It seems quite obvious from my perspective. Basic economic theory should cover. We have a product that is not an essential, like beer or tobacco for example, so a rising price impacts demand.
I wanted to preorder the new Salman Rushdie book. $18.96 for the Kindle version, $15.40 for the hardcover. Changed my mind. For $10 a month I get all the music I want from Apple. For $10 I get Adobe Lightroom and Photoshop for a month and I run a big part of my business on that. It's become tough to justify almost $19 for an ebook. Sorry Mr Rushdie. I didn't buy your book.
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