I just read this article on how Radiohead, the rock band has recently put up its latest album on its website for download and the best part about this is the fact that listeners can pay whatever amount they feel is appropriate……..That’s right you read it correctly, the price of the album is pretty much decided by the fans themselves.
Now for someone who has spent a reasonable amount of time during my MBA days conducting market surveys, doing statistical analyses with these responses, trying to figure out whether a product or service is under-priced, over-priced or priced just about right, this concept is simply put, for lack of a better word, radical.
However, Niranjan Rajadhyaksha, in his column in livemint.com goes on to say that this is not the first time this kind of experiment has been done. He mentions two other instances in the past where such experiments have been done.
Read the entire article for more details.
PS: The album of Radiohead is available at www.radiohead.com in case you are interested.