Adopting the rights-based model
Music multinationals and local music industries since 1945
DOI:
https://doi.org/10.1558/pomh.v6i3.307Keywords:
Artists & Repertoire, BMG, business history, CBS Records, copyright, EMI, industrial concentration and musical diversity, MCA, multinational organization and finance, music distribution and marketing, Philips Electronics, PolyGram, recording industryAbstract
This article identifies four economic tendencies that shaped the development of the international recorded music industry since 1945: the importance of endogenous sunk costs led to a quality race; the fact that marginal revenue equalled marginal profit led to extreme vertical integration; the quasi-public good character of music its non-diminishability but partial excludability led to a sharply unequal income distribution among stars and the pioneering of new business models to transform consumer into producer surplus; and finally, the project based character of music production led to decentralized agglomeration. What can be characterized as rights-based multinationals emerged as a response to these forces. They married extreme vertical integration and a portfolio of A&R labels having limited economies of scale and scope, with a global distribution and marketing machine. This article tries to explain how they emerged and how they can explain increasing industrial concentration in the face of sharp growth of the market and of musical diversity.
References
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Hung, Michèle, and Esteban Garcia Morencos. 1990. World Record Sales, 1969–1990: A Statistical History of the World Recording Industry. London: IFPI.
Huygens, Marc. 1999. Coevolution of Capabilities and Competition: A Study of the Music Industry. Rotterdam: Rotterdam School of Management.
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Krueger, Alan. 2005. ‘The Economics of Real Superstars: The Market for Concerts in the Material World’. Journal of Labor Economics 23: 1–30. http://dx.doi.org/10.1086/425431
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Lopes, Teresa da Silva. 2002. ‘Brands and the Evolution of Multinationals in Alcoholic Beverages’. Business History 44(3) (July): 1–30.
Mabry, Donald J. 1990. ‘The Rise and Fall of Ace Records: A Case Study in the Independent Record Business’. Business History Review 63 (Fall): 411–50. http://dx.doi.org/10.2307/3115735
Marshall, Alfred. 1932. Industry and Trade: A Study of Industrial Technique and Business Organization, and of their Influences on the Conditions of Various Classes and Nations. London: Macmillan.
Martland, Peter. 1992. ‘A Business History of the Gramophone Company, 1890–1918’. PhD dissertation, Cambridge University.
—1997. Since Records Began: EMI, the First 100 Years. London: Batsford.
McGahan, Anita M. 1993. ‘The Incentive Not to Invest: Capacity Commitments in the Compact Disc Introduction’. Research on Technological Innovation, Management and Policy 5: 177–97.
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Peterson, Richard A., and David G. Berger. 1971. ‘Entrepreneurship in Organizations: Evidence from the Popular Music Industry’. Administrative Science Quarterly 16 (March): 97–106. http://dx.doi.org/10.2307/2391293
—1975. ‘Cycles in Symbol Production: The Case of Popular Music’. American Sociological Review 40 (April): 158–73. http://dx.doi.org/10.2307/2094343
Robinson, Joan. 1969 [1933]. The Economics of Imperfect Competition. 2nd edn. London: Macmillan.
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Rugman, Alan M., and Alain Verbeke. 2001. ‘Location, Competitiveness, and the Multinational Enterprise’. In Oxford Handbook of International Business, ed. Alan M. Rugman and Thomas L. Brewer, 150–80. Oxford: Oxford University Press. http://dx.doi.org/10.1093/0199241821.003.0006
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Sedgwick, John, and Michael Pokorny. 1998. ‘The Risk Environment of Film Making: Warner Brothers in the Inter-War Years’. Explorations in Economic History 35 (April): 196–220. http://dx.doi.org/10.1006/exeh.1997.0691
Simon, Herbert A. 1993. ‘Strategy and Organizational Evolution’. Strategic Management Journal 14(2) (February): 131–42. http://dx.doi.org/10.1002/smj.4250141011
Sutton, John. 1991. Sunk Costs and Market Structure: Price Competition, Advertising and the Evolution of Concentration. Cambridge, MA: MIT Press.
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Trautwein, Friedrich. 1990. ‘Merger Motives and Merger Prescriptives’. Strategic Management Journal 11 (May–June): 283–95. http://dx.doi.org/10.1002/smj.4250110404
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US Department of Commerce. 1975. Historical Statistics of the United States from Colonial Times to 1970. Washington, DC: US Department of Commerce.
