????但這一次的經(jīng)濟模式有很大的不同。CD比磁帶和黑膠碟更加昂貴，利潤率高出很多。而現(xiàn)在的情況完全相反，用戶——尤其是年輕的用戶——已經(jīng)開始期待免費的音樂了。這就是為什么那么多年輕人會從YouTube獲取音樂（同時也是為什么大量用戶會不停地下載未經(jīng)授權(quán)的歌曲）。

????然而，一些投資者似乎認為，這種經(jīng)濟模式最終會以某種方式獲得成功。數(shù)字音樂新聞（Digital Music News）網(wǎng)站上周指出，雖然總體上投向音樂行業(yè)的風險資金在去年減少了10%，但音樂創(chuàng)業(yè)公司獲得的風險資金增加了34%，有數(shù)家像Spotify這樣的流媒體服務(wù)商是獲得資金最多的公司之一。

????那些投資者最好祈禱經(jīng)濟狀況能夠好轉(zhuǎn)。自2011年6月進行首次公開募股以來，Pandora的股價已經(jīng)下跌了近半成。（財富中文網(wǎng)）

????譯者：王燦均

????But the economics are very different this time. CDs were more expensive than cassette tapes and vinyl albums. The margins were far higher. The situation now is the precise opposite, and people -- especially younger people -- have come to expect their music to be free. That's why so many kids get their music from YouTube (and why lots of people continue to download unauthorized copies of songs).

????And yet, some investors seem to think that the economics will eventually work themselves out, somehow. Digital Music News noted last week that, even though total venture capital investments fell by 10 percent last year, venture investments in music startups rose by 34 percent, and several of the top recipients of capital were streaming companies like Spotify.

????Those investors had better hope the economics turn around. Pandora's stock has lost nearly half its value since the company's IPO in June, 2011.