t associate the Grateful Dead with finance or commerce of business practices Show more The uninitiated wouldnt associate the Grateful Dead with finance or commerce of business practices of any sort. But this band is in its various iterations the most successful touring band of all time. The band built its success on an approach to the music business that was pure entrepreneurial. While other bands posted signs at the entrances to concert venues saying Recording and photography of tonights performance is strictly prohibited the Grateful Dead encouraged fans to record their concerts and shoot pictures of the show. People used to drive around form concert to concert-the Deadheads-with suitcases full of tapes for Dead concerts. Did this taping hurt album sales? No. It served as free marketing for the band. Scott and Halligan point out that for the Dead the concerts are the experience they are selling. The scarce good that is particular nights performance and the band makes each performance radically different. The band in its various forms has done over 2300 shows and no two are alike. Not only have the song lists been different every each night but the band plays different versions of all the songs. Instead of touring periodically in support of a new album the Dead has toured constantly. Committed Deadheads have followed the band around to see hundreds of shows. In some cases these fans support their Dead habit by selling merchandise or food items in the parking lot and this activity is endorsed by the band. Early on the band took control of selling tickets to their shows. They cut out the middlemen (such as Ticketmaster) and were able to ensure that their most dedicated fans purchased the best. Give away what isnt scarce and make what is scarce-live performance-truly scarce and unique. Sell service and upgrades and always foster loyalty. That is the marketing lesson the Grateful Dead offered. If the grateful dead were protected by copyright laws why did they tend to give away their concerts? Under what conditions does the economics of free seem to apply most readily? Under what conditions does it make sense to cut out the middlemen in a transaction? The band has had 19 gold albums 6 platinum albums and 4 albums that have gone multiplatinum. How could this occur if the band was giving its music away free? Explain why the Dead supports anyone who sells band merchandise. How does it resemble Amazons affiliate program? What is the likely cost structure faced by the band in producing its albums and Cds? Show less
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