Radiohead: A Music Revolution? Posted by Shadi Hamid

Radiohead’s new album is out (literally, it just “came out” an hour ago), and it may very well change not only the face - and viability - of the record industry, but the very way consumers listen to music. No, you can’t find the album in stores. And, no, you don’t even technically have to pay for it. Radiohead, quite brilliantly actually, is releasing In Rainbows, their first since 2003’s masterful Hail to the Thief, as a digital download on their website. All you have to do is name your own price (there is a 45 pence credit card processing fee).  If this sounds weird, it is. It is also, however, a stroke of genius. 

This is, as far as I can tell, the first time a band as big as Radiohead has completely superceded and subverted the whole infrastructure for selling records. If Radiohead pulls this off, they’ll be sure to pocket much more profit, paving the way for other artists to follow suit. Everyone benefits: we get our music for cheaper; Radiohead gets more money; the middle man gets cut out; and the music world suddenly becomes democratic in a way it never was - or could have been - before.

So you say you want a revolution? Get on with it, then. Go right ahead and buy the new album. 

Comments

[Interrobanger]

Yes, but there is still a middleman even Radiohead can't cut out -- the lousy credit card companies.

That 45p is essentially the interchange fee (see here: http://en.wikipedia.org/wiki/Interchange_fee) which is usually charged to merchants. For complicated reasons, Radiohead could easily pass it along to customers, and if retailers could easily do so, they would. But the banks keep the fee very complicated to calculate, so merchants end up eating the cost on each sale, and just jack up prices overall. Far from ideal.

I've been working on this interchange issue for more than a year, so in a strange way, it's gratifying for Radiohead to (perhaps unwittingly) highlight the absurdly high fee. $1 U.S. to process each order? Please! Most of it is pure profit, some of it goes to reward cards. As I said, the fee is out of control.

But I love Radiohead and so far I like the album pretty well. It was worth it, and I hope the album draws people's attention to that peculiar fee that is much higher than it should be.

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