When the new global digital economy of music was taking shape, it was decided that the price of online music would be fixed in the local currency. In Canada, iTunes sells tracks for between 69 cents and $1.29 with albums and streaming subscriptions running at $9.99. In the UK, single tracks run between 69 pence and £1.29 with albums and streams pegged at £9.99. The same applies to other countries. That seems fair, right?
Well, not quite. There’s another metric that we have to apply: the average per capita GDP in the different countries. In other words, how much of an impact the cost of music has on an average person’s income. If we include these measurements, Canada is getting a helluva deal when it comes to most of the rest of the world. Look:
|The Cost of Music vs Per Capita GDP|
|Item||Canada (CAD)||CAD equivalent in Australia (AUD)||CAD equivalent in Euro zone (Euros)||CAD equivalent in UK (pounds)||CAD equivalent in US (USD)|
|Per capita GDP (USD)||51,958||42,450||34,300||47,787||53,042|
|Cost in Absolute Terms for an Album or Stream (CAD)||9.99||99.14||14.55||19.89||16.31|
|Index (Canada = 100)||100||99||146||199||163|
Exchange rates as of 30 October 2016.
Read more about this issue at Music Industry Blog.