Graduation Year

Spring 2014

Document Type

Open Access Senior Thesis

Department

Economics

Reader 1

Roberto Pedace

Reader 2

Sean Flynn

Terms of Use & License Information

Terms of Use for work posted in Scholarship@Claremont.

Rights Information

© 2014 Madeline K. Ripley

Abstract

The entertainment industry is an impactful part of the U.S. economy. My thesis explores the way Americans consume popular music and how the U.S. economic environment affects the permeability of the music industry to new artists. I use discrete-choice probit models to examine the top 10 weekly singles from the Billboard Hot 100 between 2006 and 2013. I analyze the economic factors and artist characteristics that affect an unestablished artist’s entry into the top 10 of the chart and achievement of the number one chart spot. I also use a Cox proportional hazard model to examine the effects of economic factors and artist characteristics on the number of weeks an artist’s single stays in the top 10 of the Hot 100 chart. I find that having a previous single in the top 100 decreases the predicted probability of a new artist’s song being in the top 10, and having previous singles in the top 10 or top 100 decreases number of weeks an artist’s subsequent single spends in the top 10 of the chart. Additionally, level of GDP per capita increases the number of weeks an artist’s single stays in the top 10 of the chart.

Economic well-being perpetuates stability in the consumption of music, and modern culture consumers demonstrate a preference for newness in their endorsement of unestablished artists. As demonstrated by the use of singles between 2006 and 2013, new technologies decrease the costs of engaging with new artists for consumers and allow an artist to achieve success regardless of the artist’s previous success.

Download

Share

COinS