A name-your-price sales concept by Radiohead is now spreading into different areas of the music industry.
Just recently, music-focused Paste Magazine left pricing decisions to its subscribers, subject to a $1 floor. “We were curious to know what our customers thought we were worth,” explained Paste president and publisher Tim Regan-Porter.
The pricing play is limited to a two-week window, a structure that limits downside risk. But the upside includes broader magazine exposure, and potentially stronger contributions from more loyal readers. The magazine plans to reward those that pay more than the standard $19.95 with a mention in an upcoming issue. Each edition of Paste comes bundled with a CD-sampler.
Story by news analyst Alexandra Osorio.