Latest / Trumponomics / Episode 14: Adele and the Future of Music

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Episode 14: Adele and the Future of Music · Trumponomics

0:00
Speaker 1: Fun fact fround me guys. I was Beyonce for Halloween
0:03
Speaker 1: last year. Like Complete on the Run tour, Beyonce crushed it.
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Speaker 1: This episode is brought to you by Nadex, the Binary
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Speaker 1: x dot com futures, options and swaps. Trading involves risk
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Speaker 1: and may not be appropriate for all investors. Hi, and
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Speaker 1: welcome back to Bloomberg Benchmark, a podcast about the global economy.
0:47
Speaker 1: It is Thursday, December three. I'm Tori Stillwell, an economics
0:51
Speaker 1: reporter with Bloomberg News in DC, and I am joined
0:53
Speaker 1: by my co host, Ako, our editor for a Benchmark,
0:56
Speaker 1: who is also in d C with me this week. Okay, Tori,
0:59
Speaker 1: how's it going good? It's so weird to be looking
1:02
Speaker 1: at you, I knowing, it's so rare that we get
1:05
Speaker 1: to be in the same room together. It's right. Ai
1:07
Speaker 1: was in town for our party two nights ago. Yeah,
1:11
Speaker 1: thank you so much. To everyone who came to our party.
1:13
Speaker 1: It was so fun and uh, it was so great
1:16
Speaker 1: to get to meet everyone in person. Yeah, too much fun. Well,
1:22
Speaker 1: let's talk about the big economic news of the week, um,
1:26
Speaker 1: and the thing that comes to mind for me is
1:28
Speaker 1: the I m F adding the you Want to its
1:31
Speaker 1: basket of reserve currencies. Yeah, historic moment. Basically, the International
1:37
Speaker 1: Monetary Fund has this basket of currencies and it's called
1:43
Speaker 1: the Special Drawing Rights Basket. That sounds really boring and complicated,
1:48
Speaker 1: but basically, think of it as an international reserve asset.
1:52
Speaker 1: And there's a couple of currencies already in there, the dollar,
1:56
Speaker 1: the Euro, the pound, the end, and now that you
1:59
Speaker 1: Want is being added to that as well. It's the
2:02
Speaker 1: first change in the makeup since back when I was
2:06
Speaker 1: a reporter in Japan. I started there six years ago
2:09
Speaker 1: and people were talking about this and it finally happened.
2:12
Speaker 1: So it's almost kind of a surprise that it's taken
2:15
Speaker 1: this long for the un to be added to this basket. Yeah,
2:18
Speaker 1: and people are saying it's sort of like a stamp
2:20
Speaker 1: of approval, um assign that the international community is really
2:25
Speaker 1: behind China's efforts to really transform its economy and and
2:30
Speaker 1: become a bigger player. Yeah. So one of the criticisms
2:33
Speaker 1: of China, I think we talked about this in our
2:35
Speaker 1: second episode too, but one of the criticisms has been
2:39
Speaker 1: that the Chinese government has such tight control over its
2:43
Speaker 1: own currency, and China's government is starting to loosen some
2:47
Speaker 1: of that control now. So the move the other day
2:51
Speaker 1: was kind of in recognition of that. Turning to our
2:53
Speaker 1: topic for today, if you've been anywhere near a radio
2:57
Speaker 1: in the last month or so, you've probably heard Adele
3:01
Speaker 1: saying hello to you from the other side. And if
3:03
Speaker 1: you haven't, which seems to me like it would be impossible,
3:06
Speaker 1: but if you haven't, here's a clip. ACKI have you
3:23
Speaker 1: listened to the album? Yeah? I love it. I just
3:26
Speaker 1: love it. I still think I like Taylor Swift better.
