但这一次的经济模式有很大的不同。CD比磁带和黑胶碟更加昂贵，利润率高出很多。而现在的情况完全相反，用户——尤其是年轻的用户——已经开始期待免费的音乐了。这就是为什么那么多年轻人会从YouTube获取音乐（同时也是为什么大量用户会不停地下载未经授权的歌曲）。

    然而，一些投资者似乎认为，这种经济模式最终会以某种方式获得成功。数字音乐新闻（Digital Music News）网站上周指出，虽然总体上投向音乐行业的风险资金在去年减少了10%，但音乐创业公司获得的风险资金增加了34%，有数家像Spotify这样的流媒体服务商是获得资金最多的公司之一。

    那些投资者最好祈祷经济状况能够好转。自2011年6月进行首次公开募股以来，Pandora的股价已经下跌了近半成。（财富中文网）

    译者：王灿均

    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.