CINXE.COM

<!doctype html> <html lang="en-GB"> <head> <meta charset="UTF-8"> <meta name="viewport" content="width=device-width, initial-scale=1"> <link rel='stylesheet' href='https://fideres.com/wp-content/plugins/breakdance/plugin/themeless/normalize.min.css'> <meta name='robots' content='index, follow, max-image-preview:large, max-snippet:-1, max-video-preview:-1' /> <style>img:is([sizes="auto" i], [sizes^="auto," i]) { contain-intrinsic-size: 3000px 1500px }</style> <link rel="alternate" href="https://fideres.com/it/are-piano-buyers-being-played_/" hreflang="it" /> <link rel="alternate" href="https://fideres.com/es/are-piano-buyers-being-played_/" hreflang="es" /> <link rel="alternate" href="https://fideres.com/are-piano-buyers-being-played_/" hreflang="en" />  <title>Are Piano Buyers Being Played? - Fideres</title> <meta name="description" content="Piano manufacturer Steinway is allegedly abusing of its dominant position in the concert piano market by enforcing exclusive dealings with artists and music schools, foreclosing competitors and overcharging buyers of grand pianos." /> <link rel="canonical" href="https://fideres.com/are-piano-buyers-being-played_/" /> <meta property="og:locale" content="en_GB" /> <meta property="og:locale:alternate" content="it_IT" /> <meta property="og:locale:alternate" content="es_ES" /> <meta property="og:type" content="article" /> <meta property="og:title" content="Are Piano Buyers Being Played? - Fideres" /> <meta property="og:description" content="Piano manufacturer Steinway is allegedly abusing of its dominant position in the concert piano market by enforcing exclusive dealings with artists and music schools, foreclosing competitors and overcharging buyers of grand pianos." /> <meta property="og:url" content="https://fideres.com/are-piano-buyers-being-played_/" /> <meta property="og:site_name" content="Fideres" /> <meta property="article:published_time" content="2024-06-24T11:14:13+00:00" /> <meta property="article:modified_time" content="2024-11-22T16:54:41+00:00" /> <meta property="og:image" content="https://fideres.com/wp-content/uploads/2024/06/steinway_image-1024x623.png" /> <meta property="og:image:width" content="1024" /> <meta property="og:image:height" content="623" /> <meta property="og:image:type" content="image/png" /> <meta name="author" content="Ludovica Paradisi" /> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:creator" content="@fideres" /> <meta name="twitter:site" content="@fideres" /> <meta name="twitter:label1" content="Written by" /> <meta name="twitter:data1" content="Ludovica Paradisi" /> <meta name="twitter:label2" content="Estimated reading time" /> <meta name="twitter:data2" content="10 minutes" /> <script type="application/ld+json" class="yoast-schema-graph">{"@context":"https://schema.org","@graph":[{"@type":"Article","@id":"https://fideres.com/are-piano-buyers-being-played_/#article","isPartOf":{"@id":"https://fideres.com/are-piano-buyers-being-played_/"},"author":{"name":"Ludovica Paradisi","@id":"https://fideres.com/#/schema/person/10ccd225f8b9c5c92610fb1d5f7eab4e"},"headline":"Are Piano Buyers Being Played?","datePublished":"2024-06-24T11:14:13+00:00","dateModified":"2024-11-22T16:54:41+00:00","mainEntityOfPage":{"@id":"https://fideres.com/are-piano-buyers-being-played_/"},"wordCount":1973,"commentCount":0,"publisher":{"@id":"https://fideres.com/#organization"},"image":{"@id":"https://fideres.com/are-piano-buyers-being-played_/#primaryimage"},"thumbnailUrl":"https://fideres.com/wp-content/uploads/2024/06/steinway_image.png","keywords":["Competition Economics"],"articleSection":["Research"],"inLanguage":"en-GB","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https://fideres.com/are-piano-buyers-being-played_/#respond"]}]},{"@type":"WebPage","@id":"https://fideres.com/are-piano-buyers-being-played_/","url":"https://fideres.com/are-piano-buyers-being-played_/","name":"Are Piano Buyers Being Played? - Fideres","isPartOf":{"@id":"https://fideres.com/#website"},"primaryImageOfPage":{"@id":"https://fideres.com/are-piano-buyers-being-played_/#primaryimage"},"image":{"@id":"https://fideres.com/are-piano-buyers-being-played_/#primaryimage"},"thumbnailUrl":"https://fideres.com/wp-content/uploads/2024/06/steinway_image.png","datePublished":"2024-06-24T11:14:13+00:00","dateModified":"2024-11-22T16:54:41+00:00","description":"Piano manufacturer Steinway is allegedly abusing of its dominant position in the concert piano market by enforcing exclusive dealings with artists and music schools, foreclosing competitors and overcharging buyers of grand pianos.","breadcrumb":{"@id":"https://fideres.com/are-piano-buyers-being-played_/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https://fideres.com/are-piano-buyers-being-played_/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https://fideres.com/are-piano-buyers-being-played_/#primaryimage","url":"https://fideres.com/wp-content/uploads/2024/06/steinway_image.png","contentUrl":"https://fideres.com/wp-content/uploads/2024/06/steinway_image.png","width":5013,"height":3051},{"@type":"BreadcrumbList","@id":"https://fideres.com/are-piano-buyers-being-played_/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://fideres.com/"},{"@type":"ListItem","position":2,"name":"Are Piano Buyers Being Played?"}]},{"@type":"WebSite","@id":"https://fideres.com/#website","url":"https://fideres.com/","name":"Fideres","description":"","publisher":{"@id":"https://fideres.com/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://fideres.com/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https://fideres.com/#organization","name":"Fideres","url":"https://fideres.com/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https://fideres.com/#/schema/logo/image/","url":"https://fideres.com/wp-content/uploads/2021/12/logo-dark-1.png","contentUrl":"https://fideres.com/wp-content/uploads/2021/12/logo-dark-1.png","width":450,"height":180,"caption":"Fideres"},"image":{"@id":"https://fideres.com/#/schema/logo/image/"},"sameAs":["https://x.com/fideres","https://www.linkedin.com/company/fideres-partners-llp/","https://open.spotify.com/show/1kyMSOQvGyr4A4XIJxE4lD","https://www.youtube.com/channel/UCmIBJE3GegIvYM4b7vZPq2w"]},{"@type":"Person","@id":"https://fideres.com/#/schema/person/10ccd225f8b9c5c92610fb1d5f7eab4e","name":"Ludovica Paradisi","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https://fideres.com/#/schema/person/image/","url":"https://fideres.com/wp-content/uploads/2022/05/Ludovica_300-96x96.jpg","contentUrl":"https://fideres.com/wp-content/uploads/2022/05/Ludovica_300-96x96.jpg","caption":"Ludovica Paradisi"},"description":"Ludovica joined Fideres in 2022 and is based in Fideres’s Rome office. Her main expertise is related to the development of economic analysis and the quantification of harm for antitrust claims across many industries, i.e. Pharmaceuticals, Agriculture, Digital, Transport and Energy sectors. She obtained a MSc in Economics at the University of Rome Tor Vergata with a dissertation on the economic effects of the abuse of dominant position in EU telecommunication markets and has gained experience in two economic consultancy firms during and right after her Master’s studies. Before joining Fideres, Ludovica gained experience in management consulting, mainly supporting European institutions and private organisations with the development of socio-economic impact assessments of their policy strategies and investment plans, and with the implementation of funding strategies based on European and national funding opportunities.","url":"https://fideres.com/author/ludovica-paradisi/"}]}</script>  <link rel="alternate" type="application/rss+xml" title="Fideres » Are Piano Buyers Being Played? Comments Feed" href="https://fideres.com/are-piano-buyers-being-played_/feed/" /> <script type="text/javascript"> /* <![CDATA[ */ window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/","svgExt":".svg","source":{"concatemoji":"https:\/\/fideres.com\/wp-includes\/js\/wp-emoji-release.min.js?ver=6.7.2"}}; /*! This file is auto-generated */ !function(i,n){var o,s,e;function c(e){try{var t={supportTests:e,timestamp:(new Date).valueOf()};sessionStorage.setItem(o,JSON.stringify(t))}catch(e){}}function p(e,t,n){e.clearRect(0,0,e.canvas.width,e.canvas.height),e.fillText(t,0,0);var t=new Uint32Array(e.getImageData(0,0,e.canvas.width,e.canvas.height).data),r=(e.clearRect(0,0,e.canvas.width,e.canvas.height),e.fillText(n,0,0),new Uint32Array(e.getImageData(0,0,e.canvas.width,e.canvas.height).data));return t.every(function(e,t){return e===r[t]})}function u(e,t,n){switch(t){case"flag":return n(e,"\ud83c\udff3\ufe0f\u200d\u26a7\ufe0f","\ud83c\udff3\ufe0f\u200b\u26a7\ufe0f")?!1:!n(e,"\ud83c\uddfa\ud83c\uddf3","\ud83c\uddfa\u200b\ud83c\uddf3")&&!n(e,"\ud83c\udff4\udb40\udc67\udb40\udc62\udb40\udc65\udb40\udc6e\udb40\udc67\udb40\udc7f","\ud83c\udff4\u200b\udb40\udc67\u200b\udb40\udc62\u200b\udb40\udc65\u200b\udb40\udc6e\u200b\udb40\udc67\u200b\udb40\udc7f");case"emoji":return!n(e,"\ud83d\udc26\u200d\u2b1b","\ud83d\udc26\u200b\u2b1b")}return!1}function f(e,t,n){var r="undefined"!=typeof WorkerGlobalScope&&self instanceof WorkerGlobalScope?new OffscreenCanvas(300,150):i.createElement("canvas"),a=r.getContext("2d",{willReadFrequently:!0}),o=(a.textBaseline="top",a.font="600 32px Arial",{});return e.forEach(function(e){o[e]=t(a,e,n)}),o}function t(e){var t=i.createElement("script");t.src=e,t.defer=!0,i.head.appendChild(t)}"undefined"!=typeof Promise&&(o="wpEmojiSettingsSupports",s=["flag","emoji"],n.supports={everything:!0,everythingExceptFlag:!0},e=new Promise(function(e){i.addEventListener("DOMContentLoaded",e,{once:!0})}),new Promise(function(t){var n=function(){try{var e=JSON.parse(sessionStorage.getItem(o));if("object"==typeof e&&"number"==typeof e.timestamp&&(new Date).valueOf()<e.timestamp+604800&&"object"==typeof e.supportTests)return e.supportTests}catch(e){}return null}();if(!n){if("undefined"!=typeof Worker&&"undefined"!=typeof OffscreenCanvas&&"undefined"!=typeof URL&&URL.createObjectURL&&"undefined"!=typeof Blob)try{var e="postMessage("+f.toString()+"("+[JSON.stringify(s),u.toString(),p.toString()].join(",")+"));",r=new Blob([e],{type:"text/javascript"}),a=new Worker(URL.createObjectURL(r),{name:"wpTestEmojiSupports"});return void(a.onmessage=function(e){c(n=e.data),a.terminate(),t(n)})}catch(e){}c(n=f(s,u,p))}t(n)}).then(function(e){for(var t in e)n.supports[t]=e[t],n.supports.everything=n.supports.everything&&n.supports[t],"flag"!