1. Introduction 2. Consuming Music 2.1 The Supply and Demand Model 2.2 Budget Constraints, Indifference Curves, and the Utility Function 2.3 Experiential Goods and Consumer Optimization 2.4 Consuming Music: Perfect Substitutes 2.5 Intellectual Property Rights and Music Piracy 2.

6 Music Streaming: The Newest Mode in Consumption and Production 2.7 Streaming and Music Piracy as Substitutes 2.8 Consuming Music: Perfect Complements 2.9 Perfect Complements and the Bowie Theory of Concert Touring 2.10 Perfect Complements and Bundling 2.11 Collectors and a Vinyl Resurgence? 3. Basic Producer Theory 3.1 Cost Functions 3.

2 The Firm's Supply Curve: the Shutdown Rule 3.3 Perfect Competition vs. Oligopoly: the Demand Curve and Marginal Revenue 3.4 The Profit Maximizing Decision Rule 3.5 The Oligopoly Market Structure: Barriers to Entry 3.6 Ownership of Intellectual Property Rights and Music Licensing 3.7 Games of Strategy: The Prisoner's Dilemma and ASCAP vs. BMI 3.

8 The Cournot Model and Oligopolies 3.9 Recording Contracts and the New 360 Deals 3.10 Barriers to Entry: The Ownership of Intellectual Property 3.11 Barriers to Entry: Startup Costs and the Cost of Investing in New Talent 3.12 Barriers to Entry: Economies of Scale 3.13 Streaming as the New Production Model 3.14 Market Power and Collusion 3.15 Technology Erodes Market Power 3.

16 The New Business Models 4. The Music Industry Disrupted: The COVID Era 4.1 Adapting to the Economic Shock of the Pandemic 4.2 Property Rights Revisited: Selling Master Recordings and Publishing Rights 5. The Global Marketplace for Music 5.1 Music Market Trends Worldwide 5.2 The Global K-Pop phenomena 6. Conclusion.