From the course: Data Literacy: Exploring and Describing Data

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Data-driven decision-making

Data-driven decision-making

From the course: Data Literacy: Exploring and Describing Data

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Data-driven decision-making

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- [Instructor] Here's a little puzzle for you, a paradox. Can you create a profitable business by giving away your stuff for free? Well, I want to give you a couple of examples. There are some prominent musicians who give away their music for free, and that's a little odd. Because isn't that how they make their money? Well, there's the reality that streaming services tend to pay very little, and piracy is common, so it's kind of hard to make money from the music. And instead, several musicians have found that they're more able to make a living by doing live concerts or by doing commercial work, like making advertisements, or selling merchandise, like a special edition vinyl LP of their new release. And those together can more than make up for the money that is not made from the actual music sales. The music becomes a hook to get money through these other means. And some people do similar things with books. Now books, of course, you can sell and get money from those. But I also of know…

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