People paid before and just got a lot less music. A few albums per month, maybe some singles.

I was there, have lived both times.

Spotify scooped up all those ad-hoc buys and got people a lot more music for the money.

Take a larger view, and a big gain on one form, takes from another. Gaming takes a small hit when a ton of great movies hit the theaters, for example.

And it flexes a little. I am not saying it is a hard wall.

But I am saying for most people, suddenly doubling their entertainment spends is not an option. They just don't have it.