The new rules of the game regarding music

The economic principle I researched was how institutions are the “rules of the game” that influence choices. There are many situations where this economic principle can be applied to the real world. For instance, while studying how musicians make money, I found many examples of this principle. First, artist’s success is extremely dependent on the decisions of record companies. This shows that for an artist to even get to the point of worrying about how their music is distributed, they need to win the funding of a record company. Second, it is a much easier, but complex time to listen to music, and for artists to make money. This shows that simple album sales and concert profits, artists fight to make money with their music being digitally shared. Third, whenever you put your music online, it is no longer protected, but that’s the only method of spreading one’s art to a large audience. This means that artists will need to adapt and adjust their strategy for growing their career with these new methods of sharing music.