We are not evil
Not long ago my homeboy Mike from Garagespin extolled the virtues of a new record label called Magnatune. Magnatune has adopted a business model where they allow you to download an album and you can decide to pay what you think it is worth. You have the option of paying as little as $5. The interesting thing is that CEO John Buckman claims that the average price paid is $8.93. Now why would somebody pay more than the minimum requirement for an album? The answer is simple – Magnatune makes it clear that 50% of the money paid goes to the artist. Buyers seem to be happy to pay a little extra to support an independent artist. To take this a step further Magnatune’s slogan is “We Are not Evil” which capitalizes on the popular view that most of the recording industry is out to rip off both artists and consumers.
Now why would I write about Magnatune on About The Image? First, I love music and particularly new music from independent musicians. Second, I wonder if a similar approach could work for image licensing. I wonder if stock agencies like Getty, Jupiter, and Corbis are developing a reputation as “The Man” or evil faceless corporations out to squeeze every last bit out of the poor independent artists. Perhaps the smaller niche agencies can capitalize on that perception and develop a marketing plan that is openly treats artist’s fairly. It also seems reasonable to expect that a “set your own price” concept would likely yield similar results where buyers would choose to pay extra for a great image especially when they know it will benefit the Artist. What do you think - Could it work?
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