Thursday, 30. October 2008
Topic: COPYRIGHT - on October 30, 2008 at 11:16:00 AM CET
Prince: So Close, Yet So Far
The musician Prince has been quite fascinating to follow over the years from a business model perspective. He has aggressively experimented, and for a while seemed to be the perfect example of a musician who understood how to embrace new business models allowed by the internet. He was creating tons of new music, some of which he was giving away free in order to promote scarce aspects of his business model, such as concerts (he sold out 21 straight concerts in London after giving away his latest CD totally free), while also embracing the idea of getting people to pay him upfront to create music. He also experimented with things like having companies sponsor him, setting up a subscription fan club and even owning a dance club in Vegas where he would perform regularly. All were perfect examples of the sorts of business models that we talk about all the time. And the model was clearly quite successful for Prince, helping him to earn quite a bit of money off of those scarcities.
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