'Pay What You Want' Pays Off (UPDATE) - Radiohead Nets 9.6 MM

UPDATE - We have our first financial updates about Radiohead’s Digital Honesty Box, a concept where fans ‘pay what they want’ for the band’s latest album (In Ranbows).

Apparantley, the band has collected roughly $9.6 million for 1.2 million albums so far.  That’s roughly $8 per album, much higher than many critics had anticipated.  In fact, there’s also an anecdote that one LimeWire employee tried to pay $500, but the Digital Box site maxes out at £99.99 (roughly $200).

Could this conecpt take off?  Potentially, although part of why this works is that the album is actually good and the novelty factor probably boosted overall pricing.

Digital Honesty Box - Radiohead Lets Fans Set Price (VIDEO)

Radiohead is using digital honesty boxes to sell their new album, “In Rainbows.” The term honesty box refers to the boxes placed next to road-side stands selling goods (newspapers, flowers, fresh produce, homemade jam) or services (like park park entrance fees), that rely on the honor system. Mercha… [More]