This document summarizes research on pricing strategies for digital media in response to piracy. It finds that while piracy reduces revenue, pricing strategies like bundling songs or discriminating prices based on individual valuations can increase revenue by up to 10% compared to uniform $0.99 pricing, though they only capture about 1/3 of potential consumer surplus. While these strategies hold promise, piracy remains a major threat as new technologies make unauthorized distribution even easier. The effects also differ across media like music, movies and TV.
These deal ideas will bring success to your program.
Leading up to our 30 Deals in 30 Minutes webinar, we analyzed thousands of deals to see what’s selling. Flip through the slide deck above, or watch a recording of the presentation and read our top takeaways:
http://secondstreetlab.com/2012/06/top-10-takeaways-30-deals-in-30-minutes-guns-meat-dirt-other-deals-that-work/
What does a loyal patron look like at your theatre? A major donor? A long-time subscriber? A group organizer? Every department and staff member seems to have an opinion. But assumptions about who these patrons are and what motivates “stickiness”--their commitment to theatre and your organization--can lead you to neglect your most valuable patrons. Learn how some theatres are using a “Loyalty Snapshot” to identify the patrons that they should value most (surprise—it’s not just major donors) and map out strategies to keep them loyal. Jill Robinson of TRG Arts developed the Loyalty Snapshot and led this session at the 2012 Theatre Communications Group conference on how to integrate loyalty into your business model.
These deal ideas will bring success to your program.
Leading up to our 30 Deals in 30 Minutes webinar, we analyzed thousands of deals to see what’s selling. Flip through the slide deck above, or watch a recording of the presentation and read our top takeaways:
http://secondstreetlab.com/2012/06/top-10-takeaways-30-deals-in-30-minutes-guns-meat-dirt-other-deals-that-work/
What does a loyal patron look like at your theatre? A major donor? A long-time subscriber? A group organizer? Every department and staff member seems to have an opinion. But assumptions about who these patrons are and what motivates “stickiness”--their commitment to theatre and your organization--can lead you to neglect your most valuable patrons. Learn how some theatres are using a “Loyalty Snapshot” to identify the patrons that they should value most (surprise—it’s not just major donors) and map out strategies to keep them loyal. Jill Robinson of TRG Arts developed the Loyalty Snapshot and led this session at the 2012 Theatre Communications Group conference on how to integrate loyalty into your business model.
My very quick presentation at DIY Days Philly on how filmmakers and any other artist can make a living in a world where everything seems to be available for free.
Tribeca All Access - Online Tools, making money and building audiences for filmBrian Newman
My presentation at the 2009 Tribeca All Access kick-off. I don't tend to use the notes, and just speak, so these notes don't show everything I say, but it gives you a sense. Also, most of the videos are linked, and I show one video in its entirety (Thru-You). I think I've given credit to all stats, sources, images and films but let me know if you see something missing. Also, this presentation assumes a mixed audience - some very tech, some not at all, so it will be basic stuff for those of you really into this arena.
How can filmmakers and other artists make a living in a world of free content? Some possibilities are explored in this presentation I gave at the Edinburgh Film Festival.
At the Advertising Research Foundation’s (ARF) 2011 Annual re:think convention, David F. Poltrack, Chief Research Officer of CBS Corporation & President of CBS Vision and Kevin Bowen Principal of The Cambridge Group presented a presentation entitled The Future is Now: In Pursuit of a More Efficient and Effective Media Strategy. Advertising effectiveness is discussed with a focus on TV programming.
My recent panel presentation for the Sofia Film Fest Meetings. Not much new here if you've seen my other recent lectures, but many attendees wanted to have access to the slides.
A presentation entitled The Television Audience Redefined: An Update, was given at the Advertising Research Foundation’s (ARF) AM 6.0 conference held in 2011. Insights into the profiles of various consumers across a variety of media platforms, was presented. The presentation was given by David Poltrack-Chief Research Officer of CBS Corporation & President of CBS Vision.