3:31
Speaker 1: You know my feelings on that. Um Well, anyways, Adele
3:34
Speaker 1: has been crushing album sales. Data from Nielsen Music show
3:38
Speaker 1: that she sold three point three eight million copies in
3:42
Speaker 1: the US in her first week in Sync and their
3:46
Speaker 1: album No Strings Attached previously held the record for most
3:52
Speaker 1: album sales in the US in one week, and she
3:55
Speaker 1: beat them in just a few days after her release
3:58
Speaker 1: and She also surpass the first week sales of an
4:01
Speaker 1: album in any territory, which was previously held by Hikaru
4:05
Speaker 1: Utada's two thousand one album Distance, which apparently sold more
4:10
Speaker 1: than three million copies. Fun fact, I was definitely a
4:14
Speaker 1: purchaser of this album. It was probably my favorite growing up,
4:18
Speaker 1: my favorite, one of my favorite albums growing up. And um,
4:22
Speaker 1: she also went to my high school. That was pretty
4:24
Speaker 1: significant claim to fame, the American school in Japan. Well,
4:28
Speaker 1: I was like every other teenage girl and obviously had
4:31
Speaker 1: the nose strings attached album from instinc justin he will
4:35
Speaker 1: always have my heart. But it's pretty It's pretty hard
4:40
Speaker 1: to talk about how widely Adele's album sold without mentioning
4:43
Speaker 1: the fact that she did not make it available to
4:45
Speaker 1: streaming services like Spotify and Apple Music at the launch.
4:49
Speaker 1: Taylor Swift and Beyonce have also had huge success with
4:53
Speaker 1: their album launches by holding back their music from streaming services,
4:57
Speaker 1: but that seems to run a little counter to where
5:00
Speaker 1: people think the industry is heading through the number of
5:04
Speaker 1: paid subscriptions to on demand music services in the US
5:08
Speaker 1: alone has more than tripled to seven point seven million
5:11
Speaker 1: since two thousand eleven. And all this made us want
5:14
Speaker 1: to know more about the future of this fifteen billion
5:18
Speaker 1: dollar global music industry, how it's going to coexist with streaming,
5:22
Speaker 1: and why we're talking about it on an economics podcast.
5:25
Speaker 1: And for that we're bringing on Lucas Shaw, who is
5:28
Speaker 1: an entertainment reporter here at Bloomberg based in l A. Hey, Lucas, Hey,
5:32
Speaker 1: how's it going great? Thanks? How are you good? I
5:36
Speaker 1: I was also a purchaser of No Strings Attached, but
5:39
Speaker 1: I can't say I bought the Japanese record I used
5:43
Speaker 1: to like, I used to know the whole dance to
5:45
Speaker 1: like bye Bye Bye, you know, and they jump in
5:47
Speaker 1: then like do the arm in front? Can you still
5:49
Speaker 1: do it? Yeah? Later they sort they sort of mimic
5:52
Speaker 1: the butterfly with their hand right right exactly. Lucas, are
5:57
Speaker 1: you a user of Spotify or up music? I pay
6:01
Speaker 1: for both. You pay for both. I pay for Spotify.
6:05
Speaker 1: Same here. It's amazing. So the way I consume music
6:08
Speaker 1: is I discover music on songs which I think recently
6:12
Speaker 1: bought um And when I find songs that I like,
6:16
Speaker 1: I download it on my Spotify mobile app and then
6:19
Speaker 1: I binge listened to it until I can't listen to
6:21
Speaker 1: it anymore, and then I go back to songs that
6:23
Speaker 1: to find more songs. So you don't use you don't
6:27
Speaker 1: use Spotify to discover music. You don't use YouTube to
6:29
Speaker 1: discover music. No, not really. I feel like so songs
6:33
Speaker 1: they curate music through human musicians, Um, they don't really
6:37
Speaker 1: use an algorithm uh necessarily to create the playlists. And
6:41
Speaker 1: I think that makes a huge difference in my opinion. Yeah,
6:45
Speaker 1: I just got I'm I got signed up for this
6:47
Speaker 1: new human curated music service that's in beta where you
6:53
Speaker 1: tell that you answer a bunch of questions about your tastes,
6:56
Speaker 1: and then you have kind of a one on one
6:58
Speaker 1: uh communication with someone who sends you a new playlist
7:02