==t&&(n.supports.everythingExceptFlag=n.supports.everythingExceptFlag&&n.supports[t]);n.supports.everythingExceptFlag=n.supports.everythingExceptFlag&&!n.supports.flag,n.DOMReady=!1,n.readyCallback=function(){n.DOMReady=!0}}).then(function(){return e}).then(function(){var e;n.supports.everything||(n.readyCallback(),(e=n.source||{}).concatemoji?t(e.concatemoji):e.wpemoji&&e.twemoji&&(t(e.twemoji),t(e.wpemoji)))}))}((window,document),window._wpemojiSettings); /* ]]> */ </script> <style id='wp-emoji-styles-inline-css' type='text/css'> img.wp-smiley, img.emoji { display: inline !important; border: none !important; box-shadow: none !important; height: 1em !important; width: 1em !important; margin: 0 0.07em !important; vertical-align: -0.1em !important; background: none !important; padding: 0 !important; } </style> <link rel='stylesheet' id='breakdance-global-block-css-css' href='https://fideres.com/wp-content/plugins/breakdance/plugin/gutenberg/blocks/dist/blocks.style.build.css?ver=1729499050' type='text/css' media='all' /> <link rel='stylesheet' id='mpp_gutenberg-css' href='https://fideres.com/wp-content/plugins/metronet-profile-picture/dist/blocks.style.build.css?ver=2.6.0' type='text/css' media='all' /> <link rel='stylesheet' id='research-posts-loader-style-css' href='https://fideres.com/wp-content/plugins/New%20folder%20(11)/css/styles.css?ver=6.7.2' type='text/css' media='all' /> <link rel='stylesheet' id='ctf_styles-css' href='https://fideres.com/wp-content/plugins/custom-twitter-feeds/css/ctf-styles.min.css?ver=2.2.5' type='text/css' media='all' /> <link rel='stylesheet' id='uaf_client_css-css' href='https://fideres.com/wp-content/uploads/useanyfont/uaf.css?ver=1729092182' type='text/css' media='all' /> <style id='wpgb-head-inline-css' type='text/css'> .wp-grid-builder:not(.wpgb-template),.wpgb-facet{opacity:0.01}.wpgb-facet fieldset{margin:0;padding:0;border:none;outline:none;box-shadow:none}.wpgb-facet fieldset:last-child{margin-bottom:40px;}.wpgb-facet fieldset legend.wpgb-sr-only{height:1px;width:1px} </style> <link rel='stylesheet' id='ivory-search-styles-css' href='https://fideres.com/wp-content/plugins/add-search-to-menu/public/css/ivory-search.min.css?ver=5.5.7' type='text/css' media='all' /> <link rel='stylesheet' id='tablepress-default-css' href='https://fideres.com/wp-content/tablepress-combined.min.css?ver=18' type='text/css' media='all' /> <link rel='stylesheet' id='um_modal-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-modal.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_ui-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/jquery-ui/jquery-ui.min.css?ver=1.13.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_tipsy-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/tipsy/tipsy.min.css?ver=1.0.0a' type='text/css' media='all' /> <link rel='stylesheet' id='um_raty-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/raty/um-raty.min.css?ver=2.6.0' type='text/css' media='all' /> <link rel='stylesheet' id='select2-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/select2/select2.min.css?ver=4.0.13' type='text/css' media='all' /> <link rel='stylesheet' id='um_fileupload-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-fileupload.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_confirm-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/um-confirm/um-confirm.min.css?ver=1.0' type='text/css' media='all' /> <link rel='stylesheet' id='um_datetime-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/default.min.css?ver=3.6.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_datetime_date-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/default.date.min.css?ver=3.6.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_datetime_time-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/default.time.min.css?ver=3.6.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_fonticons_ii-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/legacy/fonticons/fonticons-ii.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_fonticons_fa-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/legacy/fonticons/fonticons-fa.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_fontawesome-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-fontawesome.min.css?ver=6.5.2' type='text/css' media='all' /> <link rel='stylesheet' id='um_common-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/common.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_responsive-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-responsive.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_styles-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-styles.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_crop-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/cropper/cropper.min.css?ver=1.6.1' type='text/css' media='all' /> <link rel='stylesheet' id='um_profile-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-profile.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_account-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-account.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_misc-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-misc.min.css?ver=2.8.9' type='text/css' media='all' /> <link rel='stylesheet' id='um_default_css-css' href='https://fideres.com/wp-content/plugins/ultimate-member/assets/css/um-old-default.min.css?ver=2.8.9' type='text/css' media='all' /> <script type="text/javascript" src="https://fideres.com/wp-includes/js/jquery/jquery.min.js?ver=3.7.1" id="jquery-core-js"></script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/jquery/jquery-migrate.min.js?ver=3.4.1" id="jquery-migrate-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-gdpr.min.js?ver=2.8.9" id="um-gdpr-js"></script> <link rel="https://api.w.org/" href="https://fideres.com/wp-json/" /><link rel="alternate" title="JSON" type="application/json" href="https://fideres.com/wp-json/wp/v2/posts/38594" /><link rel="EditURI" type="application/rsd+xml" title="RSD" href="https://fideres.com/xmlrpc.php?rsd" /> <meta name="generator" content="WordPress 6.7.2" /> <link rel='shortlink' href='https://fideres.com/?p=38594' /> <link rel="alternate" title="oEmbed (JSON)" type="application/json+oembed" href="https://fideres.com/wp-json/oembed/1.0/embed?url=https%3A%2F%2Ffideres.com%2Fare-piano-buyers-being-played_%2F" /> <link rel="alternate" title="oEmbed (XML)" type="text/xml+oembed" href="https://fideres.com/wp-json/oembed/1.0/embed?url=https%3A%2F%2Ffideres.com%2Fare-piano-buyers-being-played_%2F&format=xml" />  <script async src=https://www.googletagmanager.com/gtag/js?id=G-6CW6CZ6SBJ></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'G-6CW6CZ6SBJ'); </script> <style type="text/css"> .um_request_name { display: none !important; } </style> <noscript><style>.wp-grid-builder .wpgb-card.wpgb-card-hidden .wpgb-card-wrapper{opacity:1!important;visibility:visible!important;transform:none!important}.wpgb-facet {opacity:1!important;pointer-events:auto!important}.wpgb-facet *:not(.wpgb-pagination-facet){display:none}</style></noscript> <style type="text/css">.pp-podcast {opacity: 0;}</style> <style type="text/css">.saboxplugin-wrap{-webkit-box-sizing:border-box;-moz-box-sizing:border-box;-ms-box-sizing:border-box;box-sizing:border-box;border:1px solid #eee;width:100%;clear:both;display:block;overflow:hidden;word-wrap:break-word;position:relative}.saboxplugin-wrap .saboxplugin-gravatar{float:left;padding:0 20px 20px 20px}.saboxplugin-wrap .saboxplugin-gravatar img{max-width:100px;height:auto;border-radius:0;}.saboxplugin-wrap .saboxplugin-authorname{font-size:18px;line-height:1;margin:20px 0 0 20px;display:block}.saboxplugin-wrap .saboxplugin-authorname a{text-decoration:none}.saboxplugin-wrap .saboxplugin-authorname a:focus{outline:0}.saboxplugin-wrap .saboxplugin-desc{display:block;margin:5px 20px}.saboxplugin-wrap .saboxplugin-desc a{text-decoration:underline}.saboxplugin-wrap .saboxplugin-desc p{margin:5px 0 12px}.saboxplugin-wrap .saboxplugin-web{margin:0 20px 15px;text-align:left}.saboxplugin-wrap .sab-web-position{text-align:right}.saboxplugin-wrap .saboxplugin-web a{color:#ccc;text-decoration:none}.saboxplugin-wrap .saboxplugin-socials{position:relative;display:block;background:#fcfcfc;padding:5px;border-top:1px solid #eee}.saboxplugin-wrap .saboxplugin-socials a svg{width:20px;height:20px}.saboxplugin-wrap .saboxplugin-socials a svg .st2{fill:#fff; transform-origin:center center;}.saboxplugin-wrap .saboxplugin-socials a svg .st1{fill:rgba(0,0,0,.3)}.saboxplugin-wrap .saboxplugin-socials a:hover{opacity:.8;-webkit-transition:opacity .4s;-moz-transition:opacity .4s;-o-transition:opacity .4s;transition:opacity .4s;box-shadow:none!important;-webkit-box-shadow:none!important}.saboxplugin-wrap .saboxplugin-socials .saboxplugin-icon-color{box-shadow:none;padding:0;border:0;-webkit-transition:opacity .4s;-moz-transition:opacity .4s;-o-transition:opacity .4s;transition:opacity .4s;display:inline-block;color:#fff;font-size:0;text-decoration:inherit;margin:5px;-webkit-border-radius:0;-moz-border-radius:0;-ms-border-radius:0;-o-border-radius:0;border-radius:0;overflow:hidden}.saboxplugin-wrap .saboxplugin-socials .saboxplugin-icon-grey{text-decoration:inherit;box-shadow:none;position:relative;display:-moz-inline-stack;display:inline-block;vertical-align:middle;zoom:1;margin:10px 5px;color:#444;fill:#444}.clearfix:after,.clearfix:before{content:' ';display:table;line-height:0;clear:both}.ie7 .clearfix{zoom:1}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-twitch{border-color:#38245c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-addthis{border-color:#e91c00}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-behance{border-color:#003eb0}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-delicious{border-color:#06c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-deviantart{border-color:#036824}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-digg{border-color:#00327c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-dribbble{border-color:#ba1655}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-facebook{border-color:#1e2e4f}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-flickr{border-color:#003576}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-github{border-color:#264874}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-google{border-color:#0b51c5}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-googleplus{border-color:#96271a}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-html5{border-color:#902e13}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-instagram{border-color:#1630aa}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-linkedin{border-color:#00344f}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-pinterest{border-color:#5b040e}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-reddit{border-color:#992900}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-rss{border-color:#a43b0a}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-sharethis{border-color:#5d8420}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-skype{border-color:#00658a}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-soundcloud{border-color:#995200}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-spotify{border-color:#0f612c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-stackoverflow{border-color:#a95009}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-steam{border-color:#006388}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-user_email{border-color:#b84e05}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-stumbleUpon{border-color:#9b280e}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-tumblr{border-color:#10151b}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-twitter{border-color:#0967a0}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-vimeo{border-color:#0d7091}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-windows{border-color:#003f71}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-whatsapp{border-color:#003f71}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-wordpress{border-color:#0f3647}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-yahoo{border-color:#14002d}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-youtube{border-color:#900}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-xing{border-color:#000202}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-mixcloud{border-color:#2475a0}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-vk{border-color:#243549}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-medium{border-color:#00452c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-quora{border-color:#420e00}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-meetup{border-color:#9b181c}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-goodreads{border-color:#000}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-snapchat{border-color:#999700}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-500px{border-color:#00557f}.saboxplugin-socials.sabox-colored .saboxplugin-icon-color .sab-mastodont{border-color:#185886}.sabox-plus-item{margin-bottom:20px}@media screen and (max-width:480px){.saboxplugin-wrap{text-align:center}.saboxplugin-wrap .saboxplugin-gravatar{float:none;padding:20px 0;text-align:center;margin:0 auto;display:block}.saboxplugin-wrap .saboxplugin-gravatar img{float:none;display:inline-block;display:-moz-inline-stack;vertical-align:middle;zoom:1}.saboxplugin-wrap .saboxplugin-desc{margin:0 10px 20px;text-align:center}.saboxplugin-wrap .saboxplugin-authorname{text-align:center;margin:10px 0 20px}}body .saboxplugin-authorname a,body .saboxplugin-authorname a:hover{box-shadow:none;-webkit-box-shadow:none}a.sab-profile-edit{font-size:16px!important;line-height:1!important}.sab-edit-settings a,a.sab-profile-edit{color:#0073aa!important;box-shadow:none!important;-webkit-box-shadow:none!important}.sab-edit-settings{margin-right:15px;position:absolute;right:0;z-index:2;bottom:10px;line-height:20px}.sab-edit-settings i{margin-left:5px}.saboxplugin-socials{line-height:1!important}.rtl .saboxplugin-wrap .saboxplugin-gravatar{float:right}.rtl .saboxplugin-wrap .saboxplugin-authorname{display:flex;align-items:center}.rtl .saboxplugin-wrap .saboxplugin-authorname .sab-profile-edit{margin-right:10px}.rtl .sab-edit-settings{right:auto;left:0}img.sab-custom-avatar{max-width:75px;}.saboxplugin-wrap {margin-top:20px; margin-bottom:0px; padding: 0px 0px }.saboxplugin-wrap .saboxplugin-authorname {font-size:18px; line-height:25px;}.saboxplugin-wrap .saboxplugin-desc p, .saboxplugin-wrap .saboxplugin-desc {font-size:14px !important; line-height:21px !important;}.saboxplugin-wrap .saboxplugin-web {font-size:14px;}.saboxplugin-wrap .saboxplugin-socials a svg {width:18px;height:18px;}</style><link rel="icon" href="https://fideres.com/wp-content/uploads/2022/01/cropped-fav-1-32x32.png" sizes="32x32" /> <link rel="icon" href="https://fideres.com/wp-content/uploads/2022/01/cropped-fav-1-192x192.png" sizes="192x192" /> <link rel="apple-touch-icon" href="https://fideres.com/wp-content/uploads/2022/01/cropped-fav-1-180x180.png" /> <meta name="msapplication-TileImage" content="https://fideres.com/wp-content/uploads/2022/01/cropped-fav-1-270x270.png" /> <style type="text/css" id="wp-custom-css"> h4 {font-weight:100;color:#717171!important;} .scrolltable { overflow-x: auto; white-space: nowrap; -webkit-overflow-scrolling: touch; /* Smooth scrolling on iOS */ } .dataTables_scrollHeadInner {width:100%!important;} .tablepress th {background-color:#535776!important; font-weight:300; border: 1px solid white; color:white; text-align:center;} .tablepress tr:nth-child(even) td { background-color: #F2F2F2; text-align:center; } .tablepress tr:nth-child(odd) td { background-color: #D7D7D7; text-align:center; } .tablepress td { border: 1px solid white!important;} .saboxplugin-authorname {pointer-events:none;} .um-right {display:none;} .um-half {width:100%!important;} input[type="radio"][value="TELEGRAM"] { display: none; } .bde-social-share-button-twitter svg {display:none;} .bde-social-share-button-twitter :before {content:url('https://fideres.com/wp-content/uploads/2023/11/twitter-1.png')} @media (min-width: 768px) { .prop .bde-simple-counter__digit {margin-left:-21.5px!important;}} @media (max-width: 768px) { .prop .bde-simple-counter__digit {margin-left:-10.5px!important;}} #is-search-input-37577 { border: none!important; border-bottom: 2px solid orange!important; outline: none!important; /* Removes the default focus outline */ } .is-search-input::placeholder { color: grey; font-size:30px; } @media (max-width: 768px) { .is-search-input::placeholder { font-size: 20px; } } a {font-weight:300;} .aligncenter{ display: block; margin-left: auto; margin-right: auto; } .wpdt-c.wpDataTableContainerSimpleTable .wpdtSimpleTable.wpDataTable {width:100%!important;} .bde-rich-text.breakdance-rich-text-styles ul { padding-left:0px!important; list-style: none; } .bde-rich-text.breakdance-rich-text-styles ul li { position: relative; padding-left: 14px; padding-bottom:5px; margin-top:0px!important; } .bde-rich-text.breakdance-rich-text-styles ul li p{ margin-top:0px;margin-bottom:1px; } .bde-rich-text.breakdance-rich-text-styles ul li:before { content: ""; position: absolute; left: 0; top: 8px; /* Align with the top of the text */ width: 5px; height: 5px; background-color: #f47836; } .lang-item-341 { position: relative; display: inline-block; /* Add any other styling you need for the list item */ } .lang-item-341::after { content: "Italian"; font-size:12px; background-color: #333; color: white; padding: 5px; position: absolute; z-index: 1; bottom: 100%; left: 50%; transform: translateX(-50%); opacity: 0; visibility: hidden; transition: opacity 0.2s ease, visibility 0.2s ease; } .lang-item-341:hover::after { opacity: 1; visibility: visible; } .lang-item-344 { position: relative; display: inline-block; /* Add any other styling you need for the list item */ } .lang-item-344::after { content: "Spanish"; font-size:12px; background-color: #333; color: white; padding: 5px; position: absolute; z-index: 1; bottom: 100%; left: 50%; transform: translateX(-50%); opacity: 0; visibility: hidden; transition: opacity 0.2s ease, visibility 0.2s ease; } .lang-item-344:hover::after { opacity: 1; visibility: visible; } .lang-item-348 { position: relative; display: inline-block; /* Add any other styling you need for the list item */ } .lang-item-348::after { content: "English"; font-size:12px; background-color: #333; color: white; padding: 5px; position: absolute; z-index: 1; bottom: 100%; left: 50%; transform: translateX(-50%); opacity: 0; visibility: hidden; transition: opacity 0.2s ease, visibility 0.2s ease; } .lang-item-348:hover::after { opacity: 1; visibility: visible; } @media only screen and (max-width: 768px) { /* Ensure all table wrappers use full width */ .dataTables_wrapper { width: 100% !important; overflow-x: auto; } /* Ensure all tables take full width */ .dataTables_wrapper .dataTables_scroll, .dataTables_wrapper .dataTables_scrollBody, .dataTables_wrapper .dataTables_scrollHead, .dataTables_wrapper .dataTables_scrollHeadInner, .dataTables_wrapper .dataTables_scrollBody table, .dataTables_wrapper .dataTables_scrollFootInner { width: 100% !important; min-width: 600px; /* Prevent excessive shrinkage */ box-sizing: border-box; } /* Force equal column widths */ .dataTables_wrapper th, .dataTables_wrapper td { width: auto !important; word-wrap: break-word; text-align: left; padding: 10px; } /* Ensure table layout remains fixed */ .dataTables_wrapper table { table-layout: fixed !important; display: table; } /* Sync header and body row heights */ .dataTables_scrollHeadInner table thead tr, .dataTables_scrollBody table tbody tr { display: table-row; } } </style>  <link rel="stylesheet" href="https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/breakdance-fancy-background@1/fancy-background.css?bd_ver=1.7.2" /> <link rel="stylesheet" href="https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/awesome-form@1/css/form.css?bd_ver=1.7.2" /> <link rel="stylesheet" href="https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/awesome-menu@1/awesome-menu.css?bd_ver=1.7.2" /> <link rel="stylesheet" href="https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/popups@1/popups.css?bd_ver=1.7.2" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-36062-defaults.css?v=4d39ce9c429af7591593a81c552d8556" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-35993-defaults.css?v=1c4d34f7489f8fe366e5bebf9f7b3e25" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-37010-defaults.css?v=627e65727f88a7312a6c9b69ebc82dbd" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34868-defaults.css?v=7a2c6d9b1d3cf87e694ccec661b6a5b0" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34994-defaults.css?v=ad7549c4e71db512f09081b6b9f0e6ef" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-37594-defaults.css?v=7163837c41857a896c9bdd4cbc65c7ea" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34948-defaults.css?v=0ae69622fcba6921986bc2138777bb0d" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/global-settings.css?v=be7f917c79685aa178d1dbbfa2ee2311" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/selectors.css?v=772a728a32e477452458221341cacce6" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-36062.css?v=2cd3981eda15f64c162d1a51a7c8c676" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-35993.css?v=974b42c7b3dc1d3062beb1139bc4fb90" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-37010.css?v=24e83ad950b19230a7ddb8c977a14b1b" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34868.css?v=71f79e1bedc72efc5f68e6b67ba138e1" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34994.css?v=98edc292c26d00c95a3a245769f58c27" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-37594.css?v=f62adc11f80a48a0ac5d6ea6b5f3c5a3" /> <link rel="stylesheet" href="https://fideres.com/wp-content/uploads/breakdance/css/post-34948.css?v=3b421be296ddc54859a9e3416e5da66a" />  <style type="text/css"> </style> </head> <body class="post-template-default single single-post postid-38594 single-format-standard breakdance breakdance-zero"> <header class="bde-header-builder-34868-102 bde-header-builder bde-header-builder--sticky-scroll-slide"> <div class="bde-header-builder__container"><div class="bde-image-34868-103 bde-image"> <figure class="breakdance-image breakdance-image--34873"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <a class="breakdance-image-link breakdance-image-link--url" href="https://fideres.com/" target="_self" rel="noopener" data-sub-html="" data-lg-size="-"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" width="450" height="180" srcset="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png 450w, https://fideres.com/wp-content/uploads/2023/08/logo-dark-1-300x120.png 300w" > </a> </div> </div> </figure> </div><div class="bde-div-34868-130 bde-div"> <div class="bde-wp-menu-34868-109 bde-wp-menu"> <nav class="breakdance-menu breakdance-menu--collapse "> <button