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Information spillovers in the market for recorded music

Author: Kenneth Hendricks; Alan T Sorensen; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2006.
Series: Working paper series (National Bureau of Economic Research), no. 12263.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"This paper studies the role of consumer learning in the demand for recorded music by examining the impact of an artist's new album on sales of past and future albums. Using detailed album sales data for a sample of 355 artists, we show that the release of a new album increases sales of old albums, and the increase is substantial and permanent especially if the new release is a hit. Various patterns in the data  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Kenneth Hendricks; Alan T Sorensen; National Bureau of Economic Research.
OCLC Number: 69651977
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 12263.
Responsibility: Ken Hendricks, Alan Sorensen.

Abstract:

"This paper studies the role of consumer learning in the demand for recorded music by examining the impact of an artist's new album on sales of past and future albums. Using detailed album sales data for a sample of 355 artists, we show that the release of a new album increases sales of old albums, and the increase is substantial and permanent especially if the new release is a hit. Various patterns in the data suggest the source of the spillover is information: a new release causes some uninformed consumers to learn about their preferences for the artist's past albums. These information spillovers suggest that the high concentration of success across artists may partly result from a lack of information, and they have significant implications for investment and the structure of contracts between artists and record labels"--National Bureau of Economic Research web site.

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