Speaker 1: every week or two. It sounds like sort of what
7:05
Speaker 1: we talked about on the Robots podcast, where it's like
7:08
Speaker 1: a premium now for like people to do this stuff
7:11
Speaker 1: like a matchmaker. Right exactly. Well, I mean, Lucas, let's
7:16
Speaker 1: talk a little bit more about the music industry and
7:20
Speaker 1: how it's been disrupted by streaming and really link it
7:24
Speaker 1: to economics here. I think you point you put it
7:27
Speaker 1: really well. Um. In a conversation that we had earlier
7:30
Speaker 1: this week, about it sort of being a microcosm for
7:32
Speaker 1: the broader media industry. Yeah, I mean the recorded music
7:37
Speaker 1: business was the first one to kind of suffer from
7:40
Speaker 1: the proliferation of the Internet because the files are pretty
7:43
Speaker 1: small and so they were easy to download to share,
7:46
Speaker 1: you know, as the recorded music business peaked around the
7:49
Speaker 1: turn of the millen where it was forty billion dollars
7:53
Speaker 1: compared to the fifteen billion dollars that you said, uh
7:56
Speaker 1: it is now. That was the peak of the CD boom,
7:58
Speaker 1: where you had the record industry convincing people to shell
8:02
Speaker 1: out fifteen eighteen dollars four c D when they probably
8:05
Speaker 1: just wanted a song or two. Uh, so you had Lucas.
8:08
Speaker 1: What was your first CD? My first CD? I think
8:11
Speaker 1: it was a red ut Chili Peppers Greatest Hits album.
8:14
Speaker 1: It was like ten songs, ten songs from the early
8:18
Speaker 1: more funky rock days of the Chili Peppers, and I
8:20
Speaker 1: bought it at Rockaway Records. Mine was Shania Twain. So
8:25
Speaker 1: I think you did a little bit better than Sorry,
8:29
Speaker 1: what were you saying? Yours probably sold better than this,
8:32
Speaker 1: uh the ten best Yes, So this this kind of
8:36
Speaker 1: this CD, the CD fueled boom in the record business
8:39
Speaker 1: started to peter out after that. This boom in when
8:44
Speaker 1: you know, you had three of the five fastest selling
8:47
Speaker 1: albums came out in two thousand. That was when I
8:49
Speaker 1: believe No Strings Attached came out and set the record.
8:51
Speaker 1: You had a Backstreet Boys album and you just had
8:54
Speaker 1: people going crazy for c d s. And then Napster
8:56
Speaker 1: came along in lime Wire and Kazah and all these
8:58
Speaker 1: different file sharing services, and so younger people no longer
9:01
Speaker 1: needed to buy albums. They would just rip everything and
9:04
Speaker 1: download it for free. So that started to eat away
9:06
Speaker 1: at the business, and the record business was very nervous.
9:10
Speaker 1: And and then Apple came around and invented iTunes, which
9:13
Speaker 1: at the time, you know, they sort of forced the
9:15
Speaker 1: music industry's hand, but the music industry also hoped that
9:18
Speaker 1: it would stop this this proclivity for file sharing. And
9:22
Speaker 1: I think what ended up happening is digital sales did increase,
9:25
Speaker 1: but they didn't increase faster than CD sales declined. So
9:29
Speaker 1: the music industry has basically been a state of perpetual
9:31
Speaker 1: decline for the past, you know, fifteen to twenty years.
9:35
Speaker 1: And there's been some discussion in recent years as to
9:39
Speaker 1: whether we're going to see something similar happen in video.
9:42
Speaker 1: You know, you've never seen file sharing or piracy kind
9:45
Speaker 1: of unsettle the TV and movie business to the same
9:49
Speaker 1: extent because the file sizes are so much bigger, and
9:51
Speaker 1: because the quality of ripped material tends to be lower
9:55
Speaker 1: and you want to watch it on a big screen.
9:57
Speaker 1: You know, music you can sort of listen to on
9:58
Speaker 1: any device. People are a little less particular about the quality. However,
10:02
Speaker 1: you have all of these streaming services popping up on
10:05
Speaker 1: the video side, whether it's Netflix, Amazon, Hulu, UM, and
10:08
Speaker 1: just one or two of those seemed to be substitutes
10:11
Speaker 1: for the entire kind of TV ecosystem for some younger consumers.