class="breakdance-menu-toggle breakdance-menu-toggle--squeeze" type="button" aria-label="Open Menu" aria-expanded="false" aria-controls="menu-109"> <span class="breakdance-menu-toggle-icon"> <span class="breakdance-menu-toggle-lines"></span> </span> </button> <ul class="breakdance-menu-list" id="menu-109"> <li class="breakdance-menu-topbar"> <span class="breakdance-menu-topbar-logo"> <img src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" alt="" /> </span> <button class="breakdance-menu-close-button" type="button">Close</button> </li> <li id="menu-item-26512" class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26512 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Expertise</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Expertise Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li id="menu-item-31507" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-31507 breakdance-dropdown-item"><a href="https://fideres.com/expertise/competition-economics/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Competition Economics</span></a></li> <li id="menu-item-26713" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26713 breakdance-dropdown-item"><a href="https://fideres.com/expertise/digital-markets/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Digital Markets</span></a></li> <li id="menu-item-26712" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26712 breakdance-dropdown-item"><a href="https://fideres.com/expertise/discrimination/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Discrimination</span></a></li> <li id="menu-item-26711" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26711 breakdance-dropdown-item"><a href="https://fideres.com/expertise/financial-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Financial Litigation</span></a></li> <li id="menu-item-26710" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26710 breakdance-dropdown-item"><a href="https://fideres.com/expertise/securities-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Securities Litigation</span></a></li> </ul> </div> </div> </div></li> <li id="menu-item-44" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-44 breakdance-menu-item"><a href="https://fideres.com/how-we-add-value/" class="breakdance-menu-link">How We Add Value</a></li> <li id="menu-item-47" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-47 breakdance-menu-item"><a href="https://fideres.com/our-research/" class="breakdance-menu-link">Our Research</a></li> <li id="menu-item-26514" class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26514 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Media</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Media Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li id="menu-item-19085" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-19085 breakdance-dropdown-item"><a href="https://fideres.com/media/news/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">News</span></a></li> <li id="menu-item-37512" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-37512 breakdance-dropdown-item"><a href="https://fideres.com/videos/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Videos</span></a></li> </ul> </div> </div> </div></li> <li id="menu-item-18740" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-18740 breakdance-menu-item"><a href="https://fideres.com/careers/" class="breakdance-menu-link">Careers</a></li> <li id="menu-item-26513" class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26513 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">About Us</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="About Us Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li id="menu-item-35956" class="menu-item menu-item-type-custom menu-item-object-custom menu-item-35956 breakdance-dropdown-item"><a href="/about-us/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">About Us</span></a></li> <li id="menu-item-35973" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35973 breakdance-dropdown-item"><a href="https://fideres.com/our-professionals/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Professionals</span></a></li> <li id="menu-item-35989" class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35989 breakdance-dropdown-item"><a href="https://fideres.com/our-offices/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Offices</span></a></li> </ul> </div> </div> </div></li> </ul> </nav> </div><div class="bce-polylang-languages-34868-138 bce-polylang-languages language-switcher"> <ul> <li class="lang-item lang-item-341 lang-item-it lang-item-first"><a lang="it-IT" hreflang="it-IT" href="https://fideres.com/it/are-piano-buyers-being-played_/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAUVBMVEUAiQAAgADk5OTe3t7vAAB3yXf9/f36+vr5Vlb3RkZjwWNYvVj4+Pj1MzP1KChQuFD1GxviAABHtUf19fXzDw4/sT8AcAA2qzYAWgDLy8vDw8ObXclsAAAAVElEQVR4AQXBSwoCQRQEsNT70CC69P5XdCUMA2ISSAiBWAQScg8bN7GJWxFDrCivwhCLMipGx3LKUOi2HAZluy2HgXprxQGfGL6G63B5MJ5FCD/4A3DaCLvbBle5AAAAAElFTkSuQmCC" alt="Italiano" width="16" height="11" style="width: 16px; height: 11px;" /></a></li> <li class="lang-item lang-item-344 lang-item-es"><a lang="es-ES" hreflang="es-ES" href="https://fideres.com/es/are-piano-buyers-being-played_/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAflBMVEX/AAD9AAD3AADxAADrAAD/eXn9bGz8YWH8WVn6UVH5SEj5Pz/3NDT0Kir9/QD+/nL+/lT18lDt4Uf6+j/39zD39yf19R3n5wDxflXsZ1Pt4Y3x8zr0wbLs1NXz8xPj4wD37t3jmkvsUU/Bz6nrykm3vJ72IiL0FBTyDAvhAABEt4UZAAAAX0lEQVR4AQXBQUrFQBBAwXqTDkYE94Jb73+qfwVRcYxVQRBRToiUfoaVpGTrtdS9SO0Z9FR9lVy/g5c99+dKl30N5uxPuviexXEc9/msC7TOkd4kHu/Dlh4itCJ8AP4B0w4Qwmm7CFQAAAAASUVORK5CYII=" alt="Español" width="16" height="11" style="width: 16px; height: 11px;" /></a></li> </ul> </div> </div><div class="bde-icon-34868-146 bde-icon"> <a class="breakdance-link bde-icon-icon breakdance-icon-atom" href="#" target="_self" data-type="action" data-action='{"type":"popup","popupOptions":{"popupId":"37594","popupAction":"open"}}' > <svg xmlns="http://www.w3.org/2000/svg" id="icon-search" viewBox="0 0 32 32"> <path d="M31.008 27.231l-7.58-6.447c-0.784-0.705-1.622-1.029-2.299-0.998 1.789-2.096 2.87-4.815 2.87-7.787 0-6.627-5.373-12-12-12s-12 5.373-12 12 5.373 12 12 12c2.972 0 5.691-1.081 7.787-2.87-0.031 0.677 0.293 1.515 0.998 2.299l6.447 7.58c1.104 1.226 2.907 1.33 4.007 0.23s0.997-2.903-0.23-4.007zM12 20c-4.418 0-8-3.582-8-8s3.582-8 8-8 8 3.582 8 8-3.582 8-8 8z"/> </svg> </a> </div><div class="bde-icon-34868-121 bde-icon"> <a class="breakdance-link bde-icon-icon breakdance-icon-atom" href="#" target="_self" data-type="action" data-action='{"type":"popup","popupOptions":{"popupId":"34948","popupAction":"open"}}' > <svg xmlns="http://www.w3.org/2000/svg" fill="none" height="512" viewBox="0 0 24 24" width="512"><path clip-rule="evenodd" d="m3 6c0-.55228.44772-1 1-1h16c.5523 0 1 .44772 1 1s-.4477 1-1 1h-16c-.55228 0-1-.44772-1-1zm0 6c0-.5523.44772-1 1-1h10c.5523 0 1 .4477 1 1s-.4477 1-1 1h-10c-.55228 0-1-.4477-1-1zm0 6c0-.5523.44772-1 1-1h5c.55228 0 1 .4477 1 1s-.44772 1-1 1h-5c-.55228 0-1-.4477-1-1z" fill="rgb(0,0,0)" fill-rule="evenodd"/></svg> </a> </div></div> </header><header class="bde-header-builder-34868-122 bde-header-builder bde-header-builder--sticky bde-header-builder--sticky-scroll-slide bde-header-builder--sticky-styles bde-header-builder--sticky-scroll-start-off-hidden bde-header-builder--sticky-scroll-hide" data-sticky-hide-until-scroll-distance="300"> <div class="bde-header-builder__container"><div class="bde-image-34868-142 bde-image"> <figure class="breakdance-image breakdance-image--34873"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <a class="breakdance-image-link breakdance-image-link--url" href="https://fideres.com/" target="_self" rel="noopener" data-sub-html="" data-lg-size="-"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" width="450" height="180" srcset="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png 450w, https://fideres.com/wp-content/uploads/2023/08/logo-dark-1-300x120.png 300w" > </a> </div> </div> </figure> </div><div class="bde-div-34868-133 bde-div"> <div class="bde-wp-menu-34868-134 bde-wp-menu"> <nav class="breakdance-menu breakdance-menu--collapse "> <button class="breakdance-menu-toggle breakdance-menu-toggle--squeeze" type="button" aria-label="Open Menu" aria-expanded="false" aria-controls="menu-134"> <span class="breakdance-menu-toggle-icon"> <span class="breakdance-menu-toggle-lines"></span> </span> </button> <ul class="breakdance-menu-list" id="menu-134"> <li class="breakdance-menu-topbar"> <span class="breakdance-menu-topbar-logo"> <img src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" alt="" /> </span> <button class="breakdance-menu-close-button" type="button">Close</button> </li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26512 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Expertise</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Expertise Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-31507 breakdance-dropdown-item"><a href="https://fideres.com/expertise/competition-economics/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Competition Economics</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26713 breakdance-dropdown-item"><a href="https://fideres.com/expertise/digital-markets/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Digital Markets</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26712 breakdance-dropdown-item"><a href="https://fideres.com/expertise/discrimination/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Discrimination</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26711 breakdance-dropdown-item"><a href="https://fideres.com/expertise/financial-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Financial Litigation</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26710 breakdance-dropdown-item"><a href="https://fideres.com/expertise/securities-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Securities Litigation</span></a></li> </ul> </div> </div> </div></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-44 breakdance-menu-item"><a href="https://fideres.com/how-we-add-value/" class="breakdance-menu-link">How We Add Value</a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-47 breakdance-menu-item"><a href="https://fideres.com/our-research/" class="breakdance-menu-link">Our Research</a></li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26514 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Media</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Media Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-19085 breakdance-dropdown-item"><a href="https://fideres.com/media/news/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">News</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-37512 breakdance-dropdown-item"><a href="https://fideres.com/videos/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Videos</span></a></li> </ul> </div> </div> </div></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-18740 breakdance-menu-item"><a href="https://fideres.com/careers/" class="breakdance-menu-link">Careers</a></li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26513 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">About