RS 7: The Economics of the Music Industry
This blog post is my analysis on the economic podcasts Episode 410: Why K-Pop Is Taking Over The World and “Katy Perry’s Perfect Year” by Planet Money. These podcast appeared on the Planet Money website on January 20, 2012. The podcasts talked about the music industry and the money that is involved with it. Many people do not realize how big the music industry is and the importance it has on our economy. The first podcast talks about how other countries have been trying to master the music industry like the United States. America has the biggest music industry and most popular artists. Recently China has finally found what they have been waiting for years in a artist named Psy. Psy recently put out a hit song in China and has spread all across the world even topping charts in the US.
The music industry is one thing that the United States can say they are the best in. Though the industry is not doing as well as it use to, it is still the best in the world. The music industry helps our economy out and you would not even think too much of it. A lot of money goes into the industry, but who is it actually all going to? There are many people and groups that help to make up the product that they are giving us to listen to and they all want a cut from it. Though Katy Perry was the top on the charts last year, her record label may not have made as much as you think. Money is chipped away at the total constantly to pay those involved and their cuts are expensive. You may be hearing about all these big numbers they make, but they are not taking that all home when all is said and done. People may believe that it's not the fairest thing, but to make the best music you have to spend money to do so. They should jus be happy they are taking home money at all. Lastly, with the hit song "Gangnam Style" putting China's music industry on the map, the US should be aware. This is one of the last things they have over all other countries and a big help to our economy. China has been wanting to take over and step into the spotlight in music and they may now have a chance.
The music industry is one thing that the United States can say they are the best in. Though the industry is not doing as well as it use to, it is still the best in the world. The music industry helps our economy out and you would not even think too much of it. A lot of money goes into the industry, but who is it actually all going to? There are many people and groups that help to make up the product that they are giving us to listen to and they all want a cut from it. Though Katy Perry was the top on the charts last year, her record label may not have made as much as you think. Money is chipped away at the total constantly to pay those involved and their cuts are expensive. You may be hearing about all these big numbers they make, but they are not taking that all home when all is said and done. People may believe that it's not the fairest thing, but to make the best music you have to spend money to do so. They should jus be happy they are taking home money at all. Lastly, with the hit song "Gangnam Style" putting China's music industry on the map, the US should be aware. This is one of the last things they have over all other countries and a big help to our economy. China has been wanting to take over and step into the spotlight in music and they may now have a chance.
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