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50 Things That Made the Modern Economy

Gramophone

50 Things That Made the Modern Economy

BBC

Business

4.82.6K Ratings

🗓️ 25 March 2017

⏱️ 9 minutes

🧾️ Download transcript

Summary

“Superstar” economics – how the gramophone led to a winner-take-all dynamic in the performing industry. Elizabeth Billington was a British soprano in the 18th century. She was so famous, London’s two leading opera houses scrambled desperately to secure her performances. In 1801 she ended up singing at both venues, alternating between the two, and pulling in at least £10,000. A remarkable sum, much noted at the time. But in today’s terms, it’s a mere £687,000, or about a million dollars; one per cent of a similarly famous solo artist’s annual earnings today. What explains the difference? The gramophone. And, as Tim Harford explains, technological innovations have created “superstar” economics in other sectors too. Producer: Ben Crighton Editors: Richard Knight and Richard Vadon (Image: Thomas Edison Phonograph, Credit: James Steidl/Shutterstock)

Transcript

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0:00.0

50 Things That Made The Modern Economy With Tim Harford

0:14.2

Who's the best-paid solo singer in the world?

0:17.6

In 2015, according to Forbes, it was probably...

0:26.6

...on. He reportedly made $100 million.

0:30.6

You too made twice as much as that apparently, but there are four of them.

0:34.6

There's only one, Elton John.

0:43.6

If we'd asked that question two hundred and fifteen years ago,

0:47.6

the answer would have been Mrs. Billington.

0:52.6

Elizabeth Billington was, some say, the greatest English soprano who ever lived.

0:57.6

So Joshua Reynolds, the first president of the Royal Academy of Arts,

1:02.6

once painted Mrs. Billington.

1:04.6

He depicted her standing with a book of music in her hands

1:07.6

and her curls partly pinned up and partly floating free,

1:11.6

listening to a choir of angels singing.

1:14.6

The composer, Joseph Heiden, thought the portrait was an injustice.

1:18.6

The angels, said Heiden, should have been listening to Mrs. Billington singing.

1:24.6

Elizabeth Billington was also something of a sensation off the stage.

1:28.6

A scarlet biography of her sold out in less than a day.

1:32.6

The book contained what were purportedly copies of intimate letters about her famous lovers,

1:38.6

including, they say, the Prince of Wales.

1:42.6

In a more dignified celebration of her fame,

1:45.6

when she recovered from a six week long illness on her Italian tour,

...

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