Property News · August 29, 2015

The business model for the creative industries is broken


Welcome to Edinburgh, site of the perfect capitalist model: where the owners of assets such as hotels skim off large profits, while the people who make those profits possible walk away pennilessHow much is a pint of Guinness, I asked the barman at the Gilded Balloon, one of the major venues for the Edinburgh fringe festival. “It’s £5 – but it will be £3.60 when the festival is over,” he said, with admirable candour. So-called “surge pricing” has come in for a lot of stick after online taxi firm Uber was found to be tripling fares during London’s tube strike. But if you want to really be taken for a ride, head to Edinburgh.The city’s festival is vast, exuberant and intoxicating – and a giddy opportunity for price gouging that almost every business in town takes advantage of. It is the perfect capitalist model: the owners of assets such as hotels and restaurants skim off large profits, while the people who make those profits possible – the performers sweating in the city’s aircon-dodging venues – walk away penniless. Continue reading…

Source : theguardian.com
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