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Watson, Allan. 2008. ‘Global Music City: Knowledge and Geographical Proximity in London's Recorded Music Industry’. Area 40(1): 12–23. http://dx.doi.org/10.1111/j.1475-4762.2008.00793.x
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Williamson, Oliver E. 1985. The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. New York: Free Press.
Baden-Fuller, C., M. Huygens, F. van den Bosch and H. Volberda. 2001. ‘Co-evolution of Firm Capabilities and Industry Competition: Investigating the Music Industry, 1877–1997’. Organization Studies 22 (July): 971–1011.
Bakker, Gerben, 2001. ‘Stars and Stories: How Films Became Branded Products’. Enterprise and Society 2(3) (September): 461–502. http://dx.doi.org/10.1093/es/2.3.461
—2003. ‘Building Knowledge about the Consumer: The Emergence of Market Research in the Motion Picture Industry’. Business History 45(1) (January): 101–127. http://dx.doi.org/10.1080/713999299
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—forthcoming a. ‘Sunk Costs and the Evolution of the Creative Industries’. In The Oxford Handbook of the Creative Industries, ed. Candace Jones, Mark Lorenzen and Jonathan Sapsed. Oxford: Oxford University Press.
—forthcoming b. ‘Soft Power: The Media and Creative Industries in Britain since 1870’. In The Cambridge Economic History of Modern Britain, ed. Paul Johnson, Jane Humphries and Roderick Floud. 4th edn. Cambridge: Cambridge University Press.
Carroll, Charles, Joeri M. Mol and Nachoem M. Wijnberg. 2005. ‘Value Chain Envy: Explaining New Entry and Vertical Integration in Popular Music’. Journal of Management Studies 42 (March): 251–76.
Caves, Richard E. 1996. Multinational Enterprise and Economic Analysis. Cambridge: Cambridge University Press.
—2000. Creative Industries: Contracts between Art and Commerce. Cambridge, MA: Harvard University Press.
Chamberlin, Edward. 1933. The Theory of Monopolistic Competition. Cambridge, MA: Harvard University Press.
Chanan, Michael. 1994. Repeated Takes: A Short History of Recording and its Effects on Music. London: Verso.
Chandler Jr., Alfred D. 1962. Strategy and Structure: Chapters in the History of the American Industrial Enterprise. Cambridge, MA: Harvard University Press.
—1977. The Visible Hand: The Managerial Revolution in American Business. Cambridge, MA. Harvard University Press.
Chapple, Steve, and Reebee Garofalo. 1977. Rock ’n’ Roll is Here to Pay: The History and Politics of the Music Industry. Chicago: Burnham Inc.
Coopey, Richard. 2011. ‘Popular Imperialism: The British Pop Music Industry 1950–1975’. Working Paper, Business History Unit, London School of Economics.
Davenport, Jenny. 1985. ‘Lewis, Sir Edward Roberts (1900–1980)’. In Dictionary of Business Biography: A Biographical Dictionary of Business Leaders Active in Britain in the Period 1860–1980, ed. David J. Jeremy and Christine Shaw, 757–60. London: Butterworth.
Dosi, Giovanni, Richard R. Nelson and Sidney G. Winter. 2000. ‘Introduction’. In The Nature and Dynamics of Organizational Capabilities, ed. Giovanni Dosi, Richard R. Nelson and Sidney G. Winter, 1–22. Oxford: Oxford University Press.
Dowd, T. J. 2000. ‘Diversificazione Musicale e Mercato Discografico negli Stati Uniti, 1955–1990’. Rassegna Italiana di Sociologia 41 (April–June): 223–55.
Entertainment Retailers Association. 2005–2008. Statistical Yearbook. London: ERA.
Fetthauer, Sophie. 2000. Deutsche Grammophon: Geschichte eines Schallplattenunternehmens im ‘dritten Reich’. Hamburg: Von Bockel.
Gander, Jonathan, and Alison Rieple. 2004. ‘How Relevant is Transaction Cost Economics to Inter-firm Relationships in the Music Industry?’ Journal of Cultural Economics 28: 57–79. http://dx.doi.org/10.1023/B:JCEC.0000009958.80454.f6
Gelatt, Roland. 1977. The Fabulous Phonograph, 1877–1977. 2nd rev. edn. New York: Collier.
