The influence of awards on the demand for recorded music
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Is it possible that a label "the best" play important role in a multi-million dollar creative industry that is inherently popular? The recorded music industry thrives on recognition by large amount of people. Yet, so it seems that consumers seek some qualitative features in popular music tracks and albums. Academic texts indeed cover the multi-faceted phenomenon such as expert opinion extensively. What are the effects of experts, awards and reviews in the music industry? How do they differ from word-of-mouth and personal recommendations? Ultimately is there a difference between "the best" and ...
Is it possible that a label "the best" play important role in a multi-million dollar creative industry that is inherently popular? The recorded music industry thrives on recognition by large amount of people. Yet, so it seems that consumers seek some qualitative features in popular music tracks and albums. Academic texts indeed cover the multi-faceted phenomenon such as expert opinion extensively. What are the effects of experts, awards and reviews in the music industry? How do they differ from word-of-mouth and personal recommendations? Ultimately is there a difference between "the best" and "favourite"? And how do consumers react to these labels? These and many other questions related to this multi-faceted phenomenon could be found in this book. The question of signalling properties of expert opinion, quality, its definition, importance thereof as well as who ultimately decides comes up several times in discussions. More importantly, this work provides valuable insights into effects of nominations and awards on demand for recorded music. Even more so it includes a well-documented quantitative research, implementing interrupted time series analysis.
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