Here are some key points I get from Thing 11: The Death of Scarcity from The 20 Things You Must Know About Music Online:
Throw out the law of Supply and Demand! The Internet has broken the traditional rules of economics.
One of the reasons for this is that shelf space is unnecessary for digital downloads of music. A song doesn’t really take up any physical space (yes, it takes up space in the digital world, but that is mostly inconsequential because it is so cheap). Another implication is that a song can be sold once or a million times and you still won’t run out (supply).
No matter how someone acquires your music, the notion of a “lost sale” is an outdated one. Attention is the new currency. This also implies that finding a niche and catering to it is a good thing!
Enter the economy of abundance. The cost of running a business has gone down in a big way. This also means that you can try just about anything and everything as a business and throw out the stuff that doesn’t work.
Again, ATTENTION is the new currency. This doesn’t always mean that the person or business with the most attention is going to convert the most money or make the most sales. However, there is a reason why Google is buying up sites like YouTube, which get a lot of attention.
The 20 Things You Must Know About Music Online was written by Andrew Dubber, and all credit goes to him. I do not claim any ownership over the book, nor am I quoting any information verbatim. If you would like to download your free copy, please follow this link, and don’t forget to visit New Music Strategies as well.
Author: David Andrew Wiebe
David Andrew Wiebe has built an extensive career in songwriting, live performance, recording, session playing, production work, investing, and music instruction. In addition to helping musicians unlock their full potential, he also continues to maintain a touring schedule with multiple bands.