Want Radiohead’s New Album? – Pay Whatever Amount You Want.
In a move sure to set the music industry on fire, Radiohead has announced that their new album “In Rainbows” will be available only online…and you can pay what you want for it. Don’t want to pay? No problem. Want to pay $20? No problem. From Time:
Drop In Rainbows’ 15 songs into the on-line checkout basket and a question mark pops up where the price would normally be. Click it, and the prompt “It’s Up To You” appears. Click again and it refreshes with the words “It’s Really Up To You” “” and really, it is. It’s the first major album whose price is determined by what individual consumers want to pay for it. And it’s perfectly acceptable to pay nothing at all.
Personally I will pay for it because I like them and think they should get paid for the music they create…and I think they will end up making more money doing it this way than selling it through a label because now they get 100% of the money spent on the album, rather than the typical $1 per CD that a label artist receives. Radiohead
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Sounds a lot like Stephen King’s experiment with The Plant in 2000.
Prince did it too for his album and it worked out great. Popular artists can do really well doing this but unknown artists would probably have a hard time.
[...] Â Want Radiohead’s New Album? – Pay Whatever Amount You Want. A great marketing plan by Radiohead. Sell their new album via an on-line mp3 download and allow people to pay what they want. Most people will pay a few dollars, but the band will be selling with less overhead, and will likely average more than they otherwise would because they don’t have to pay for printing, manufacturing, shipping, etc. [...]