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The creative apocalypse that wasn’t

While not related to financial services, this article by Steven Johnson is an interesting read.  It looks at digital technology has changed creative industries.  At the heart of this is the question of how the risk return balance changed in the digital era.  For example, is a mid budget independently produced movie a better or worse risk in the age of Netflix compared to 10 years ago? Are you more likely to sink money to produce such a movie?

Johnson’s article looks at the economics of the creative industries. At the start things were looking bad, given the ease with which content could be shared.  It now appears that it is not all doom and gloom.  Johnson presents a nice balance of data, analysis and anecdotes on how the industry has adapted in the last 10 years.  The smart phone for example allows musicians to reach out and sell their work to consumers almost anytime and anywhere.  This innovation among other things has opened up more avenues for artists to monetise their work – 46 distinct sources to be precise!  Read it here.
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