Gourvish, Terence, and Kevin Tennent. 2010. ‘Peterson and Berger Revisited: Changing Market Dominance in the British Popular Music Industry, c. 1950–80’. Business History 52: 187–206. http://dx.doi.org/10.1080/00076791003610717
Graham, Daniel. 2006. ‘Wider Economic Effects of Transport Improvements: Links between Agglomeration and Productivity—Stage 2 Report’. London: Department for Transport/Imperial College Centre for Transport Studies.
Harker, Dave. 1980. One for the Money: Politics and Popular Song. London: Hutchinson.
Hennion, Antoine. 1981. Les Professionnels du Disque: Une Sociologie des Variétés. Paris: A. M. M. Taili/SEPC.
Hirsch, Paul M. 1975. ‘Organizational Effectiveness and the Institutional Environment’. Administrative Science Quarterly 20 (September): 327–44. http://dx.doi.org/10.2307/2391994
Hull, Geoffrey P. 2004. The Recording Industry. 2nd edn. New York: Allyn and Bacon.
Hung, Michèle, and Esteban Garcia Morencos. 1990. World Record Sales, 1969–1990: A Statistical History of the World Recording Industry. London: IFPI.
Huygens, Marc. 1999. Coevolution of Capabilities and Competition: A Study of the Music Industry. Rotterdam: Rotterdam School of Management.
Jacobs, Jane. 1970. The Economy of Cities. New York: Vintage Books.
Johnston, Louis D., and Samuel H. Williamson. 2010. ‘What Was the U.S. GDP Then?’ MeasuringWorth. http://www.measuringworth.org/usgdp/
Jones, Geoffrey. 1985. ‘The Gramophone Company: An Anglo-American Multinational, 1898–1931’. Business History Review 59: 76–100. http://dx.doi.org/10.2307/3114856
—1996. The Evolution of International Business: An Introduction. London: Routledge.
Kretschmer, Martin, Charles Baden-Fuller, George Michael Klimis and Roger Wallis. 2000. ‘Enforcement and Appropriation of Music Intellectual Property Rights in Global Markets’. In Globalisation of Services: Some Implications for Theory and Practice, ed. Yair Aharoni and Lilach Nachum, 163–96. London: Routledge.
Krueger, Alan. 2005. ‘The Economics of Real Superstars: The Market for Concerts in the Material World’. Journal of Labor Economics 23: 1–30. http://dx.doi.org/10.1086/425431
Krugman, Paul R., and Maurice Obstfeld. 2003. International Economics: Theory and Policy. Reading, MA: Addison-Wesley.
Lopes, Paul D. 1992. ‘Innovation and Diversity in the Popular Music Industry, 1969 to 1990’. American Sociological Review 57 (February): 56–71. http://dx.doi.org/10.2307/2096144
Lopes, Teresa da Silva. 2002. ‘Brands and the Evolution of Multinationals in Alcoholic Beverages’. Business History 44(3) (July): 1–30.
Mabry, Donald J. 1990. ‘The Rise and Fall of Ace Records: A Case Study in the Independent Record Business’. Business History Review 63 (Fall): 411–50. http://dx.doi.org/10.2307/3115735
Marshall, Alfred. 1932. Industry and Trade: A Study of Industrial Technique and Business Organization, and of their Influences on the Conditions of Various Classes and Nations. London: Macmillan.
Martland, Peter. 1992. ‘A Business History of the Gramophone Company, 1890–1918’. PhD dissertation, Cambridge University.
—1997. Since Records Began: EMI, the First 100 Years. London: Batsford.
McGahan, Anita M. 1993. ‘The Incentive Not to Invest: Capacity Commitments in the Compact Disc Introduction’. Research on Technological Innovation, Management and Policy 5: 177–97.
Merrett, David, and Greg Whitwell. 1994. ‘The Empire Strikes Back: Marketing Australian Beer and Wine in the United Kingdom’. In Adding Value: Brands and Marketing in Food and Drink, ed. Geoffrey Jones and Nicholas Morgan, 162–90. London: Routledge.
