We've mentioned that freeconomics will play a major factor in future business and will be come crucial, especially in the entertainment industry, for those who want to excel. Coldplay may have been inspired by artists like Prince who gave away free CDs in the Sunday paper last year.
While Coldplay isn't giving away an entire album, they are offering the first single on the CD for free online.
"Fans can download 'Violet Hill', from the album 'Viva La Vida or Death And All His Friends', free for one week from 11:15 a.m. on Tuesday. The album will be launched on June 12," Reuters says.
"Coldplay also announced two free shows -- one at the Brixton Academy on June 16 and another at Madison Square Garden in New York on June 23."
Hmm, better than artists who charge for the whole album, but they're going to have to start being more generous if they really want to get ahead.
Topping the charts in terms of innovation, IMHO, is Radiohead who tried the "pay what you want" approach. They asked fans to pay whatever they thought the Rainbows album was worth, from nothing to an unlimited amounts, and ended up still making millions of dollars.
What Makes This Trend Stand Out
- Freeconomics
- Exploring the concept of offering free products or services as a business strategy, such as Coldplay offering their single for free online.
- Pay What You Want
- Allowing customers to determine the value of a product or service, as exemplified by Radiohead's 'pay what you want' approach with their album Rainbows.
- Digital Distribution
- Utilizing online platforms to distribute music and reach a wider audience, as demonstrated by Coldplay offering their single for free online.
Sectors Adopting This
- Entertainment Industry
- Finding innovative ways to distribute and monetize music in the ever-evolving digital age, with opportunities to adopt freeconomics and pay what you want models.
- Music Streaming
- Leveraging digital platforms and streaming services to promote and distribute music, where freeconomics and pay what you want models can be implemented.
- E-commerce
- Exploring new pricing strategies, such as pay what you want, to attract customers and increase sales in the online music marketplace.
