http://www.economist.com/news/business-books-quarterly/21593405-bigger-bets-are-not-necessarily-riskier-give-me-another-hit
The tail has become longer, but the internet has helped bestsellers become even bigger, because people follow the recommendations of friends and casual consumers opt for known quantities. In 2011 just 102 of the 8m digital musical tracks sold generated nearly a sixth of all sales. Blockbusters tend to be self-reinforcing, because firms spend more to promote products they think stand a better chance of becoming popular.
As more and more media companies follow the crowd, the temptation to bid up the price of author manuscripts, celebrity talent, film scripts and sports rights becomes hard to resist. This makes it more likely that returns on investment will decline. It is hard to predict when a potential blockbuster is too expensive, but that is the one question every hit- hungry media executive needs answered, and answered soon.
