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People love music. The UK spends more annually on music than on water supply. Worldwide, people buy billions of CDs a year; listen to billions of songs on thousands of radio stations; read billions of words about music and musicians in thousands of magazines and newspapers; and travel billions of miles to thousands of concerts and nightclubs. Every year, the Eurovision Song Contest succeeds where Hitler failed by bringing millions of Europeans to their knees begging for mercy. But even though people love music, it is threatened by modern culture. For example, mainstream pop stars must follow a prevailing neo-conservative moral code or lose sales, sponsorship, and ultimately their contract with the record company. Prevailing economic policies mean that orchestras have for years complained of having to survive on a hand to mouth basis, and that unsigned pop bands must ‘pay to play’ in their local bar. Furthermore, in 1996 we wrote breathlessly that ‘the technology even exists for a system in which any piece of music may be downloaded at will from the internet onto portable lap-top computers on a “pay-per-play” basis’. Since then iTunes and other legal and illegal online music stores and computer applications have completely changed the way many people access music. We can download almost any music we want either cheaply or even for free. We can pick up and put down music throughout the day—while doing the housework, driving a car, exercising, meeting friends, or eating in a restaurant. But just about the first thing taught in any economics class is that something only has value when the supply of it is limited: the modern ubiquity of music as a consequence of the digital revolution means that often it is regarded as unimportant or ‘cheap’.
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