15 May 2018
The Economics of Post Malone
As you may have noticed the music industry does not have very high barriers to entry. If you produce a hit, you have a chance to make it big, for a little while, and the rest depends on what you put into it. You see a lot of young artists with a variety of different names entering the industry and it becomes kind of grueling to keep up with. However, one name that continues to linger and thrive in this industry is Post Malone. What differentiates him from the rest of the pack is his ability to incorporate his own spin on R&B with melodic choruses and catchy repetitive rhymes. He does it all. It is this one solid attribute that keeps Post Malone towards the top of the music industry oligopoly.
You may be confused as to why I gave an industry a economic label, but the truth is that at any given time the industry is being lead by 1-3 artists. The current Billboard: Top 100 charts show the top four spots being dominated by Childish Gambino, Drake, along with Post Malone in the #4 spot with is hit single “Psycho” which was released numerous months prior to the release of his album “Beerbongs & Bentleys”. It is due to this single that his album was certified platinum within a week of its release. Though this may sound impossible and shows just how big of a rockstar that Post Malone really is, people often forget about the vehicles we use to listen to these artists music. Along with being certified platinum within a week of being released, Post Malone can also be credited with driving the record-breaking streaming week that occurred following the drop of album. In an article from Billboard magazine, the author states, “The effort, released on April 27 via Republic Records, earned 461,000 equivalent album units in the week ending May 3, according to Nielsen Music. Of that sum, 153,000 were in traditional album sales”(Caulfield). What this shows is that Post Malone isn’t the only one raking in the big bucks from his album being present on so many different platforms. With streaming platforms such as Apple Music and Spotify available, it eliminates the demand for a physical copy of the album. This is why only 153,000 of the album units were traditional album sales out of the nearly 500,000 that occured over the span of that week. This shows that Post Malone isn’t just a high performing firm in the music industry, but he helps drive the industry itself by bringing in excess amounts of traffic to streaming vehicles while also pumping money into our nation’s economy through his beautiful form of entertainment.
As you can see Post Malone has a lot left in the tank and has a very bright future ahead of him. It is through artists such as himself that make the entertainment industry such a driving force for our economy. He is an inspiration to young people and creates an incentive to consume for people who are not usually high contributors to our economy. Post Malone is more than a public figure, he is a key piece in the music industry which is a large block in the foundations of our economy.
Caulfield, Keith. “Post Malone's 'Beerbongs & Bentleys' Breaks Streaming Record, Debuts at No. 1 on Billboard 200 Albums Chart.” Billboard, Billboard, 6 May 2018, www.billboard.com/articles/columns/chart-beat/8454698/post-malone-beerbongs-and-bentleys-no-1-billboard-200.