10:16
Speaker 1: And you also have a lot of young people watching
10:19
Speaker 1: video for free on YouTube rather than say, watching Nickelodeon.
10:23
Speaker 1: You know another industry that I feel has tanked as
10:26
Speaker 1: a result of the Internet and all it's free and
10:30
Speaker 1: extremely cheap goods is journalism. Yeah. Well, journalism and music
10:34
Speaker 1: were the ones that got hit the fastest because again
10:37
Speaker 1: it's very you know, you had a lot of people
10:39
Speaker 1: offering journalism articles for free that that people previously had
10:43
Speaker 1: to pay for, right, so they're they're both great examples
10:46
Speaker 1: of industries that have been completely quote disrupted, as the
10:51
Speaker 1: Silicon Valley types like to say, try so hard not to,
10:58
Speaker 1: but they know they really are great examples of how
11:01
Speaker 1: the Internet has just totally transformed our economy and the
11:04
Speaker 1: and the way we do things. Um. And so, how
11:08
Speaker 1: has the music industry received streaming services. It seems like
11:13
Speaker 1: it's kind of like a grudging acceptance. I don't I
11:16
Speaker 1: don't know. Yeah, that's probably fair, you know. It's they
11:19
Speaker 1: have a very complicated relationship with them because, on the
11:21
Speaker 1: one hand, most of the record label's own stakes in
11:24
Speaker 1: streaming services, so they obviously don't own anything of Apple Music.
11:27
Speaker 1: Apple owns that outright, but record labels have a piece
11:29
Speaker 1: of Spotify, so they do have a vested interest in
11:31
Speaker 1: its succeeding. Um. But their their hope is that they
11:36
Speaker 1: can convince as many people as possible to pay for
11:38
Speaker 1: Spotify rather than use the free tiers. So spotify strategy
11:42
Speaker 1: is they have this, they have a free service that
11:45
Speaker 1: is almost as good as the pay service, and they
11:48
Speaker 1: hope that that kind of serves as this funnel to
11:50
Speaker 1: bring in lots of customers who, when they see how
11:53
Speaker 1: much better the pay services, will want to pay and
11:56
Speaker 1: as it stands now, about a quarter of all Spotify
12:00
Speaker 1: users are paying subscribers, and the record industry would like
12:03
Speaker 1: that to be more like a third or a half.
12:05
Speaker 1: And so there in this constant state of negotiation where
12:08
Speaker 1: they want Spotify to grow because it's a much better
12:11
Speaker 1: alternative to YouTube, but they want Spotify to be better
12:14
Speaker 1: at getting those customers to pay. Uh, So they're in
12:18
Speaker 1: this there in this constant state of push and pull.
12:22
Speaker 1: So people, the record industry is cheering on Spotify more
12:26
Speaker 1: than YouTube because YouTube is completely free, whereas for Spotify,
12:30
Speaker 1: some people pay for it. Yeah, and YouTube just introduced
12:33
Speaker 1: to that, but there's a lot of doubt as to
12:37
Speaker 1: whether that will actually work. And the payments that they
12:40
Speaker 1: get from Spotify are just better than YouTube, I mean,
12:42
Speaker 1: the whole the creative industries have had to begrudgingly accept YouTube,
12:47
Speaker 1: but none of them like it because YouTube has introduced
12:50
Speaker 1: this idea that you can find any video, any song,
12:52
Speaker 1: ever and not have to pay for it. And the
12:54
Speaker 1: ad rates on YouTube are so low that payments are
12:57
Speaker 1: are miniscule for a major media company. And are things
13:00
Speaker 1: like Spotify and Pandora profitable yet or they still working
13:05
Speaker 1: on that? Yeah, Pandora has reported a profit a couple
13:10
Speaker 1: of times in its fifteen year history, but but not often,
13:13
Speaker 1: and even when they do, it's a really small one. Spotify,
13:17
Speaker 1: it is not public, but from everything that you know,
13:19
Speaker 1: leaked documents and what people have been told, they're they're
13:21
Speaker 1: not profitable either because these services have to pay out
13:25
Speaker 1: at most of their revenue to the music business. Uh.
