‘An entertaining guide to economics by a former adviser to Barack Obama that uses the lessons of the music business to explain what is happening in the rest of the world’ The Times Books of the YearĪlan Krueger, the former chairman of the president’s Council of Economic Advisers, uses the music industry, from rock artists to music executives, from managers to promoters, as a way in to explain the principles of economics, and the forces shaping our economic lives.Īs economists recognize, the music industry is often a leading indicator of today’s economy it is among the first to be disrupted by the latest wave of technology, and examining the ins and outs of how musicians create and sell new songs and plan concert tours offers valuable lessons for what is in store for businesses and employees in other industries that are struggling to adapt.ĭrawing on interviews with leading band members, music executives, managers, promoters, and using the latest data on revenues, royalties, tour dates, and merchandise, Rockonomicstakes readers backstage to show how the music industry really works–who makes money and how much, and how the economics of the music industry has undergone a radical transformation during the last twenty years.īefore digitalization and the ability to stream music over the Internet, rock musicians made the bulk of their income from record sales.
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