This is an overview from the Pacific Music Business Camp kickoff class that introduced students to some of the fundamental players, concepts and conventions within the music business.
My very quick presentation at DIY Days Philly on how filmmakers and any other artist can make a living in a world where everything seems to be available for free.
Tribeca All Access - Online Tools, making money and building audiences for filmBrian Newman
My presentation at the 2009 Tribeca All Access kick-off. I don't tend to use the notes, and just speak, so these notes don't show everything I say, but it gives you a sense. Also, most of the videos are linked, and I show one video in its entirety (Thru-You). I think I've given credit to all stats, sources, images and films but let me know if you see something missing. Also, this presentation assumes a mixed audience - some very tech, some not at all, so it will be basic stuff for those of you really into this arena.
How can filmmakers and other artists make a living in a world of free content? Some possibilities are explored in this presentation I gave at the Edinburgh Film Festival.
At the Advertising Research Foundation’s (ARF) 2011 Annual re:think convention, David F. Poltrack, Chief Research Officer of CBS Corporation & President of CBS Vision and Kevin Bowen Principal of The Cambridge Group presented a presentation entitled The Future is Now: In Pursuit of a More Efficient and Effective Media Strategy. Advertising effectiveness is discussed with a focus on TV programming.
My recent panel presentation for the Sofia Film Fest Meetings. Not much new here if you've seen my other recent lectures, but many attendees wanted to have access to the slides.
A presentation entitled The Television Audience Redefined: An Update, was given at the Advertising Research Foundation’s (ARF) AM 6.0 conference held in 2011. Insights into the profiles of various consumers across a variety of media platforms, was presented. The presentation was given by David Poltrack-Chief Research Officer of CBS Corporation & President of CBS Vision.
This is an overview from the Pacific Music Business Camp kickoff class that introduced students to some of the fundamental players, concepts and conventions within the music business.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
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Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
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https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
1. Threats and Opportunities in
Media: Piracy and Pricing
Joel Waldfogel
The Wharton School
University of Pennsylvania
Supernova 2008
June 18, 2008
2. New Challenges and Opportunities
for Media Products
! Piracy as threat to appropriability
! Pricing to the rescue?
3. New Technologies
! Service flow from media at all-time high
! But it’s hard to control distribution
! Music, movies,TV, games,…
! How can sellers appropriate consumers’
valuation?
! Threats to all media
4. Unauthorized Distribution and Sales
! Not obvious whether “file sharing” is a
friend or a foe
! Substitution or stimulation
! Interesting differences across media
! Music
! Movies
! Television
5. Conceptual Framework
Prior to unauthorized access, single-price
monopolists: Each point represents somebody’s
willingness to pay for something
High-valuation situations
produce “bonus” for
consumers
Low-valuation situations
are lost opportunities
Rectangle is revenue
6. Unauthorized use segments
demand
One possibility: unauth’d users are low-value demanders
! "#$%&#$'()*+,#$-
! $.',.()'/*0*$1*
! 2.$(13*/('-*)'45')6*7'&.1,8'6+0*'(9#::*8
7. Or maybe:
unauth’d users are high-valuation demanders
Then CS increases, and revenue and deadweight loss decrease
Key point: effects of unauthorized use hinge on whether material
would have been used through authorized channels
absent the unauthorized use
8. But: Sharing Might Simulate Buying
! Collectivelywe might buy stuff we
wouldn’t buy alone
! Sampling as inducement to buy
! Plausibility
of mechanisms varies
across media
9. Differences across Media
! Music
! Close substitute, quick and easy to get
! Divided attention
! Movies
! Web offers poor substitute, DVD copying better
! Undivided attention
! TV different?
! Episodes complements
! Demand stimulation plausible
10. Pressure from Events
Music industry in crisis
CD Shipments
1000
900
800
Units (mil
700 total
600 certifications
500
400
300
93
94
95
96
97
98
99
00
01
02
03
19
19
19
19
19
19
19
20
20
20
20
year
Source: RIAA
Is downloading the cause?