13:28
Speaker 1: And so they tend to point the finger at the
13:30
Speaker 1: music business and say, hey, we're actually paying enough out.
13:33
Speaker 1: You guys are not properly compensating your artists. The problem
13:36
Speaker 1: is that they're all fighting over a shrinking pie. That's
13:40
Speaker 1: a good point, and uh, let's pick up on sort of.
13:42
Speaker 1: I guess the benefits of streaming for musicians, for the industry,
13:47
Speaker 1: for consumers, and the drawbacks after this break? What do
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Speaker 1: may not be appropriate for all investors. So, Tori, since
14:39
Speaker 1: we are an economics podcast, should we talk about the
14:41
Speaker 1: theoretical benefits and the drop backs of streaming? Yeah, let's
14:45
Speaker 1: do a little cost benefit analysis, very nice with no equations. Yeah. So,
14:51
Speaker 1: first of all, I guess one benefit is that some
14:53
Speaker 1: people think of streaming as advertisement for artists, the way
14:57
Speaker 1: that radio is. People say it could be a way
15:00
Speaker 1: for consumers to discover new music that you may not
15:04
Speaker 1: have heard otherwise, which you know, helps artists create a
15:07
Speaker 1: bigger fan base. Um, that's certainly the case for me
15:10
Speaker 1: with services like songs A Yeah. And another thing that
15:14
Speaker 1: we've we've talked about already is that they are actually
15:17
Speaker 1: at least getting paid per listen, even though it may
15:20
Speaker 1: be like a fraction of a penny per stream. At
15:25
Speaker 1: least they're not getting pirate ID like they were before.
15:28
Speaker 1: That's right, So, Tori, what are the drawbacks of streaming
15:31
Speaker 1: for musicians, Well, that fee rate is super low. You'd
15:36
Speaker 1: have to stream it all the time basically to make
15:40
Speaker 1: money off of it to be able to quit your
15:41
Speaker 1: job and do this. Um, if they're just if you're
15:44
Speaker 1: not really selling any albums. If I were an artist,
15:47
Speaker 1: I'd probably just like leave my laptop up all the
15:49
Speaker 1: time and just like do a continuously songs. Um. So yeah,
15:55
Speaker 1: the fee rate is is tiny. And also people don't
15:58
Speaker 1: have to buy a whole album just to get that
16:02
Speaker 1: one hit song. You know. I don't have to buy
16:04
Speaker 1: the whole Christina Aguilera album to hear Genie in a
16:07
Speaker 1: Bottle anymore, and just play Genie in a Bottle whenever
16:10
Speaker 1: I want, Although that's not the fault of streaming services, right.
16:14
Speaker 1: iTunes was the one that ultimately I'm bundled yea song
16:18
Speaker 1: sales very true. Yeah, And then looking at the consumers perspective,
16:24
Speaker 1: which I think is is sort of easy for us
16:26
Speaker 1: to run through because they're all consumers of streaming services.
16:29
Speaker 1: You get this huge library of songs that you didn't
16:33
Speaker 1: have access to before for basically the same price as
16:36
Speaker 1: a c D every month. Yeah, I mean you pay
16:39
Speaker 1: for Spotify. I pay for Spotify. Lucas pays for both
16:43
Speaker 1: Spotify and Apple Music. That's got to mean that we
16:47
Speaker 1: find incredible value in it. Yeah, and Lucas, I knew
16:50
Speaker 1: nothing about Apple Music. I mean, do you like it? Yeah?
16:55
Speaker 1: I I pay in part because it's my job. So
16:59
Speaker 1: I feel like, point, do you get to expense that
17:01
Speaker 1: I do not? That I know. I pay for cable,
17:05
Speaker 1: I pay for Netflix, I pay for Hulu, I pay
17:07
Speaker 1: for Amazon, Uh, Spotify, Apple Music, none of this is expensed.
