In Part 1, Justin outlined the novel business model of music-streaming services.
The picture of the music industry painted so far is rather bleak—it’s difficult for an artist to earn money.
Hurricane Harvey has wreaked havoc across the Southern United States, causing severe flooding and breakdowns in all sorts of essential infrastructure such as transport and communication. At some point, there seems to have been an erosion of the unwritten rules that form our social norms, and at the surface, it can appear that there are profiteers seeking to make a quick buck out of the desperate – price gouging.
It’s often disappointing to see governments bailing out financial institutions. “Let them fail!”, the public cries out. However, is this alternative any better? Moral hazard explores the consequences of banks knowing they can get away scot-free if things go belly up.
This article first appeared in Short Supply 2017 – check out the full magazine via the Short Supply tab at the top of this page!
Last year, Taylor Swift took a stance against the rapid rise in music-streaming services and pulled her immensely popular albums from Spotify, signalling that streaming music services weren’t sustainable for artists.