Whitney Houston music prices raised 30 minutes after her death
Whitney Houston fans, divert your anger from Bobby Brown for a moment and read this: Sony Music raised the price on Whitney Houston’s Ultimate Collection album on iTunes and Amazon within 30 minutes of her death on Saturday.
The price of her greatest hits album was increased 60 percent, according to Venturebeat.com. The UK's Guardian said Apple raised its price after Sony raised the price on the "wholesale" edition, triggering the price hike automatically on iTunes. The price returned to normal before the weekend was over.
Apple and Sony have, to no one's surprise, declined to comment.
According to the Guardian, "one insider close to the situation said the price hike was not a 'cynical' move – but that the wholesale price of Houston's The Ultimate Collection was wrong."
Don't believe it. Not for a second.
Meanwhile, Forbes defends the price uptick -- to a point.
"According to basic Econ 101 of course they should have raised the price following Houston’s death. We all know that the music would fly off the shelves (umm, given that this is iTunes, off the servers) because we’ve seen the same happen recently with Michael Jackson and Amy Winehouse. And yes, when things are in high demand you should indeed raise the price of them," Tim Worstall writes online. "However, Econ 101 is only a rough guide to how to do well in business. Econ 201, 301 and however the course numbers go after that also need to be considered. And one of those later points that is raised is that humans have a very strong feeling for fairness."
So what's your thought: Was Sony's price increase fair or not?
WEDNESDAY UPDATE: Sony is finally talking. In a New York Times article, unnamed Sony execs said "the price increase was the result of an error by a Sony employee in Britain, and that the company gave no orders for prices to be raised on Ms. Houston’s music."