music store revenue rythms

Revenue Rythms

This edition of Power to Pricing People looks at all the latest pricing news coming from the music industry.

The recent months in the music scene have seen some unexpected rises in cost, leaving some consumers feeling offbeat.

First up, Coachella, the festival favored by stars, has been in the spotlight for its A-list prices. Some festival-goers revealed they had dropped  $1,200 on a ticket alone with total trips costing up to $4,000. As well as ticket prices, food and drink prices at the festival shocked music fans, with one stall charging $32 dollars for a burrito.

This is becoming a trend at festivals across the world, with Glastonbury tickets going up £75 in just two years.

Skyrocketing subscriptions

Brits are also bracing themselves for price rises coming through their speakers. Streaming app Spotify has revealed it will be upping its subscription costs from next month. Premium plans are going up by as much as 13% causing major upset on social media. Price rises will also be hitting Aussies and Americans later in the year, so make sure you make the most of your streaming before it becomes a splurge.

How many variants?

Recently the music business has been buzzing with artists dropping multiple album versions to maximise revenue. The Rolling Stones topped the charts with a whopping 43 versions of their album  “Hackney Diamonds,” last year,  all with the same tracklist. This included records, cassettes, and CDs. They have recently become the first British band to hit £1 billion in earnings.  But Billie Eilish has spoken out against artists for focusing too much on the money and announced that her next album will have limited variants. With vinyl record sales rising year on year, let’s see how this affects sales strategies for the rest of the industry.  

Finally, we couldn’t end a music installment without noting the launch of Taylor Swift’s newest release, ‘The Tortured Poets Department’  which has broken all records selling 2.6 million copies in the U.S. alone, in less than a fortnight. Since we last examined the economic ripples of the global superstar, Swift has joined the ranks of the world’s richest on the Forbes World’s Billionaires List and she is about to embark on the European Leg of her world Famous Eras tour, which has already been named the highest grossing tour of all time before it’s even concluded. It looks like Swiftonomics remains untouchable.

That’s all for this edition of Power to the Pricing People but if your pricing isn’t hitting the high notes, reach out and talk to us today.