This is a minor hassle compared to the fairly significant cost savings. When I was a teen/early 20s I'd spend something like $50-100 per record store visit. I'd go at least quarterly, buy music at concerts, etc. I'd easily spend $500 or more annually in 1990s/early 2000's money. Discs were $12-15 for a very long time, singles were economically stupid, and dealing with crap like scratched discs or skipping in the car was the norm. Now, I'm paying $120 annually, in 2015 dollars, and every single song of that 30m library is available on my phone, which seamlessly connects to my car and other devices. I can also listen via the under-rated google music web player.
I don't know any young person without Google Music or Spotify. They're popular for a reason and not because we don't understand economics.
>This is a minor hassle compared to the fairly significant cost savings.
The costs will always be equivalent as you pay with the not-so-major-hassle of losing access to the streaming service for some reason. It's a fact of life that there's no such thing as a free lunch. If you lose access, that is a cost in terms of time. However you may perceive it doesn't discount its existence.
>When I was a teen/early 20s I'd spend something like $50-100 per record store visit.
Today the price of a digital album barely breaks 15 USD. And in terms of inflation adjusted dollars, you and I were paying closer to 20 dollars (today's dollars) per album (I'm assuming 1990s era prices). As such, in many ways today's 20 somethings are getting a windfall in terms of digital purchases (DRM-free).
> Now, I'm paying $120 annually, in 2015 dollars, and every single song of that 30m library is available on my phone, which seamlessly connects to my car and other devices. I can also listen via the under-rated google music web player.
Which are held contingent on the fact that music labels can re-negotiate terms of access to their catalogs. If tomorrow any one of them decide to cut off the streaming services, then where's the music you had in the playlist? Clearly, this isn't likely to occur but it's not impossible nor is it theoretical. Netflix often rotates film and TV series through their streaming library. Music streaming isn't exempt from this same problem once music labels begin to assert their dominant position.
>I don't know any young person without Google Music or Spotify. They're popular for a reason and not because we don't understand economics.
I think you're confused as to what I'm pointing out which is that people are valuing access over ownership. This isn't a lack of any understanding of economics, it's just preference of consumers. I think the sooner you understand that all preferences are equal in the market the sooner you'll come to grasp my points.
I don't know any young person without Google Music or Spotify. They're popular for a reason and not because we don't understand economics.