The And The Creative Industry

2418 Words Nov 25th, 2016 10 Pages
Introduction
In today 's era of regular internet downloads and the easy access to illegal films and music, the creative industry has struggled, (BBC.co.uk, 2016). Due to this, money has increased for live performances and cinema to try and ensure money is still being made by the industry,(MakeUseOf, 2016). What are the other options for platforms and how are they surviving? One method is the pay what you want model. Pay what you want (or PWYW) is a payment model where buyers pay their desired amount for a given product, sometimes for the price of zero. In some cases, a minimum (floor) price may be set, and/or a suggested price may be indicated as guidance for the buyer. The buyer can also select an amount higher than the standard price for the artists work,(En.wikipedia.org, 2016). The“Pay what you want” payment model is being used over numerous business platforms; from restaurants (Coldwell, 2016) to theatre companies (Gardner, 2016) are utilising the payment method.
In October 2007 Radiohead released their “in rainbows” album using the “pay what you want” model. They gave their fans the freedom to pay whatever they wanted for their album including £0, this was the first of its kind for a major act and it ended up outselling its previous studio album,(En.wikipedia.org, 2016).
In this essay, I am going to look at two different platforms which are currently using the PWYW payment model within the creative industry; Humble Bundle and Bandcamp. I will outline what each…
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