Despite whether you consider them to be heroes or villains, capitalists will always exist. Taylor Swift, one of the biggest names in the music industry today, stands tall among them. To many, Swift’s business savvy leads them to believe that she is more of a ‘friend’ than a foe. But is that necessarily the case? This article will explore the reasons why Ticketmaster and Taylor Swift have come under scrutiny, raising the question: are these capitalists really the devils in disguise?
1) Is Ticketmaster Justified in Its Greed?
Is Ticketmaster Justified in Its Greed?
Many of us have been stung by hefty fees charged by Ticketmaster when purchasing tickets to see our favorite artists. It isn’t uncommon to pay 20, 30 or even 50 percent more than the face value of the ticket thanks to additional fees. But is Ticketmaster really to blame?
- The Reality of Ticket Pricing
In a world of increasing tickets costs, Ticketmaster simply cannot be blamed for taking its own share. With artists setting ticket prices ever higher, Ticketmaster is merely engaged in a struggle for survival. After all, the company needs to continue functioning if it’s to provide a safe and secure way of purchasing tickets for the millions of music fans. Plus, the fees charged by Ticketmaster actually provide fans with the guarantee of a verified ticket – with no chance of it being a fraud.
- The Profiteering Argument
That said, it’s hard to deny that Ticketmaster is profiteering from its fans. While what it charges may be justifiable to keep the company running, it’s arguable that the company is taking higher fees than it needs to remain sustainable. And with the company dominating the ticket industry – controlling over 90 percent of the market – it can afford to charge whatever it likes and get away with it.
2) Taylor Swift: Capitalism Personified?
As one of the most famous celebrities in the world, Taylor Swift has mastered the art of monetizing her career. From the use of clever marketing strategies to her highly successful merchandising lines, Swift has expertly built up an empire.
It all began with the massive hit of her single Love Story, in 2009. The song became a smash hit and as it gained notoriety and popular acclaim, it inspired the creation of her first merchandise line. With every succeeding tour, album, and song Swift has made her brand even bigger and more lucrative.
She launched everything from concert apparel to dolls, perfumes, and even Christmas tree ornaments. The list goes on and on. But beyond the merchandise, Swift has also been shrewd about her endorsement deals, including Apple Music, Diet Coke, and Keds.
Swift has made her career a multi-million-dollar empire as she capitalizes on her fame and talent. She has become an example of how a musician can effectively grow their career and remain successful even after major record labels are no longer involved.
Through her strategizing, Swift has found a way to stay ahead of the curve and make the most of her celebrity status. All of this points to the conclusion that Taylor Swift is nothing short of a living example of capitalism personified.
3) Excessive Price Gouging or Necessary Profiteering?
Excessive Price Gouging or Necessary Profiteering?
Price gouging has been an ever-present aspect of how goods are priced from the start of commerce. It comes in many forms and typically defines a market, so it’s a deeply entrenched element of the economy. The difficult part is distinguishing between everyday profiteering, which is a natural part of any market and necessary for a healthy economy, and falling prey to bad actors and a slippery slope of manipulative pricing.
The good news is that there’s several ways to identify when price gouging becomes a problem. In general, there’s three main actions an individual can take:
- Seek out alternative and competing vendors offered by different companies and evaluate the differences in price – if the prices are dramatically different, you may be paying too much.
- Review the price of goods before, then after an event or stimulus (such as a natural disaster or government policy change) to understand the price framework of what you’re buying.
- Stay informed on market movements, global events, and price trends to remain cognizant of when prices may be artificially inflated.
By understanding the conditions and methodology of how pricing works, it’s possible to identify when extreme price gouging may come into play. When in doubt, utilize the knowledge and resources available for a better awareness of market conditions. When it comes to profiteering, which is a necessary part of the economy, then it’s just the nature of the capitalism – to find the markets, research the rates, and maximize the deal.
4) Understanding Greed in the Music Industry
The music industry is a highly competitive field that can sometimes come with a lot of greed attached for those seeking success. Greed has impacted the industry in a number of ways, from pay disputes between artists and label executives to accusations about unfair contracts and more. Here are four key areas where understanding greed can make all the difference in the success of any artist:
- Future Earnings: Greed can be a huge issue when it comes to the future earnings of an artist. Label executives may feel they are entitled to future profits, even when those profits are not guaranteed. It’s important for artists to make sure their contracts stipulate their rights to future earnings.
- Contracts: Contracts are the lifeblood of the industry, and it pays to read through them closely. Greed can cause label executives to try to get more than they should, such as trying to take a larger percentage of ownership in a song or a larger cut of the profits. It’s important to know what’s in the contract before signing it.
- Recording Costs: Some record labels will try to take advantage of the artist’s inexperience. This can mean high recording costs, such as charging high rates for studio time or expensive equipment. It’s important for artists to understand the costs associated with recording before signing any agreements.
- Distribution Fees: Distributing music takes time and money, which can lead to labels taking advantage of an artist’s lack of knowledge about the industry. Greed can cause labels to take a bigger slice of the distribution fees, leaving artists with much smaller profits. Knowing the fees and how to negotiate them can make all the difference.
When analyzing Ticketmaster and Taylor Swift’s business operations and their practices, it is important to remember that their practices could be indicative of the capitalist state of affairs we live in. From dealing with high ticket prices to breaking contractual obligations, the two can be seen as embodying the common issues in a system of greed and exploitation. At the end of the day, whether or not Ticketmaster and Taylor Swift are greedy capitalists depends on your own interpretation of the facts presented.