We Done

The question I will research to help explore the economic principle is: What are the economics of a Music Concert and how do consumers respond to incentives by the music industry/ how are they incentivized. 

In my second blog post, I discussed the economics of a concert. This article in-depth described how each ticket is strategically priced from the nosebleeds to the front row. So that the consumer gets exactly what they are paying for and everyone working from the sound technicians to the artist to the venue security can get a cut. The money is broken down exactly to the percent to make sure everyone involved in the process can get paid.

Unfortunately, my third blog post didn't happen. Awkward, I know. But I thought I would fill the space here with a cool photo that I have taken at a concert!!!

For my fourth article, I discussed price discrimination in the concert industry. Although it is hard to discriminate in smaller venues such as Chicago's, Aragon ballroom. In these types of venues, it is general admission which means there are no seats and everyone pays the same price. Although for shows at venues such as the United Center, where there are lots of different levels and artists can charge extremely high prices for close seats. Older artists are even more able to price discriminate because they know their audience is more diverse and older with a more disposable income than when they were first starting and had a young following.

In my final Article I discussed how Consumers are usually looking for the best deal when trying to buy a ticket to the show. Depending on the size of the venue and level of tickets that the artist offers will all take into an account of what the consumer is paying for. Each consumer has a different need/ want depending on their economics and passion for the band and what they are willing/ can spend on the artist.