Even the losers get lucky sometimes: New products and the evolution of music quality since Napster

摘要

Using comprehensive digital sales data by time and vintage on the US, Canada, and 15 European countries, we infer the evolution of music vintage quality, finding that vintage service flow has increased since 2000. We explain the result with unpredictability of music quality at the time of investment along with growing releases. Evidence shows (a) products with modest prospects at release, - from artists on independent labels and from new artists, - occupy a growing share of the top products; and (b) despite growth in the number of products, sales are growing more concentrated. (C) 2016 Elsevier B.V. All rights reserved.