From the Federal Reserve to the Stage: The Economics of Making It in Music, with Murat Iyigun

What does the music industry actually look like through an economist's eyes?In this episode of Backstage Money, host Jason K. Powers sits down with Murat Iyigun, Professor of Economics and co-founding guitarist of Red Rock Vixens. Murat spent years at the Federal Reserve under Greenspan, has decades in academia studying how markets really work, and has been building and running a band in Colorado at the same time.Murat breaks down why musicians are still getting paid the same nominal fee they were in the 1980s, how AI is about to do to music production what Napster did to distribution, why the label system was always a venture capital game, and what Parkinson's Law has to do with why musicians spend every dollar they make. He talks about winner-take-all economics, the Colorado music scene, managing a 7-piece band where scheduling is harder than booking, and why the sugar daddy is gone and musicians have to be their own bank now. Plus Yngwie Malmsteen going bankrupt, the Doc McGhee and Motley Crue story, and why GoFundMe pages keep popping up for musicians who should have been financially set. One of the most honest and eye-opening conversations we have had on this show.Follow Red Rock VixensWebsite: https://redrockvixens.comInstagram: https://www.instagram.com/redrockvixensFacebook: https://www.facebook.com/redrockvixFollow Backstage MoneyInstagram: https://www.instagram.com/backstagemoneyFacebook: https://www.facebook.com/backstagemoneyTikTok: https://www.tiktok.com/@backstagemoneyYouTube: https://www.youtube.com/@backstagemoneyX (Twitter): https://x.com/jasonkpowersFree Guide for MusiciansDownload A Musician's Guide to Financial Stabilityhttps://1024wealth.com/music