In Freakonomics, we wrote about Paul Feldman, an economist turned bagel delivery man who began charging his customers based on the honor system. From the experiment, he found that, all in all, people were pretty honest.
Now the band Radiohead is borrowing a page from Feldman’s playbook, but on a much grander scale. One of the most popular bands in the world, Radiohead has decided to go it alone for the release of their seventh album. As Time.com reported:
[S]inger Thom Yorke told TIME, “I like the people at our record company, but the time is at hand when you have to ask why anyone needs one. And, yes, it probably would give us some perverse pleasure to say ‘F___ you’ to this decaying business model.”
So how much will it cost you to download their newest album?
Whatever you want to pay. Following other artists we’ve blogged about in the past, like Jane Siberry and Devin Brewer, the band has embarked on a radical social experiment, and is letting fans choose their own price. In the 2.5 years that we’ve been writing this blog, only one or two times have we gotten so much email about a specific topic — which happened to come hot on the heels of our quorum about the future of the music industry. I’m guessing the outcome of this new model is going to be great for Radiohead.
I’m sure the guys in the band have much better things to do than to read blogs, but on the off chance that they are Freakonomics fans, I want to put out a message to them: I’d love to help you analyze your data. I have a few ideas that might be really useful to you.
Also, if any readers have an in with Radiohead, please convey my message. I’ll even give you a Freakonomics T-shirt for making the introduction — it’s not exactly a Radiohead shirt, but it’s the best I’ve got.
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After reading the article on Time, I spoke to a friend of mine who is a HUGE fan. She is willing to pay $15 for the downloads and I must say that I’m there with her. For true fans who really appreciate the amount of work and passion these guys put into their music, I would not want to disrespect them by paying nothing. I do think those who are not as familiar with their work would download it for free. But maybe if they like what they hear, they will go out to buy earlier albums and the box set that’s coming out later in the year or head to a concert when they go on tour next year.
After reading the article on Time, I spoke to a friend of mine who is a HUGE fan. She is willing to pay $15 for the downloads and I must say that I’m there with her. For true fans who really appreciate the amount of work and passion these guys put into their music, I would not want to disrespect them by paying nothing. I do think those who are not as familiar with their work would download it for free. But maybe if they like what they hear, they will go out to buy earlier albums and the box set that’s coming out later in the year or head to a concert when they go on tour next year.
I will pay $5. It’s the first time I’ll have paid anything for an album in going on 6 years. Feel free to use my $5 in your analysis.
I will pay $5. It’s the first time I’ll have paid anything for an album in going on 6 years. Feel free to use my $5 in your analysis.
I first heard about this a few days ago and I think it’s brilliant. Though you forgot to mention they will also offer a box with vinyls and other goodies for $80, if I remember correctly. Nevertheless, great idea. The title of the album, however, (“In Rainbows”)…not so much.
I first heard about this a few days ago and I think it’s brilliant. Though you forgot to mention they will also offer a box with vinyls and other goodies for $80, if I remember correctly. Nevertheless, great idea. The title of the album, however, (“In Rainbows”)…not so much.
I’m a big fan as well and will probably pay between $10 and $15. I do however prefer a hard copy, thats the one problem with this model. I’m always willing to pay the $11.99 “sale” price that Target usually has, if it’s a band I like.
I’m a big fan as well and will probably pay between $10 and $15. I do however prefer a hard copy, thats the one problem with this model. I’m always willing to pay the $11.99 “sale” price that Target usually has, if it’s a band I like.