London – March 11, 2021 – The British band Radiohead released their album In Rainbows on a pay what you want basis in 2007 and made more revenue from that than the digital proceeds of all of their previous albums combined.
The concept has since been studied in business schools and featured in the media. Yet up until now, there has not been a single environment where people can shop around for a variety of products purely on a pay what you want basis.
Paywhatyouwant.io is the first completely pay what you want digital marketplace; it features ebooks, photography, music, podcasts and digital art. Anybody can join and upload their creative work so that it is available for the world to enjoy.
Customers can choose from a variety of products, just like a normal digital store, but choose what they pay for each of the downloads.
The pay what you want digital e-commerce model benefits both producers and consumers. It is especially helpful for photographers and musicians just starting out who want to make some money but are not established yet. It also means that low-income people can choose to pay a smaller amount than others so that they get to enjoy the same quality of goods.
More of the economy is becoming digitised and thus effectively zero marginal cost. This is what enables pay what you want; unlike vinyl or CDs, digital downloads can be reproduced endlessly for essentially no cost. That means that pay what you want will come to play an important role in the digital economy. It reflects the new reality of a global, digitised world. In the future, even more products will become digitised as 3D printing becomes more widespread.
The founder of Paywhatyouwant.io, Max Rangeley states “Pay what you want is a model that has the potential to radically change e-commerce. I studied economics and many of the pricing models derived break down in a world of zero marginal cost of production – the digital economy. In this environment pay what you want will allow people to become creators while also empowering consumers like never before.”
More can be found about Pay What YouWant here at https://www.paywhatyouwant.io
More about Max Rangeley:
Max Rangeley, previously set up ReboundTAG — the first microchip luggage tag which works in all airports worldwide — which went on to win many accolades including at the Business Travel Show Disrupt Awards, Frontier Awards in Cannes and the Amazon Launchpad program, where Amazon promotes its most innovative products. Max has also run an economics think tank for a member of Parliament since 2014 with a focus on emerging technologies.
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