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The dynamics of product differentiation in the British record industry

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Author Info
Andrew Burke

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Abstract

The paper conducts a statistical analysis of the dynamics of the sale of new music (product differentiation innovation) in the record industry. In pursuing this goal the paper generates new data and analyses a previously unutilized data set. The paper finds that there is a strong correlation between new music innovation in the audio singles and albums market. This is found to be mainly concurrent in the same quarter and to have a reasonably short product life. The paper discovers that these features also characterise the dynamics of record company performance. The research indicates that record companies are willing to sell singles at a loss due to advertising rather than learning externalities. At the industry level, the paper finds that new music innovation does not effect market size significantly and mainly causes ‘business stealing’ effects between record companies, with exceptional cases of multiplier effects. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/s10824-005-5164-2
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Publisher Info
Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 20 (1996)
Issue (Month): 2 (June)
Pages: 145-164
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Handle: RePEc:kap:jculte:v:20:y:1996:i:2:p:145-164

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Web page: http://www.springerlink.com/link.asp?id=100284

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Related research
Keywords: music industry; product differentiation; econometric methodology; demand;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Johansen, Søren & Juselius, Katarina, 1992. "Testing structural hypotheses in a multivariate cointegration analysis of the PPP and the UIP for UK," Journal of Econometrics, Elsevier, vol. 53(1-3), pages 211-244. [Downloadable!] (restricted)
  2. Osborn, Denise R, et al, 1988. "Seasonality and the Order of Integration for Consumption," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 50(4), pages 361-77, November.
  3. Osborn, Denise R., 1990. "A survey of seasonality in UK macroeconomic variables," International Journal of Forecasting, Elsevier, vol. 6(3), pages 327-336, October. [Downloadable!] (restricted)
  4. Davidson, James E H, et al, 1978. "Econometric Modelling of the Aggregate Time-Series Relationship between Consumers' Expenditure and Income in the United Kingdom," Economic Journal, Royal Economic Society, vol. 88(352), pages 661-92, December. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. David E. Giles, 2005. "Increasing Returns to Information in the U.S. Popular Music Industry," Econometrics Working Papers 0510, Department of Economics, University of Victoria. [Downloadable!]
    Other versions:
  2. Andrew Burke, 1996. "How effective are international copyright conventions in the music industry?," Journal of Cultural Economics, Springer, vol. 20(1), pages 51-66, March. [Downloadable!] (restricted)
    Other versions:
  3. Harrie Hansman & Clara Mulder & René Verhoeff, 1999. "The Adoption of the Compact Disk Player: An Event History Analysis for the Netherlands," Journal of Cultural Economics, Springer, vol. 23(3), pages 221-232, August. [Downloadable!] (restricted)
  4. David E. Giles, 2005. "Survival of the Hippest: Life at the Top of the Hot 100," Econometrics Working Papers 0507, Department of Economics, University of Victoria. [Downloadable!]
    Other versions:
  5. Mark Lorenzen & Lars Frederiksen, 2005. "On the Economics of Innovation Projects Product Experimentation in the Music Industry," DRUID Working Papers 05-23, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
  6. Eric Strobl & Clive Tucker, 2000. "The Dynamics of Chart Success in the U.K. Pre-Recorded Popular Music Industry," Journal of Cultural Economics, Springer, vol. 24(2), pages 113-134, May. [Downloadable!] (restricted)
    Other versions:
  7. Jonathan Gander & Alison Rieple, 2004. "How Relevant is Transaction Cost Economics to Inter-Firm Relationships in the Music Industry?," Journal of Cultural Economics, Springer, vol. 28(1), pages 57-79, February. [Downloadable!] (restricted)
  8. Andrea Ordanini, 2006. "Selection models in the music industry: How a prior independent experience may affect chart success," Journal of Cultural Economics, Springer, vol. 30(3), pages 183-200, December. [Downloadable!] (restricted)
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