As expected, the music industry is outraged, despite the fact that Prince is simply reverting to the patronage based business model that was current in the medieval era.
“In European cultural history, virtually every major and minor figure in music, literature, and the fine arts from the Medieval period to the early modern era had some relationship with the patronage system”
As the Mail on Sunday’s managing editor puts it:
“They [the music industry] are living in the old days and haven’t developed their businesses sufficiently. We can enhance their business. They are being incredibly insular and need to move their business on”
Beyond the chance to poke yet another joke on the back of the poor music industry, this is an interesting example of the economic cycles innovation gets us through. An old way of doing things (patronage) comes back on the forefront, simply refined by an innovation (the internet).