Phish doesn’t make money by selling music. They make money by selling live music, and that, it turns out, is a more durable business model. This wasn’t some brilliant pre-calculated strategy by the band or its managers; it’s the business model that sprung forth from the kind of music the band makes. The band developed the kernel of this musical style during their first five years when they played almost exclusively in bars in Burlington, Vermont, and slowly, but organically, grew their audience.

via The Business of Phish.

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