Us</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="About Us Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-35956 breakdance-dropdown-item"><a href="/about-us/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">About Us</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35973 breakdance-dropdown-item"><a href="https://fideres.com/our-professionals/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Professionals</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35989 breakdance-dropdown-item"><a href="https://fideres.com/our-offices/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Offices</span></a></li> </ul> </div> </div> </div></li> </ul> </nav> </div><div class="bce-polylang-languages-34868-137 bce-polylang-languages"> <ul> <li class="lang-item lang-item-341 lang-item-it lang-item-first"><a lang="it-IT" hreflang="it-IT" href="https://fideres.com/it/are-piano-buyers-being-played_/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAUVBMVEUAiQAAgADk5OTe3t7vAAB3yXf9/f36+vr5Vlb3RkZjwWNYvVj4+Pj1MzP1KChQuFD1GxviAABHtUf19fXzDw4/sT8AcAA2qzYAWgDLy8vDw8ObXclsAAAAVElEQVR4AQXBSwoCQRQEsNT70CC69P5XdCUMA2ISSAiBWAQScg8bN7GJWxFDrCivwhCLMipGx3LKUOi2HAZluy2HgXprxQGfGL6G63B5MJ5FCD/4A3DaCLvbBle5AAAAAElFTkSuQmCC" alt="Italiano" width="16" height="11" style="width: 16px; height: 11px;" /></a></li> <li class="lang-item lang-item-344 lang-item-es"><a lang="es-ES" hreflang="es-ES" href="https://fideres.com/es/are-piano-buyers-being-played_/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAflBMVEX/AAD9AAD3AADxAADrAAD/eXn9bGz8YWH8WVn6UVH5SEj5Pz/3NDT0Kir9/QD+/nL+/lT18lDt4Uf6+j/39zD39yf19R3n5wDxflXsZ1Pt4Y3x8zr0wbLs1NXz8xPj4wD37t3jmkvsUU/Bz6nrykm3vJ72IiL0FBTyDAvhAABEt4UZAAAAX0lEQVR4AQXBQUrFQBBAwXqTDkYE94Jb73+qfwVRcYxVQRBRToiUfoaVpGTrtdS9SO0Z9FR9lVy/g5c99+dKl30N5uxPuviexXEc9/msC7TOkd4kHu/Dlh4itCJ8AP4B0w4Qwmm7CFQAAAAASUVORK5CYII=" alt="Español" width="16" height="11" style="width: 16px; height: 11px;" /></a></li> </ul> </div> </div><div class="bde-search-form-34868-126 bde-search-form"> <button aria-label="Toggle search" aria-expanded="false" aria-controls="search-form-126" class="search-form__button search-form__button--full-screen js-search-form-expand-button"> <svg width="100%" aria-hidden="true" class="search-form__icon--search" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path d="M504.1 471l-134-134C399.1 301.5 415.1 256.8 415.1 208c0-114.9-93.13-208-208-208S-.0002 93.13-.0002 208S93.12 416 207.1 416c48.79 0 93.55-16.91 129-45.04l134 134C475.7 509.7 481.9 512 488 512s12.28-2.344 16.97-7.031C514.3 495.6 514.3 480.4 504.1 471zM48 208c0-88.22 71.78-160 160-160s160 71.78 160 160s-71.78 160-160 160S48 296.2 48 208z"/></svg> </button> <form id="search-form-126" role="search" method="get" data-type="full-screen" aria-hidden="true" class="js-search-form search-form search-form--full-screen" action="https://fideres.com"> <div class="search-form__container"> <label class="screen-reader-text" for="search-form-126">Search for:</label> <div class="search-form__lightbox"> <div role="button" class="search-form__lightbox-close js-search-form-close"> <svg width="100%" aria-hidden="true" class="search-form__icon--close" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 320 512"><path d="M312.1 375c9.369 9.369 9.369 24.57 0 33.94s-24.57 9.369-33.94 0L160 289.9l-119 119c-9.369 9.369-24.57 9.369-33.94 0s-9.369-24.57 0-33.94L126.1 256L7.027 136.1c-9.369-9.369-9.369-24.57 0-33.94s24.57-9.369 33.94 0L160 222.1l119-119c9.369-9.369 24.57-9.369 33.94 0s9.369 24.57 0 33.94L193.9 256L312.1 375z"/></svg> </div> <div class="search-form__lightbox-bg js-search-form-lightbox-bg"></div> <div class="search-form__lightbox-container"> <button type="submit" class="search-form__lightbox-button"> <svg width="100%" aria-hidden="true" class="search-form__icon--search" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path d="M504.1 471l-134-134C399.1 301.5 415.1 256.8 415.1 208c0-114.9-93.13-208-208-208S-.0002 93.13-.0002 208S93.12 416 207.1 416c48.79 0 93.55-16.91 129-45.04l134 134C475.7 509.7 481.9 512 488 512s12.28-2.344 16.97-7.031C514.3 495.6 514.3 480.4 504.1 471zM48 208c0-88.22 71.78-160 160-160s160 71.78 160 160s-71.78 160-160 160S48 296.2 48 208z"/></svg> </button> <input type="text" id="search-form-search-field-126" class="js-search-form-field search-form__field" placeholder="Search" value="" name="s" /> </div> </div> </div> </form> </div><div class="bde-icon-34868-127 bde-icon"> <a class="breakdance-link bde-icon-icon breakdance-icon-atom" href="#" target="_self" data-type="action" data-action='{"type":"popup","popupOptions":{"popupId":"34948","popupAction":"open"}}' > <svg xmlns="http://www.w3.org/2000/svg" fill="none" height="512" viewBox="0 0 24 24" width="512"><path clip-rule="evenodd" d="m3 6c0-.55228.44772-1 1-1h16c.5523 0 1 .44772 1 1s-.4477 1-1 1h-16c-.55228 0-1-.44772-1-1zm0 6c0-.5523.44772-1 1-1h10c.5523 0 1 .4477 1 1s-.4477 1-1 1h-10c-.55228 0-1-.4477-1-1zm0 6c0-.5523.44772-1 1-1h5c.55228 0 1 .4477 1 1s-.44772 1-1 1h-5c-.55228 0-1-.4477-1-1z" fill="rgb(0,0,0)" fill-rule="evenodd"/></svg> </a> </div></div> </header><style>.breakdance .bde-section-36062-100{background-color:#616161;background-image:url(https://fideres.com/wp-content/uploads/2024/06/steinway_image.png);background-repeat:no-repeat;background-position:center center}.breakdance .bde-section-36062-100>.section-background-overlay{background:linear-gradient(99deg,rgba(0,0,0,1) 0%,rgba(0,0,0,0) 100%)}.breakdance .bde-section-36062-100>.section-background-overlay{opacity:0.7}</style><section class="bde-section-36062-100 bde-section"> <div class="section-background-overlay"></div> <div class="section-container"><h1 class="bde-heading-36062-101 bde-heading"> Are Piano Buyers Being Played? </h1><div class="bde-div-36062-120 bde-div"> <ul class="bde-post-meta-36062-102 bde-post-meta"> <li class="ee-postmeta-author-wrap"> <span class="ee-postmeta-author"><span class="ee-postmeta-before">By </span>Ludovica Paradisi</span> </li> <li class="ee-postmeta-custom-wrap"> <span class="ee-postmeta-custom">June 24, 2024</span> </li> <li class="ee-postmeta-custom-wrap"> <span class="ee-postmeta-custom">Research</span> </li> </ul><div class="bde-shortcode-36062-119 bde-shortcode"> <span class="span-reading-time rt-reading-time"><span class="rt-label rt-prefix">Reading Time:</span> <span class="rt-time"> 7</span> <span class="rt-label rt-postfix">minutes</span></span> </div> </div></div> </section><section class="bde-section-36062-103 bde-section"> <div class="section-container"><div class="bde-rich-text-36062-104 bde-rich-text breakdance-rich-text-styles"> <h2>Key Points</h2> <ul> <li>Fideres’s investigation finds that Steinway’s dominance in the market for professional grand pianos might be attributable to anticompetitive deals with schools, concert halls, and artists.</li> <li>This resulted in Steinway gaining market power in the market for grand pianos in the US, with about 68% of US concert pianists having studied at a school tied to Steinway.</li> <li>The combination of the exclusivity agreements and conditional discounts offered to the schools creates high barriers to entry, making it hard for competitors to access a part of the consumer base that is willing to use other brands.</li> <li>This ultimately harms consumers in the market for grand pianos, including music schools and concert halls, in the form of supracompetitive prices.</li> <li>Fideres estimates average overcharges per Steinway grand piano up to $36.8k or $45.9k for model A and B, respectively.</li> </ul> <h2>Introduction</h2> <p>If you are studying to be a professional pianist, the piano on which you will learn to play is likely to shape your preference on the instruments you will choose throughout your career.</p> <p>As for other industries,<sup>1</sup> Steinway Musical Instruments Inc’s (also known as Steinway & Sons or Steinway), one of the largest manufacturers of concert pianos, has over time adopted a series of strategies to exploit this fact and gain market share in the grand piano segment by forcing music academies and artists to use their instruments. First, they signed deals with schools and concert halls where they agreed to use Steinway pianos almost exclusively in exchange for discounts. Then, they created an artist program that provided a network for top performers in exchange for the artist’s compulsory use of Steinway pianos.</p> <p>Students who grew up in those academies to become professional musicians tied to Steinway as the instrument they trained with. This created a vertical tie between schools, venues, students, and artists, making it nearly impossible for other piano manufacturers to compete.</p> <h2>The Market For Grand Pianos</h2> <p>Performers, composers, students, and practitioners typically prefer to keep playing the same piano they have been trained on throughout their career. This is because of the unique qualities of each brand and model, which make pianos not interchangeable with other manufacturers, and even with other models of the same manufacturer.<sup>2</sup></p> <p>Acoustic pianos differ based on type and size, serving distinct customer bases. High-end grand pianos, which provide the higher level of customization, are purchased almost exclusively by artists, schools and concert halls. On the other hand, baby grand pianos and smaller scale pianos are targeted to non-performers and likely constitute a separate market compared to grand pianos. In other words, a small but significant increase in the price (SSNIP)<sup>3</sup> of grand pianos will not result in artists switching to upright pianos.</p> <h2>Steinway’s Market Power In The Market For Grand Pianos</h2> <p>Among other well-known manufacturers in the grand piano market segment (such as Yamaha, Kawai, Fazioli, and Bechstein), Steinway pianos are recognized as top-notch instruments played by pianists around the world.<sup>4</sup></p> <p style="text-align: center"><img loading="lazy" class="aligncenter wp-image-38558 size-large" src="https://fideres.com/wp-content/uploads/2024/06/pie-charts-1-1024x468.png" alt="" width="1024" height="468" /><span style="font-size: 8pt"><em>Source: <a href="https://steinwaygrand.com/pages/price-guide">Park Avenue Pianos</a></em></span></p> <p>In 2020, 76.3% of Steinway’s total sales ($416 million) were acoustic piano sales.<sup>5 </sup>This represents about 38.6% of global sales of acoustic pianos.<sup>6</sup> Approximately 37.6% of Steinway’s acoustic piano sales occurred in the US in the same year.<sup>7</sup> According to public sources, the grand piano segment covers 15% of Steinway’s total piano business, or $47.6 million in 2020.<sup>8</sup></p> <p>To acquire its global market dominance, Steinway built an extensive network of artists, institutions and schools that accepted to use Steinway instruments exclusively. These networks included:<sup>9</sup></p> <ul> <li><em>Steinway Artists Program</em>. Artists joining this global network are required to own and perform on Steinway pianos. To this purpose Steinway has ensured that a selection of Steinway pianos is always available in all main concert halls worldwide: this “bank” of pianos includes about 300 instruments worldwide;<sup>10</sup> Steinway also provides a similar program with agent-like services to young professionals.