11. YouTube Growth
We’ve been living through an “experiment”
13. Hard to get data, so survey-based micro data
on movies, music, TV
! How much do you consume through authorized
channels?
! CDs purchased
! Movie rental, purchase
! Watching traditional TV (or authorized)
! How much do you consume through unauthorized
channels?
! Unpaid song downloading
! DVD copying
! Unauthorized web viewing
! Same questions retrospectively to create panel
15. Music Findings
! Lots of unpaid consumption
! Significant sales displacement, but far
less than 1:1
! Consumers download low-value music
! Downloading’s benefit to consumers
! 1/3 from sellers
! 2/3 from heaven (reduced DWL)
16. Movies: Hollywood Ending
! Amount of unpaid consumption low, but rate of
displacement high
! Large, almost 1:1
! Gains to consumers are mostly transfers from
sellers rather than reduced DWL, as in music
! Why so high?
! Copying still cumbersome
! Even when faster, movies require undivided attention
! Ominous, as copying gets easier
17. TV Results
! Overall, TV viewing almost flat, web viewing
up 4 hours per week
! Implied change in weekly hours
! Half authorized, half unauthorized
! Effect on networks depends on value of
viewers on TV vs authorized web
! Less displacement than in movies and music
! Movies (1:1) … music (less) …TV ( none?)
19. Pricing to the Rescue?
! How much revenue is foregone by
uniform pricing at $0.99, relative to other
pricing schemes:
! another uniform price, component pricing,
pure bundling, (& more)
! Person-specific pricing (“3rd degree”)
! How much of surplus is appropriable with
“fancy pricing”?
20. Managerial Motivation
! Could sellers make more money?
! Important Aside:
! Apple sells songs and hardware
! 2007 iTunes revenue = $1.7 billion
! 2007 iPod revenue ! $8 billion
! More on this later
! Couldsellers make more money, holding
consumers harmless?
21. Direct Elicitation
! Ask 500 students how highly they value
50 songs
! Top songs at iTunes, early January 2008
! “You can observe a lot just by watching”
(Yogi Berra,
Yankee catcher and philosopher)
22. Survey Songs and their Valuations
Song name mean 25th pctile median 75th pctile
Apologize (feat. OneRepublic) - Timbaland $2.37 $0.59 $1.39 $2.67
Big Girls Don't Cry (Personal) – Fergie $1.16 $0.08 $0.53 $1.22
Bubbly - Colbie Caillat $1.47 $0.08 $0.68 $1.73
Clumsy - Fergie
variation $0.78 $0.04 $0.29 $1.01
Crank That (Soulja Boy) - Soulja Boy Tell 'Em $2.00 $0.28 $1.01 $2.10
Crushcrushcrush - Paramore $0.58 $0.01 $0.13 $0.71
Cyclone (feat. T-Pain) - Baby Bash $1.29 $0.08 $0.56 $1.45
Don't Stop the Music - Rihanna $1.40 $0.11 $0.63 $1.44
Feedback - Janet $0.63 $0.01 $0.11 $0.57
Hate That I Love You (feat. Ne-Yo) - Rihanna $1.30 $0.10 $0.55 $1.47
Hero/Heroine (Tom Lord-Alge Mix) - Boys Like Girls $0.77 $0.02 $0.26 $1.00
Hey There Delilah - Plain White T's $2.02 $0.15 $0.94 $2.02
How Far We've Come - Matchbox Twenty $1.41 $0.10 $0.69 $1.47
Hypnotized (feat. Akon) - Plies $1.15 $0.06 $0.48 $1.12
I Don't Wanna Be In Love (Dance Floor Anthem) - Good Charlotte $1.06 $0.06 $0.47 $1.20
Into the Night (feat. Chad Kroeger) - Santana $1.49 $0.09 $0.71 $1.53
Kiss Kiss (feat. T-Pain) - Chris Brown $1.45 $0.12 $0.85 $1.70
Love Like This - Natasha Bedingfield $1.04 $0.06 $0.43 $1.06
Love Song - Sara Bareilles $1.02 $0.05 $0.37 $1.07
Low (feat. T-Pain) - Flo Rida $1.60 $0.11 $0.88 $1.93
23. Variation across songs and
respondents
Distribution of Cumulative Valuations, Smoothed (0.25)
80
60
40
Median respondent
is willing to pay $20 for
his/her top 10 songs.
