the website and see for yourself and the www.inrainbows.com
Add the CD to your basket and hit the checkout button. It will then ask you to put in the price that you would like to pay for the album. It doesn't matter what you pay, and paying nothing is perfectly acceptable. The reason for this new approach is that the members have the band have declared that they are tired of the control that record labels have always had over their artists in the past. This new marketing approach is simply a way of bypassing major labels and being able to put out an album independently.
Radiohead's fan base is one of, if not the single, largest of and band in the world. Because demand for their product is so high, they will have no problem getting millions of people to purchase their CD. Some of them will contribute money, and some will not. It seems that anyone who really wants to get music free these days can do it themselves via file sharing programs and other internet downloading methods, so why not just let people get the album from you if they're going to get it for free anyways? The people who are still willing to buy a CD to support musicians will most likely still feel the need to pay for the album and end up giving donations in exchange for it. This approach also keeps all of the revenues from the album in the pockets of the artist.
Will it be possible for other independent artists to pull off a strategy like this or is Radiohead only able to because of their massive following? This opens an interesting new approach to releasing music in today's industry as the power of the major labels begins to slip further from their fingertips and the doors open wider for independent artists and the electronic distribution of music.
Chris Schmitz - www.talkecon.com
Chris Schmitz is an author for an internet economics magazine. Please visit talkecon.com
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