As an interesting follow up to the most recent wrinkle in the saga of DRM, a wired article from yesterday reveals that fans are actually voluntarily paying close to or at full price for the new Radiohead album, with many opting for the deluxe box set edition.
Flying in the face of fundamental economic theory, fans have voluntarily paid for something they did not have to pay anything for. Is it great marketing? Stupid fans?... Does this prove what record and studio execs everywhere are praying, that you can actually compete with free?
It could be to do with the way the offer was presented; fans had to say what price they were willing to pay for this album, possibly making people think in terms of actual worth (or perceived worth heightened by the anticipation, novelty and buzz value of the release) rather than according to rational game theory.
Move over rational choice, make way for economic psychology
No comments:
Post a Comment