17:11
Speaker 1: It's a it's it's unfortunate getting ripped off. I am.
17:14
Speaker 1: Apple Music is is most streaming services are similar. They
17:18
Speaker 1: have this unlimited or seemingly unlimited library of music. One
17:23
Speaker 1: of the things that Apple introduced to try and differentiated
17:25
Speaker 1: service was this radio product where they have a live
17:28
Speaker 1: radio show around the world twenty four hours a day
17:32
Speaker 1: with hosts in Los Angeles, New York, and London. That's
17:34
Speaker 1: actually free. You don't have to pay for Apple Music
17:36
Speaker 1: to to get that. Um and then they also have
17:39
Speaker 1: a slightly different approach to curation, which is sort of
17:42
Speaker 1: a buzzword in in the music streaming circles because one
17:45
Speaker 1: of the problems that people have with Spotify with any
17:48
Speaker 1: of these, is that what the library is so vast
17:52
Speaker 1: that it's really hard to discover things, to find things
17:55
Speaker 1: to you know, to either stumble upon new music or
17:59
Speaker 1: kind of remind yourself about music that you do like.
18:01
Speaker 1: And so there is a part of Apple Music that
18:04
Speaker 1: is kind of tailored for you, which I find to
18:07
Speaker 1: be good, not great. And I think some of that
18:09
Speaker 1: is because I tend to toggle between the two services,
18:12
Speaker 1: so it only knows of one segment of my listening habits,
18:15
Speaker 1: right right. You know, it's really interesting how the record
18:19
Speaker 1: industry is declining. You know, we said it used to
18:22
Speaker 1: be forty billion, now it's fifteen billion. And we also
18:26
Speaker 1: talked about how Spotify and Pandora they're not really profitable
18:29
Speaker 1: yet because they have to pay out so much in royalties.
18:33
Speaker 1: The big winner here is us here, it's the consumer.
18:36
Speaker 1: Well a paper published in October, I believe by Louise
18:42
Speaker 1: agu Are did I Did I say that? Right? Guys?
18:45
Speaker 1: I think so? And incidentally enough, Joel walt Vogel, who
18:49
Speaker 1: we had on the show last week, UM, they've looked
18:53
Speaker 1: into this. They want to know how streaming impacts the
18:57
Speaker 1: music industry in money terms and it's they had some
19:01
Speaker 1: really cool results. Yeah. So, basically, they found that streaming
19:05
Speaker 1: does indeed discourage people from buying permanent downloads on iTunes.
19:10
Speaker 1: Um so, it does displace record sales, but it also
19:14
Speaker 1: drives down piracy because uh services like Spotify and Pandora,
19:19
Speaker 1: they make it easier for consumers to listen to music.
19:23
Speaker 1: Um So, in effect, they found that it's revenue neutral
19:27
Speaker 1: to the music industry, which is kind of interesting. Yeah, yeah, yeah,
19:31
Speaker 1: that's not really the kind of narrative that you hear.
19:33
Speaker 1: I think in the mainstream media. Well, if the streaming
19:36
Speaker 1: industry were to grow large enough, it would actually be
19:39
Speaker 1: as good, if not better, than the recorded music business.
19:43
Speaker 1: This is the point that people at record labels make
19:45
Speaker 1: all the time, is that the annual spend for one
19:50
Speaker 1: streaming service, say so it's month that ends up at
19:54
Speaker 1: d twenty dollars a year, is more than your average
19:57
Speaker 1: consumer ever really spent on CDs. So if you can
20:00
Speaker 1: get enough people, if you can get to to mass
20:03
Speaker 1: with streaming, it's it's great. The question is whether it
20:07
Speaker 1: can get there or if there are enough people who
20:09
Speaker 1: are willing to fork over that month to make it
20:13
Speaker 1: worth it. Yeah, I think that's a really great point,
20:16
Speaker 1: and uh, it's it's a great challenge um for the
20:20
Speaker 1: music industry to kind of figure out, and also the
20:22
Speaker 1: technology industry to figure out, because if they can get
20:25
Speaker 1: this right and they can get music industry sales back
20:28
Speaker 1: up again, that might be a model for other industries
20:31
Speaker 1: that are also getting digitally disrupted. And we talked about
20:36
Speaker 1: Adele at the top of the show, so I want
20:37
Speaker 1: to loop back to that as we wrap up, but
20:41
Speaker 1: I mean Adele Taylor Swift. As we mentioned Beyonce the Queen.
