????但這一次的經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。而現在的情況完全相反，用戶——尤其是年輕的用戶——已經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授權的歌曲）。

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

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

????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.