20
vs $40 for 75th p’ctile,
and $12 for 25th p’ctile
0
0 10 20 30 40 50
Songs
25th Percentile 50th Percentile
75th Percentile
Related fact: songs explain 4 percent of variation, individuals explain 40 percent
24. Correlation of Valuations
Correlations of Song Valuations
Smoothed Data .25
3
2
D e n si ty
1
0
0 .2 .4 .6 .8
Correlation
Relevant to whether bundling will enhance revenue:
Less so as song valuations are more positively correlated
25. Resulting demand curve
! …ordering valuations from highest to
lowest
Demand Curve, Smoothed (0.25)
20
15
V al u a ti o n
105
0
0 5000 10000 15000 20000 25000
Quantity
30. Song-Specific Pricing
Song-Specific PS-Maximizing Prices
Smoothed data 0.25
2 .5
2 1 .5
D e n si ty
1
.5
0
1 2 3 4 5
price
31. Revenue relative to current pricing
1.2
1.15
1.1
relative to uniform ($0.99)
1.05
1
0.95
0.9
Uniform (0.99) Uniform (1.87) Song-specific Bundle
32. Selling songs as a bundle
! Can increase revenue even when
correlations are positive
! Should increase revenue more as bundle
size increases
! Optimal price for these 50 songs is
$36.08.
33. Revenue relative to current pricing
1.4
1.2
1
relative to uniform ($0.99)
0.8
0.6
0.4
0.2
0
Uniform (0.99) Uniform (1.87) Song-specific Bundle
34. …and little surplus is appropriated
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
Uni f or m(0.99) Uni f or m(1.87) Song-speci f i c Bundl e
35. Consumers Fare Worse under
Alternatives to Uniform 99
1.2
1
0.8
CS relative to uniform ($0.99)
0.6 Series1
0.4
0.2
0
Uniform (0.99) Uniform (1.87) Song-specific Bundle
36. But it’s possible
! …to raise revenue, holding consumers
harmless
! Can keep CS at its 99 cent level, raise
revenue by 10 percent
! (Keep the hardware valuable)
37. So Far…
! We’ve raised revenue by nearly 10
percent
! …but not above 1/3 of surplus
! We haven’t tried the heavy artillery –
mixed bundling – yet
! MB does better, but still delivers only a
third of surplus as revenue
38. Discriminatory Pricing
! So far, we’ve gotten PS only up to 1/3.
! How about 3rd degree?
2.5
2
Person-specific pricing raises
1.5
revenue substantially
1
0.5
But more feasible discrimination
0
uniform gender ethnicity resident age person- does little.
(0.99) alien specific
39. Summing up fancy pricing
! Is the glass half empty or half full?
40. Summing up fancy pricing
! Glass half full:
! More revenue is available
! Even holding consumers harmless
Hey Steve –
$1.8 bil x 9 pct
=$162 mil.
Best, Joel
41. Summing up fancy pricing
! Glass half full:
! More revenue is available (10 percent)
! Even holding consumers harmless
! Glass half empty:
! Relatively small share of surplus available
as revenue, even with feasible fancy pricing
schemes
42. Finally
! Music industry hurting from piracy even
as service stream historically high
! need clever ways to appropriate value
! It’s happening
! Nokia and Apple (reportedly) currently
contemplating bundling
! Additional challenge:
! How to share revenue with bundle pricing
43. I’d love to hear from you
! Email
me at
waldfogj@wharton.upenn.edu