It is exceedingly rare for a White House chief economist to give a speech on rock-and-roll. But Alan Krueger is scheduled to do just that Wednesday evening at the Rock & Roll Hall of Fame in Cleveland. His talk there (a text was made available in advance) is a terrific window into how the music business explains the forces shaping our collective economic fortunes.
“The music industry is a microcosm of what is happening in the U.S. economy at large,” Krueger, chairman of the White House Council of Economic Advisers, says. “We are increasingly becoming a ‘winner-take-all economy,’ a phenomenon that the music industry has long experienced. Over recent decades, technological change, globalization and an erosion of the institutions and practices that support shared prosperity in the U.S. have put the middle class under increasing stress. The lucky and the talented – and it is often hard to tell the difference – have been doing better and better, while the vast majority has struggled to keep up.”
So how does this show up in the music industry?
More and more of the revenue from concerts, Krueger shows, is going to bands at the tippy-top of the scale of popularity. Since 1982, the top 1 percent of performers have gone from earning 26 percent of concert revenue to 56 percent!
But how does technology drive that? Krueger works through the process. A century ago, a musical performer could only reach as many people as his or her vocal range and travel schedule would allow. Now, high-quality recordings can be distributed to billions with the flip of a switch. The result: Everybody has access to the very best music, or at least the music that most precisely suits their tastes. The megastars who create that music are wildly popular and can make a fortune. But it means things are pretty hard out there for a mid-tier band just trying to build a loyal fanbase.
That’s too bad if you’re an aspiring musician – it means only the most appealing bands in the world will be able to make a good living performing. But might it at least mean that we as consumers are getting the music that brings us the most joy possible? The music industry is a meritocracy where the very best songs, and artists, rise to the top, right?
Sharing your scoops to your social media accounts is a must to distribute your curated content. Not only will it drive traffic and leads through your content, but it will help show your expertise with your followers.
How to integrate my topics' content to my website?
Integrating your curated content to your website or blog will allow you to increase your website visitors’ engagement, boost SEO and acquire new visitors. By redirecting your social media traffic to your website, Scoop.it will also help you generate more qualified traffic and leads from your curation work.
Distributing your curated content through a newsletter is a great way to nurture and engage your email subscribers will developing your traffic and visibility.
Creating engaging newsletters with your curated content is really easy.