<sup>11</sup></li> <li><em>All-Steinway Schools</em>. Schools and institutions who agree to exclusively purchase Steinway pianos to gain the label of “All-Steinway”. This program likely entitles them to receive important conditional discounts in exchange for their commitment to use almost none of Steinway’s competitors.</li> </ul> <p>According to Steinway, there are approximately 1900 Steinway Artists who represent 97% of all concert pianists.<sup>12</sup> Based on Fideres’s analysis, approximately 42% of them studied in a US school. Of these, 68% studied in an All-Steinway school or one that was classified as such until recently.<sup>13</sup> About 220 institutions and schools globally are labelled All-Steinway.<sup>14</sup></p> <h2>Steinway’s <em>All-Steinway</em> Program</h2> <p>One of the ways Steinway preserved and strengthened its position is through the <em>All-Steinway </em>program. To join and remain in the <em>All-Steinway </em>program, music institutions must have an inventory of at least 10 pianos and 90% of this inventory must be made of Steinway brands (which includes, beyond Steinway, the Boston and Essex brands).<sup>15</sup> The share of non-Steinway pianos cannot</p> <p>exceed 10% in these schools. This 10% is included as buffer to accommodate for pianos that gifted to the school by alumni or historical instruments.<sup>16</sup></p> <p>Many of the most renowned international music schools are part of the <em>All-Steinway </em>program.<sup>17</sup> According to Steinway sources, 248 out of 260 pianos at the Juilliard School in New York, one of the most famous music schools in the world, are Steinway.<sup>18</sup></p> <p>The preference of performers for keeping a specific piano throughout their career makes it very important for musical institutions to be able to reflect these preferences in the composition of their instrumental inventory, such as by maintaining a significant amount of Steinway pianos for their practitioners. If forced to choose between dealing exclusively with Steinway or with lesser-known suppliers, most buyers would probably choose to deal exclusively with Steinway.<sup>19</sup></p> <p>As a result, an institution willing to accumulate more than 10% of its inventory of non-Steinway pianos to satisfy the preferences of some of its musicians could lose the <em>All-Steinway </em>label by failing to meet its requirements, potentially resulting in reputational and practical damage, resulting from the loss of discounts and of musicians who rely on Steinway pianos for their performances.</p> <h2>Steinway Forecloses Its Competitors In The Market For Grand Pianos</h2> <p>The <em>All-Steinway </em>label works as a gatekeeper to schools. Schools that might have opted for brands that were cheaper, or that offered other qualities, would face the risk of losing the patronage of influential artists with a narrow preference for Steinway instruments.</p> <p>In fact several grand pianos produced by other manufacturers, such as Yamaha, Kawai, Fazioli, or Bechstein, are comparable in quality to Steinway’s grand pianos and many international artists choose to play on them.<sup>20</sup> One of these brands defined as a historic achievement the sale of the first grand piano to the Juilliard School, “<em>breaking a monopoly that for more than 80 years had tied it to the purchase of instruments from another historic brand</em>,” namely Steinway.<sup>21</sup></p> <p>Steinway’s dominance and near-monopoly in the institutional market for grand pianos is mentioned in several articles<sup>22</sup> and seems to go beyond supply agreements: in the context of an international</p> <p>music competition, Fazioli pianos were allegedly replaced to give Steinway pianos<sup>23</sup> more visibility, and some participating artists were surprised when they were not given the opportunity to play them for their performances.<sup>24</sup></p> <p>Steinway themselves admitted that the purpose of their programs is precisely to maintain and grow their reputation among top artists and institutions strong and solid, and that:</p> <p>“The loss of the support of artists and institutions for our musical instrument products or our inability to gain endorsements from new artists or institutions may harm our business, financial condition and cash flows. […] if these artists or institutions attract negative publicity or are no longer popular or if we are unable to continue to attract the endorsement of new artists or institutions in the future, the value of our brands and our business, financial condition and cash flows could be harmed”</p> <p>and therefore they have:</p> <p>“created a number of programs to further promote our brands”.<sup>25</sup></p> <h2>Anticompetitive Harm Of Steinway’s Conduct: Economic Discussion</h2> <p>The grand piano market seems to present two levels of contestability:</p> <ul> <li>Non-contestable portion: made of loyalists and students who have trained with Steinway and prefer to keep using the same instrument.</li> <li>Contestable portion: made of artists that have not yet developed a preference, those who prefer other brands because of their features, and those that are more price elastic. Other brands can compete for these artists and students.</li> </ul> <p>Assuming that a significant part of the market for grand pianos for musical institutions and professionals is dominated by Steinway and is therefore not contestable, Steinway should still face competition from other manufacturers for artists that are not as loyal to Steinway. Consumers (musicians and institutions) would benefit from this process in the form of lower prices and higher incentives to innovate.</p> <p>By enforcing its exclusive programs Steinway refuses to supply its pianos to a buyer who decided to purchase one or more grand pianos from a different brand, implying that:</p> <ul> <li>An institution would lose a significant portion of its business (i.e., performers and students who are willing to attend a music school or concert hall only by playing on Steinway pianos) if it switched to purchasing a greater share of other pianos than the agreement with Steinway would allow (e.g., the <em>All-Steinway </em>program).</li> <li>Steinway can sell its products at a premium, even in a contestable market. Any institution that switched to other brands of pianos of similar quality would be more harmed by the loss of its non-contestable demand than by paying Steinway’s surcharge.</li> <li>This essentially “ties” the non-contestable part of the market to the contestable part, extending Steinway’s market power in a potentially illegal way.</li> </ul> <p>For these reasons, an exclusionary vertical conduct may produce an anticompetitive result and violate competition laws: in a competitive world, Steinway and other piano makers, would compete for available market share, while with this exclusionary conduct Steinway obtains, at a premium price, both the contestable and non-contestable share.</p> <h2>Who Has Been Harmed?</h2> <p>We argue that Steinway violated competition law by foreclosing its competitors from competing for the contestable market share in grand pianos. As a result, Steinway’s competitors have been harmed in the form of lost profits they could have achieved in the absence of the conduct.</p> <p>Similarly, Steinway may have been overcharging schools with a supracompetitive price on its grand pianos, enabled by exclusive provisions that eliminated competition. As stated by the price guide of <a href="https://steinwaygrand.com/pages/price-guide">Park Avenue Pianos</a>, a large resellers of Steinway pianos, <em>“Of course new Steinways go up in price over time! They set their own prices without competition, plus there’s inflation”.<sup>26 </sup></em>Steinway pianos prices have increased significantly more than inflation. A model B has gone from $8,900 in 1975 to approximately $101,800 in 2017, over a 1000% price increase, compared to 355% cumulative price change between the two dates.<sup>27</sup></p> <p><a href="#_ftnref1" name="_ftn1"><img loading="lazy" class="aligncenter wp-image-38559 size-large" src="https://fideres.com/wp-content/uploads/2024/06/Steinway-1024x511.png" alt="" width="1024" height="511" /></a></p> <p style="text-align: center"><span style="font-size: 8pt"><em>Source: <a href="https://steinwaygrand.com/pages/price-guide">Park Avenue Pianos</a></em></span></p> <p>We have analysed a sample of three different types of concert pianos for the US:</p> <ul> <li>Extra-large grand pianos, comparable to Steinway Model B;</li> <li>Large grand pianos, comparable to Steinway Model O;</li> <li>Medium grand pianos, comparable to Steinway Model A.</li> </ul> <p>In each bucket, Steinway’s prices are consistently higher than those of its competitors, by at least 36.7%.<sup>28</sup> On this basis, Steinway pianos are on average overcharged by $36.8k for a model A and by $45.9k for a model B, compared to rival models of the same type. In the market for upright pianos, where Steinway faces competition, Steinway’s K model (the only upright model they manufacture) is priced at a 17% premium over the average price of the pianos in the same segment.<sup>29</sup></p> <h2>Conclusion</h2> <p>Steinway has been able to gain dominance in the market for professional grand pianos through a series of exclusive deals with schools, concert halls, and artists. This enabled them to avoid competition from other piano manufacturers and raise prices gradually over time. We consider this a potential example of unlawful conduct, resulting in higher prices to artists and schools, as well as a suppression of competition that might have resulted in lower incentives to innovate in the market for grand pianos.</p> <p><a href="#_ftnref1" name="_ftn1"></a></p> <p><a href="#_ftnref2" name="_ftn2"></a></p> <p><a href="#_ftnref1" name="_ftn1"></a><a href="#_ftnref2" name="_ftn2"></a><a href="#_ftnref5" name="_ftn5"></a></p> <p><a href="#_ftnref1" name="_ftn1"></a><a href="#_ftnref5" name="_ftn5"></a></p> <p><a href="#_ftnref1" name="_ftn1"></a></p> </div><h1 class="bde-heading-36062-112 bde-heading"> Sources </h1><div class="bde-rich-text-36062-111 bde-rich-text breakdance-rich-text-styles"> <p><span style="font-size: 8pt"><sup>1</sup> For instance, in the US nearly every student who have gone through a math class has encountered a Texas Instrument calculator. Even after alternative models emerged, Texas Instrument maintained its monopoly over school, developing strong relationships with teachers, standardized test organizations (e.g. SAT), and textbook publishers. Microsoft and Apple also heavily invest in promotional activities with schools to adopt their devices, resulting in students getting used to their products. See <a href="https://webcache.googleusercontent.com/search?q=cache:https://gen.medium.com/big-calculator-how-texas-instruments-monopolized-math-class-67ee165045dc" target="_blank" rel="noopener">https://webcache.googleusercontent.com/search?q=cache:https://gen.medium.com/big-calculator-how-texas-instruments-monopolized-math-class-67ee165045dc</a> and <a href="https://www.microsoft.com/en-gb/education/students#:~:text=Students%20and%20educators%20are%20eligible,trial%20%E2%80%93%20so%20get%20started%20today" target="_blank" rel="noopener">https://www.microsoft.com/en-gb/education/students</a>.