20:46
Speaker 1: They took a stand against streaming, and their albums sold
20:49
Speaker 1: like crazy. They made us all buy music. Is this
20:53
Speaker 1: something that other artists can do? Is is it a
20:55
Speaker 1: viable option? Or is this something that only those three
20:59
Speaker 1: ladies will be well too to make work. That is
21:02
Speaker 1: a question to which we don't yet know the answer.
21:04
Speaker 1: It's being debated at a lot of the different record labels.
21:07
Speaker 1: You know, this idea of making something available only for
21:10
Speaker 1: purchase and then kind of distributing it to secondary platforms
21:16
Speaker 1: where it's you know, like treating Spotify and Apple Music
21:19
Speaker 1: essentially as a second window. Is what happens in most
21:22
Speaker 1: other sectors of the entertainment business. So if you look
21:25
Speaker 1: at the movie business, a movie comes out in theaters first,
21:27
Speaker 1: where you have to spend to buy a ticket, and
21:30
Speaker 1: then popcorn and all that other junk, and then later
21:32
Speaker 1: on you can watch it on HBO or Netflix or
21:35
Speaker 1: wherever it is. In the TV business, usually you know
21:38
Speaker 1: you'll have a show premiere in one place and then
21:40
Speaker 1: it's what's called it's syndicated to other people, So there
21:43
Speaker 1: are multiple different points at which the right solder collects
21:46
Speaker 1: for that property. It's been harder to make that happen
21:49
Speaker 1: in the music business because it's been hard to get
21:51
Speaker 1: people to pay for anything to begin with. So the
21:53
Speaker 1: question for for record labels for artists is whether kind
21:58
Speaker 1: of most artists can can kind of uh can employ
22:04
Speaker 1: the strategy that Adele Beyonce Taylor swift of views and
22:07
Speaker 1: get people to buy more in those first you know,
22:10
Speaker 1: first few weeks, first couple of months, and then put
22:12
Speaker 1: the music out on streaming services or is that really
22:15
Speaker 1: only does that really only work for artists who don't
22:18
Speaker 1: need these other services to promote them and who are
22:22
Speaker 1: so popular that they can actually force people to go
22:24
Speaker 1: and spend money. You know, we're we're having a test
22:27
Speaker 1: on Friday with probably with cold Play. I just wrote
22:30
Speaker 1: a story this morning about how they have previously withheld
22:34
Speaker 1: their album from Spotify, with held their past couple albums.
22:38
Speaker 1: They have a new album coming out on Friday. They
22:39
Speaker 1: haven't said what they're going to do, so they could
22:42
Speaker 1: again withhold it from services. The danger for them is
22:44
Speaker 1: that their record sales are in decline, so do they
22:47
Speaker 1: really have the power to force people to go out
22:49
Speaker 1: and spend Well, that's a great question for us and
22:52
Speaker 1: on Yeah, yeah, Lucas, thank you so much for joining
22:55
Speaker 1: us today. Thanks so fun. Well, that's it for us today.
23:00
Speaker 1: Things again for listening to Bloomberg Benchmark. We'll be back
23:02
Speaker 1: again next week. Until then, you can find us on
23:05
Speaker 1: the Bloomberg terminal and on Bloomberg dot com and also
23:08
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23:15
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Speaker 1: find us. And as always, we love to hear what
23:21
Speaker 1: you guys thought about the show, so talk to us,
23:23
Speaker 1: follow us, don't troll us on Twitter at at Tory
23:28
Speaker 1: Stillwell and at Akieto seven and our guests Lucas is
23:33
Speaker 1: also on Twitter at at Lucas Underscore Shaw See you
23:38
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