Mezias, J., and S. Mezias. 2000. ‘Resource Partitioning, the Founding of Specialist Firms and Innovation: The American Feature Film Industry, 1912–1992’. Organization Science 11: 306–22. http://dx.doi.org/10.1287/orsc.11.3.306.12504
Monopolies and Mergers Commission. 1994. The Supply of Recorded Music. London: Her Majesty’s Stationery Office, Cm 2599.
Negus, Keith. 1999. Music Genres and Corporate Cultures. New York: Routledge. http://dx.doi.org/10.4324/9780203169469
Officer, Lawrence H. 2009. ‘The Annual Consumer Price Index for the United States, 1774–2009’. MeasuringWorth. http://www.measuringworth.org/uscpi/
—2011. ‘What Were the UK Earnings and Prices Then?’ MeasuringWorth. http://www.measuringworth.com/ukearncpi/
Penrose, Edith. 1959. The Theory of the Growth of the Firm. Oxford: Blackwell.
Peterson, Richard A., and David G. Berger. 1971. ‘Entrepreneurship in Organizations: Evidence from the Popular Music Industry’. Administrative Science Quarterly 16 (March): 97–106. http://dx.doi.org/10.2307/2391293
—1975. ‘Cycles in Symbol Production: The Case of Popular Music’. American Sociological Review 40 (April): 158–73. http://dx.doi.org/10.2307/2094343
Robinson, Joan. 1969 [1933]. The Economics of Imperfect Competition. 2nd edn. London: Macmillan.
Rosen, Sherwin. 1981. ‘The Economics of Superstars’. American Economic Review 71: 845–54.
Rugman, Alan M., and Alain Verbeke. 2001. ‘Location, Competitiveness, and the Multinational Enterprise’. In Oxford Handbook of International Business, ed. Alan M. Rugman and Thomas L. Brewer, 150–80. Oxford: Oxford University Press. http://dx.doi.org/10.1093/0199241821.003.0006
Scott, A. J. 1999. ‘The U.S. Recorded Music Industry: On the Relations between Organisation, Location and Creativity in the Cultural Economy’. Environment and Planning A, 3: 1965–1984. http://dx.doi.org/10.1068/a311965
Sedgwick, John, and Michael Pokorny. 1998. ‘The Risk Environment of Film Making: Warner Brothers in the Inter-War Years’. Explorations in Economic History 35 (April): 196–220. http://dx.doi.org/10.1006/exeh.1997.0691
Simon, Herbert A. 1993. ‘Strategy and Organizational Evolution’. Strategic Management Journal 14(2) (February): 131–42. http://dx.doi.org/10.1002/smj.4250141011
Sutton, John. 1991. Sunk Costs and Market Structure: Price Competition, Advertising and the Evolution of Concentration. Cambridge, MA: MIT Press.
—1998. Technology and Market Structure: Theory and History. Cambridge, MA: MIT Press.
Trautwein, Friedrich. 1990. ‘Merger Motives and Merger Prescriptives’. Strategic Management Journal 11 (May–June): 283–95. http://dx.doi.org/10.1002/smj.4250110404
US Bureau of the Census. 1947–72. Census of Manufacturing. Washington.
US Department of Commerce. 1975. Historical Statistics of the United States from Colonial Times to 1970. Washington, DC: US Department of Commerce.
Vogel, Harold L. 2004. Entertainment Industry Economics: A Guide for Financial Analysis. Cambridge: Cambridge University Press.
Watson, Allan. 2008. ‘Global Music City: Knowledge and Geographical Proximity in London's Recorded Music Industry’. Area 40(1): 12–23. http://dx.doi.org/10.1111/j.1475-4762.2008.00793.x
Wilkins, Mira. 1994. ‘When and Why Brand Names in Food and Drink?’ In Adding Value: Brands and Marketing in Food and Drink, ed. Geoffrey Jones and Nicholas Morgan, 15–40. London: Routledge.
Williamson, Oliver E. 1985. The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting. New York: Free Press.
Published
2012-11-12
Issue
Section
Articles
How to Cite
Bakker, G. (2012). Adopting the rights-based model: Music multinationals and local music industries since 1945. Popular Music History, 6(3), 307-343. https://doi.org/10.1558/pomh.v6i3.307
