You Can’t Kill Demand for a Product by Giving It to More People

Imagine professional basketball as a business that’s exactly the same as it is now, except that you couldn’t watch a game if you weren’t in the stadium when the game happened. Would it make the live product more valuable? Would the teams suddenly make a fortune charging for tickets, merchandise, food and beverages? Or, would it be a business constantly flirting with financial disaster, looking for ways to “build its audience”? Bet on the latter. With live competition alone, the NBA...

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