Radiohead’s “pay what you want” music download experiment is now a couple of weeks old, the early reports are predicting a huge success. Some estimates predict Radiohead may have already made over $10 million in sales, in a single day. According to the music industry blog, Gigwise, there have been over 1.2 million copies of the album downloaded and sold, people paying between $1 and $20.
According to Ingram 2.0:
In other words, Radiohead could easily have made over $10-million in the first 24 hours, and likely made substantially more than that in the first two days of offering downloads. And those figures don’t include the number of fans who chose to pay $80 for the deluxe boxed-set CD of the album. Some fans actually paid the maximum amount the system was set up to process: 99 British pounds, or about $200.
So it seems this little experiment has been successful for the band and the fans. But what of the traditional music industry deep pockets? The record labels? what about the brick and mortar stores that sell compact discs? In essence, Radiohead has found a way to get back to the art of thier music and connect with their fans, one on one. Virtually, literally. That is the beauty of web 2.0 and maybe Radiohead has just paved a new road, over the rainbow to how business of music is done.