Inflation

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I think the question I pose towards the end of my presentation, which we talked about earlier, is like, what's the task and what's job? Or what is just the thing that becomes a button or make SKU versus what are people actually hiring you for? Is that kind of a useful way of thinking about this? And clearly there are going to be some jobs where no, that is just a task, and that job gets automated away. But there's a bunch where that kind of isn't the question. The way I actually pulled that together at the end of the deck was a chart of a global recorded music revenue, which as you may know is kind of a U-shaped curve more or less. And so it's dropped by about half from 2000 to 2015 or so, and since then has come back to about 75% of the peak, adjusted for inflation. And the way that I look at this is to say, and that's driven by streaming. And I kind of looked at this and said, well, the first half of this chart is saying, what happens if I don't have to pay $15 to get a CD to get that track? And the second half of the chart is saying, what happens if $15 a month gets you all the music that there is? So it's kind of a completely different sort of question. And that's a way that you could look at Google, or the way you could look at Airbnb or all these kinds of companies.

And so it's dropped by about half from 2000 to 2015 or so, and since then has come back to about 75% of the peak, adjusted for inflation.

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