What Is the Value of Music?
The value of a work of art is rarely captured by its market value.
Consider the value of an aluminum shovel with a wooden handle. If the shovel is presented as a tool for doing yard work, there is consensus over what constitutes an appropriate price: the shovel price should reflect the quality and utility of the shovel. But if a shovel is presented as a piece of art, there is suddenly wide disagreement over its value.
Marcel Duchamp’s ready-made artwork, “In advance of the broken arm,” displays a shovel hanging from the ceiling. The piece was last auctioned for 8.9 million euros in 2009. To the everyday observer, this valuation seems absurdly high, but to certain members of the artworld it may seem entirely appropriate.
Market Value of Art ≠ Personal Value of Art
In theory, the price of a product is a function of its aggregate supply and demand. But if the value of the product is subjective, like it is in art, the demand an individual has for that product is more likely to deviate from the average person’s demand. It follows that, the more subjective a product is, the more likely it is for an individual’s consumer surplus to differ from the general consumer surplus. In short, the value that an individual has for a piece of art, such as a film or album, may differ widely from its market value.
This phenomenon explains why individuals may simultaneously feel that music has little value while, at the same time, highly value certain artworks that align with their personal preferences. This is not cognitive dissonance: they are differentiating between the market value of music and their subjective value of certain artworks. Generally speaking, the individuals who say that art does not matter or has little value make exceptions for their favourite jazz maestro or film noir director.
The Supply of Music
From a cultural perspective, there could never be an oversupply of music. But from an economic perspective, it is widely known that there is an oversupply of recorded music. It seems that there is, at most, a two degree separation between every individual and a musical artist.
The oversupply of music predated online streaming, but online streaming increased the saturation of the music market. There may have been just as many songs being written in the past, but fewer musicians had an opportunity to record and share their music.
The democratization of music recording and distribution is, overall, a positive development. The increased supply of music makes it difficult for artists to earn an income from online streaming, but it also allows more niche artists to record their work and find an audience.
Individualism vs. Communitarianism
The oversupply of music is, in part, a consequence of individualism. Historically, music was a social activity performed together by members of a community. It was not the product of an individual, separated from an audience via a large stage.
Since there are constraints on the number of songs that a large group can write and play together, an individual can create more pieces of music than a large group. Now that individuals have the ability to record music alone, the supply of recorded music will compound over time.
Since every individual has the innate capacity to express themselves, music will continue to grow in abundance. Its growth is not predicated on social or economic conditions. It is created in times of prosperity, and perhaps even more in times of suffering. It is a product of our humanity.
Rather than lament about the supply of music, accept it as an inevitable result of individualism combined with the natural human desire for creative expression.
The Scarcity of Great Art
Music is like clean water, air, and human connection. Its true worth is never fully appreciated by individuals when its supply is abundant.
However, although music is abundant, there will always be appreciation for great art. And the best part is that ‘great’ is subjective: what I consider great, may be completely different than what you consider great.
Bob Dylan once said, “The world don't need any more songs... As a matter of fact, if nobody wrote any songs from this day on, the world ain't gonna suffer for it. There's enough songs for people to listen to, if they want to listen to songs. For every man, woman and child on earth, they could be sent, probably, each of them, a hundred songs, and never be repeated…”
He then provided a counterpoint: “Unless someone's gonna come along with a pure heart and has something to say. That's a different story.” The world may not need any more adequate songs, but it certainly needs great ones.
However, on the quest to make something great, don’t automatically disregard music you make that does not seem to meet this lofty standard. To someone out there, it may be great. It may also inspire someone else to create a great work of art.
Additionally, don’t disregard music that is unconventional. In our individualistic societies, many “great” artists are, ironically, produced from underground and often unappreciated communities. What one generation considers odd and obscure, the next may consider great. By contributing to the artworld, we help nourish the music community that produces great works of art.
On that note, consider listening to my latest monthly contribution to the artworld. Regardless, I hope your day is great (or at least unconventional).