</span></p> <p><span style="font-size: 8pt"><sup>2</sup> “[…] in the university setting, intimate relationships develop between pianist and piano, and between piano and technician: learning what each pianist prefers, the technician eventually customizes the piano to the pianist’s taste.” in <a href="https://pianoperfectllc.com/blog/2017/3/4/general-piano-information-the-all-steinway-school-program" target="_blank" rel="noopener">https://pianoperfectllc.com/blog/2017/3/4/general-piano-information-the-all-steinway-school-program</a>.</span></p> <p><span style="font-size: 8pt"><sup>3</sup> OECD, 2012, https://search.oecd.org/daf/competition/Marketdefinition2012.pdf.</span></p> <p><span style="font-size: 8pt"><sup>4</sup> <a href="https://steinwaygrand.com/pages/price-guide" target="_blank" rel="noopener">Cost Of A Steinway Piano | Price Chart and Buyers Guide to New vs Used (steinwaygrand.com)</a></span></p> <p><span style="font-size: 8pt"><sup>5</sup> <a href="https://www.sec.gov/Archives/edgar/data/1897640/000119312522104954/d212165ds1.htm%23rom212165_12" target="_blank" rel="noopener">https://www.sec.gov/Archives/edgar/data/1897640/000119312522104954/d212165ds1.htm#rom212165_12</a> </span><span style="font-size: 8pt">(hereinafter, “IPO Prospectus”), page 107. It is noted that Steinway’s production includes only high-end acoustic pianos. The remaining sales involve other orchestral instruments such as percussion instruments, strings, woodwinds, and brass (see IPO prospectus, page 4).</span></p> <p><span style="font-size: 8pt"><sup>6</sup> In 2020, the global piano market was valued at about $2.5 billion. The acoustic piano segment is worth about 33.2% of this market, or $822.7 million in 2020. Referring to data for the United States and global market shares from <a href="https://www.globenewswire.com/news-release/2020/07/14/2061705/0/en/Global-Pianos-Industry.html">https://www.globenewswire.com/news-release/2020/07/14/2061705/0/en/Global-Pianos-Industry.html</a>.</span></p> <p><span style="font-size: 8pt"><sup>7</sup> Considering total piano sales, US revenues contributed for 51.7% in 2020. See IPO prospectus, pages 95-96 and F-43.</span></p> <p><span style="font-size: 8pt"><sup>8</sup> <a href="http://www.steinway-piano.com/buying-steinway-piano/the-prestige-and-exclusivity-of-a-steinway-piano/" target="_blank" rel="noopener"> The Prestige and Exclusivity of a Steinway Piano | Steinway-Piano.com</a>.</span></p> <p><span style="font-size: 8pt"><sup>9</sup> IPO prospectus, page 2.</span></p> <p><span style="font-size: 8pt"><sup>10</sup> IPO prospectus, page 147.</span></p> <p><span style="font-size: 8pt"><sup>11</sup> <a href="https://www.steinway.com/music-and-artists/young" target="_blank" rel="noopener">https://www.steinway.com/music-and-artists/young</a>.</span></p> <p><span style="font-size: 8pt"><sup>12</sup> See <a href="https://www.steinway.com/about" target="_blank" rel="noopener">https://www.steinway.com/about</a> and <a href="https://www.steinway.com/music-and-artists/solo" target="_blank" rel="noopener">https://www.steinway.com/music-and-artists/solo</a>. See also IPO prospectus, page 2.</span></p> <p><span style="font-size: 8pt"><sup>13</sup> Fideres elaboration on <a href="https://steinway.co.uk/education/all-steinway-schools/" target="_blank" rel="noopener">https://steinway.co.uk/education/all-steinway-schools/</a>.</span></p> <p><span style="font-size: 8pt"><sup>14</sup> IPO prospectus, page 2.</span></p> <p><span style="font-size: 8pt"><sup>15</sup> <a href="https://pianoperfectllc.com/blog/2017/3/4/general-piano-information-the-all-steinway-school-program" target="_blank" rel="noopener">https://pianoperfectllc.com/blog/2017/3/4/general-piano-information-the-all-steinway-school-program</a>.</span></p> <p><span style="font-size: 8pt"><sup>16</sup> <a href="https://pianoperfectllc.com/blog/2017/3/4/general-piano-information-the-all-steinway-school-program">https://pianoperfectllc.com/blog/2017/3/4/general-piano-information-the-all-steinway-school-program</a>.</span></p> <p><span style="font-size: 8pt"><sup>17</sup> <a href="https://www.steinway.com/education/institutions/all-steinway-schools" target="_blank" rel="noopener">https://www.steinway.com/education/institutions/all-steinway-schools</a>.</span></p> <p><span style="font-size: 8pt"><sup>18</sup> <a href="https://www.steinway.com/news/steinway-chronicle/winter-2019/juilliards-ever-popular-practice-rooms-a-steinway-grand-tradition" target="_blank" rel="noopener">https://www.steinway.com/news/steinway-chronicle/winter-2019/juilliards-ever-popular-practice-rooms-a-steinway-grand-tradition</a>. Other Steinway sources report Juilliard School having 253 Steinway pianos – see https://www.steinway.com/news/articles/the-juilliard-school-purchases-twelve-new-steinway-grands/#.</span></p> <p><span style="font-size: 8pt"><sup>19</sup> “[…] most of the high-level pianos the students will one day play as professionals, especially in performance, are likely to be Steinways — virtually every concert hall of any importance has a Steinway, and you don’t have to be a Steinway Artist to play one. Therefore, […] learning to work with Steinways in a school setting is very important” in <a href="https://pianoperfectllc.com/blog/2017/3/4/general-piano-information-the-all-steinway-school-program" target="_blank" rel="noopener">https://pianoperfectllc.com/blog/2017/3/4/general-piano-information-the-all-steinway-school-program</a>.</span></p> <p><span style="font-size: 8pt"><sup>20</sup> See <a href="https://digitalpianoplanet.com/baldwins-vs-steinways/">https://digitalpianoplanet.com/baldwins-vs-steinways/</a> and <em>Fazioli pianos undermine Steinway myth</em>, AGI, May 19, 2016, accessed at <a href="https://www.agi.it/economia/made-in-italy/i_pianoforti_fazioli_insidiano_il_mito_di_steinway-786646/news/2016-05-19/" target="_blank" rel="noopener">https://www.agi.it/economia/made-in-italy/i_pianoforti_fazioli_insidiano_il_mito_di_steinway-786646/news/2016-05-19/</a>.</span></p> <p><span style="font-size: 8pt"><sup>21</sup> See <a href="https://www.fazioli.com/profilo/">https://www.fazioli.com/profilo/</a>. See also <em>Juilliard breaks with all-Steinway tradition, purchases at Fazioli</em>, The Globe and Mail, March 29, 2011. Accessible at <a href="https://www.theglobeandmail.com/arts/music/juilliard-breaks-with-all-steinway-tradition-purchases-a-fazioli/article4266813/" target="_blank" rel="noopener">https://www.theglobeandmail.com/arts/music/juilliard-breaks-with-all-steinway-tradition-purchases-a-fazioli/article4266813/</a></span></p> <p><span style="font-size: 8pt"><sup>22</sup> See among others <em>Piano nobile</em>, The Economist, May 5, 2016, accessed at <a href="https://www.economist.com/books-and-arts/2016/05/05/piano-nobile" target="_blank" rel="noopener">https://www.economist.com/books-and-arts/2016/05/05/piano-nobile</a> and <em>Pianos: Beyond the Steinway monoculture</em>, The Washington Post, September 5, 2015, accessed at <a href="https://www.washingtonpost.com/entertainment/music/the-piano-keys-of-the-future/2015/09/03/9bbbbfee-354c-11e5-94ce-834ad8f5c50e_story.html" target="_blank" rel="noopener">https://www.washingtonpost.com/entertainment/music/the-piano-keys-of-the-future/2015/09/03/9bbbbfee-354c-11e5-94ce-834ad8f5c50e_story.html</a>.</span></p> <p><span style="font-size: 8pt"><sup>23</sup> “[…] They [Fazioli] say competitors were not offered equal access to their pianos. Each of the 10 homes where the finalists were staying was provided with a new Steinway for practicing. Steinway pianos were used at non-competition festival events. There were Steinway pianos in rehearsal, warm-up and green rooms, and three Steinways on stage at the concert hall compared with two Faziolis for semi-finalists to choose from on selection day, when competitors determine which piano they would like to play in the various rounds. “When we showed up at the concert hall, they had positioned the Steinways front and centre and the Faziolis in both corners. It was so obvious; you almost couldn’t see the Faziolis from the auditorium,” Vancouver Fazioli dealer Manuel Bernaschek says. […]”, <em>Sponsorship feud strikes a sour note at Honens International Piano Competition</em>, The Globe and Mail, December 1, 2018. Accessible at <a href="https://www.theglobeandmail.com/arts/theatre-and-performance/article-sponsorship-feud-strikes-a-sour-note-at-honens-international-piano/?fbclid=IwAR11y9M7ARzujYNastbZEq6suSfv3JS4wYORGW-fyxu0BpA6DGZRrBW0o_M" target="_blank" rel="noopener">https://www.theglobeandmail.com/arts/theatre-and-performance/article-sponsorship-feud-strikes-a-sour-note-at-honens-international-piano/?fbclid=IwAR11y9M7ARzujYNastbZEq6suSfv3JS4wYORGW-fyxu0BpA6DGZRrBW0o_M</a>.</span></p> <p><span style="font-size: 8pt"><sup>24</sup> “[…] two previous international piano competition winners, Luca Buratto and Szymon Nehring, who performed with the Calgary Philharmonic Orchestra during the festival – including a Mozart concerto for two pianos – were told they would have to play on the Steinways; that Fazioli pianos were not an option for them, even though both are Fazioli fans […] “Please be advised that there will be no Fazioli pianos used for the concert involving Luca Buratto and Szymon Nehring. Please also be advised that any further interference from your company or local dealer will result in the removal of all Fazioli pianos from the 2018 Honens International Piano Competition,” Edwards [Honens competition executive director] wrote in the August e-mail […],” <em>Id. </em>2018.</span></p> <p><span style="font-size: 8pt"><sup>25</sup> IPO prospectus, page 43.</span></p> <p><span style="font-size: 8pt"><sup>26</sup> <a href="https://steinwaygrand.com/pages/price-guide" target="_blank" rel="noopener">https://steinwaygrand.com/pages/price-guide</a></span></p> <p><span style="font-size: 8pt"><sup>27</sup> Data from Park Avenues Pianos at the link <a href="https://steinwaygrand.com/pages/price-guide" target="_blank" rel="noopener">Cost Of A Steinway Piano | Price Chart and Buyers Guide to New vs Used (steinwaygrand.com)</a>. US inflation from <a href="https://www.in2013dollars.com/us/inflation/1975?endYear=2017&amount=8900" target="_blank" rel="noopener">https://www.in2013dollars.com/us/inflation/1975?endYear=2017&amount=8900</a>.</span></p> <p><span style="font-size: 8pt"><sup>28</sup> Price data for grand pianos from <a href="https://pianopricepoint.com/pianos-categorized-by-size/x-lrg-grand/%23!" target="_blank" rel="noopener">https://pianopricepoint.com/pianos-categorized-by-size/x-lrg-grand/#!</a>.</span></p> <p><span style="font-size: 8pt"><sup>29</sup> Piano prices change depending on size, color and finish of the instrument. In this case, we compared Steinway model K with other 52 inches upright pianos of the same color (ebony). Source: <a href="https://www.pianobuyer.com/new-piano-pricing" target="_blank" rel="noopener">https://www.pianobuyer.com/new-piano-pricing</a>.