Author : David W. Lewis
This article uses Alan B. Krueger’s analysis of the music industry in his book Rockonomics: A Backstage Tour of What the Music Industry Can Teach Us About Economics and Life as a lens to consider the structure of scholarly publishing and what could happen to scholarly publishing going forward.
Both the music industry and scholarly publishing are facing disruption as their products become digital. Digital content provides opportunities to a create a better product at lower prices and in the music industry this has happened. Scholarly publishing has not yet done so.
Similarities and differences between the music industry and scholarly publishing will be considered. Like music, scholarly publishing appears to be a superstar industry. Both music and scholarly publishing are subject to piracy, which threatens revenue, though Napster was a greater disrupter than Sci-Hub seems to be.
It also appears that for a variety of reasons market forces are not effective in driving changes in business models and practices in scholarly publishing, at least not at the rate we would expect given the changes in technology. After reviewing similarities and differences, the prospects for the future of scholarly publishing will be considered.