</span></p> </div><div class="bde-shortcode-36062-105 bde-shortcode"> <div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"><img src="https://fideres.com/wp-content/uploads/2022/05/Ludovica_300-1.jpg" width="100" height="100" alt="" itemprop="image"></div><div class="saboxplugin-authorname"><a href="https://fideres.com/author/ludovica-paradisi/" class="vcard author" rel="author"><span class="fn">Ludovica Paradisi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Ludovica joined Fideres in 2022 and is based in Fideres’s Rome office. Her main expertise is related to the development of economic analysis and the quantification of harm for antitrust claims across many industries, i.e. Pharmaceuticals, Agriculture, Digital, Transport and Energy sectors.</p> <p>She obtained a MSc in Economics at the University of Rome Tor Vergata with a dissertation on the economic effects of the abuse of dominant position in EU telecommunication markets and has gained experience in two economic consultancy firms during and right after her Master’s studies. Before joining Fideres, Ludovica gained experience in management consulting, mainly supporting European institutions and private organisations with the development of socio-economic impact assessments of their policy strategies and investment plans, and with the implementation of funding strategies based on European and national funding opportunities.</p> </div></div><div class="clearfix"></div></div></div> </div></div> </section><section class="bde-section-36062-124 bde-section"> <div class="section-container"><div class="bde-columns-36062-125 bde-columns"><div class="bde-column-36062-126 bde-column"> <div class="bde-shortcode-36062-123 bde-shortcode"> <div class='next-post-bg' style='background-image: url(https://fideres.com/wp-content/uploads/2024/10/shutterstock_1773534752.png);'><a href='https://fideres.com/skipping-the-flight-fantastic/' class='next-post-link'><span class='link-label'>Previous Post</span><span class='post-title'>Skipping The Flight Fantastic</span></a></div><br> </div> </div><div class="bde-column-36062-127 bde-column"> <div class="bde-shortcode-36062-122 bde-shortcode"> <div class='prev-post-bg' style='background-image: url(https://fideres.com/wp-content/uploads/2024/06/US-Supreme-Court-scaled.jpeg);'><a href='https://fideres.com/goldman-three-years-on/' class='prev-post-link'><span class='link-label'>Next Post</span><span class='post-title'>Goldman – Three Years On</span></a></div><br><br> </div> </div></div></div> </section><section class="bde-section-36062-106 bde-section"> <div class="section-container"><h1 class="bde-heading-36062-107 bde-heading"> You May Also Like </h1><div class="bde-post-loop-36062-108 bde-post-loop"> <div class="ee-posts ee-posts-grid"> <article class="ee-post"> <a class="bde-container-link-35993-102-37677 bde-container-link bde-container-link-35993-102 breakdance-link" href="https://fideres.com/it-rolls-down-hill/" target="_self" data-type="url"> <div class="bde-image-35993-100-37677 bde-image zoomable-image bde-image-35993-100"> <figure class="breakdance-image breakdance-image--37678"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/09/MicrosoftTeams-image-106-scaled.jpg" width="2560" height="1920" loading="lazy" > </div> </div> </figure> </div><div class="bde-div-35993-110-37677 bde-div bde-div-35993-110"> <h1 class="bde-heading-35993-101-37677 bde-heading bde-heading-35993-101"> Research </h1><h1 class="bde-heading-35993-103-37677 bde-heading bde-heading-35993-103"> It Rolls Down Hill </h1><div class="bde-rich-text-35993-104-37677 bde-rich-text bde-rich-text-35993-104 breakdance-rich-text-styles"> <p>How Reddit abuses of its monopoly power to fuel vertical expansion.</p> </div><div class="bde-div-35993-106-37677 bde-div bde-div-35993-106"> <div class="bde-image-35993-105-37677 bde-image bde-image-35993-105"> <figure class="breakdance-image breakdance-image--"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/chris-rieve.png" width="2048" height="2048" > </div> </div> </figure> </div><div class="bde-div-35993-109-37677 bde-div bde-div-35993-109"> <h1 class="bde-heading-35993-108-37677 bde-heading bde-heading-35993-108"> September 8, 2023 </h1><h1 class="bde-heading-35993-107-37677 bde-heading bde-heading-35993-107"> Chris Rieve </h1> </div> </div> </div> </a> </article> <article class="ee-post"> <a class="bde-container-link-35993-102-21584 bde-container-link bde-container-link-35993-102 breakdance-link" href="https://fideres.com/muni-bonds-the-price-is-not-enough/" target="_self" data-type="url"> <div class="bde-image-35993-100-21584 bde-image zoomable-image bde-image-35993-100"> <figure class="breakdance-image breakdance-image--28465"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2018/03/Munibonds-image-scaled.jpg" width="2560" height="1573" loading="lazy" > </div> </div> </figure> </div><div class="bde-div-35993-110-21584 bde-div bde-div-35993-110"> <h1 class="bde-heading-35993-101-21584 bde-heading bde-heading-35993-101"> Research </h1><h1 class="bde-heading-35993-103-21584 bde-heading bde-heading-35993-103"> Muni Bonds: The Price Is Not Enough </h1><div class="bde-rich-text-35993-104-21584 bde-rich-text bde-rich-text-35993-104 breakdance-rich-text-styles"> <p>Mispricing of US municipal bonds.</p> </div><div class="bde-div-35993-106-21584 bde-div bde-div-35993-106"> <div class="bde-image-35993-105-21584 bde-image bde-image-35993-105"> <figure class="breakdance-image breakdance-image--"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2022/08/maxt.png" width="2048" height="2048" > </div> </div> </figure> </div><div class="bde-div-35993-109-21584 bde-div bde-div-35993-109"> <h1 class="bde-heading-35993-108-21584 bde-heading bde-heading-35993-108"> March 2, 2018 </h1><h1 class="bde-heading-35993-107-21584 bde-heading bde-heading-35993-107"> Max Theiler </h1> </div> </div> </div> </a> </article> <article class="ee-post"> <a class="bde-container-link-35993-102-21755 bde-container-link bde-container-link-35993-102 breakdance-link" href="https://fideres.com/drug-cartels-in-the-usa/" target="_self" data-type="url"> <div class="bde-image-35993-100-21755 bde-image zoomable-image bde-image-35993-100"> <figure class="breakdance-image breakdance-image--28496"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2016/08/Pills--scaled.jpeg" width="2560" height="1707" loading="lazy" > </div> </div> </figure> </div><div class="bde-div-35993-110-21755 bde-div bde-div-35993-110"> <h1 class="bde-heading-35993-101-21755 bde-heading bde-heading-35993-101"> Research </h1><h1 class="bde-heading-35993-103-21755 bde-heading bde-heading-35993-103"> Drug Cartels In The USA </h1><div class="bde-rich-text-35993-104-21755 bde-rich-text bde-rich-text-35993-104 breakdance-rich-text-styles"> <p>Could manufacturer drug cartels lead to higher generic drug prices?</p> </div><div class="bde-div-35993-106-21755 bde-div bde-div-35993-106"> <div class="bde-image-35993-105-21755 bde-image bde-image-35993-105"> <figure class="breakdance-image breakdance-image--"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2022/08/maxt.png" width="2048" height="2048" > </div> </div> </figure> </div><div class="bde-div-35993-109-21755 bde-div bde-div-35993-109"> <h1 class="bde-heading-35993-108-21755 bde-heading bde-heading-35993-108"> August 28, 2016 </h1><h1 class="bde-heading-35993-107-21755 bde-heading bde-heading-35993-107"> Max Theiler </h1> </div> </div> </div> </a> </article> </div> </div></div> </section><section class="bde-section-36062-128 bde-section"> <div class="section-container"><div class="bde-comment-form-36062-110 bde-comment-form"> <div id="respond" class="comment-respond"> <h5 id="reply-title" class="comment-reply-title">Leave a Reply <small><a rel="nofollow" id="cancel-comment-reply-link" href="/are-piano-buyers-being-played_/#respond" style="display:none;">Cancel reply</a></small></h5><form action="https://fideres.com/wp-comments-post.php" method="post" id="commentform" class="breakdance-form breakdance-form--comments"><p class="comment-notes"><span id="email-notes">Your email address will not be published.</span> <span class="required-field-message">Required fields are marked <span class="required">*</span></span></p><div class="breakdance-form-field breakdance-form-field--textarea"><label class="breakdance-form-field__label" for="comment">Comment</label><textarea class="breakdance-form-field__input" id="comment" name="comment" aria-required="true"></textarea></div><div class="breakdance-form-field"><label class="breakdance-form-field__label" for="author">Name<span class="breakdance-form-field__required">*</span></label> <input id="author" class="breakdance-form-field__input" name="author" type="text" value="" size="30" aria-required='true' /></div> <div class="breakdance-form-field"><label class="breakdance-form-field__label"class="breakdance-form-field__label" for="email">Email<span class="breakdance-form-field__required">*</span></label> <input id="email" class="breakdance-form-field__input" name="email" type="text" value="" size="30" aria-required='true' /></div> <div class="breakdance-form-field"><label class="breakdance-form-field__label" for="url">Website</label><input id="url" class="breakdance-form-field__input" name="url" type="text" value="" size="30" /></div> <div class="breakdance-form-field"><div class="breakdance-form-checkbox"><input id="wp-comment-cookies-consent" name="wp-comment-cookies-consent" type="checkbox" value="yes" /><label class="breakdance-form-checkbox__text" for="wp-comment-cookies-consent">Save my name, email, and website in this browser for the next time I comment.</label></div></div> <div class="breakdance-form-field breakdance-form-footer"><input name="submit" type="submit" id="submit" class="comment-form__submit button-atom button-atom--primary breakdance-form-button" value="Submit Comment" /> <input type='hidden' name='comment_post_ID' value='38594' id='comment_post_ID' /> <input type='hidden' name='comment_parent' id='comment_parent' value='0' /> </div></form> </div> </div></div> </section><div class="bde-globalblock-36062-116 bde-globalblock"> <div class="bde-div-37010-101 bde-div hover-div clickable-item"> <div class="bde-social-share-buttons-37010-103 bde-social-share-buttons socialshare"> <div class="bde-social-share-button bde-social-share-button-mobile js-breakdance-share-mobile"> <span class="bde-social-share-button-icon"> <svg fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 16 16"> <path d="M11 2.5a2.5 2.5 0 1 1 .603 1.628l-6.718 3.12c.154.49.154 1.015 0 1.504l6.718 3.12a2.5 2.5 0 1 1-.488.876l-6.718-3.12a2.5 2.5 0 1 1 0-3.256l6.718-3.12A2.504 2.504 0 0 1 11 2.5Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-facebook" data-network="Facebook" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-facebook fa-w-16" role="img" fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 800 800"> <path d="M768 0H32C14.3 0 0 14.3 0 32v736c0 17.7 14.3 32 32 32h736c17.7 0 32-14.3 32-32V32c0-17.7-14.3-32-32-32Zm-92.4 233.5h-63.9c-50.1 0-59.8 23.8-59.8 58.8v77.1h119.6l-15.6 120.7h-104V800H427.2V490.2H322.9V369.4h104.3v-89c0-103.3 63.1-159.6 155.3-159.6 44.2 0 82.1 3.3 93.2 4.8v107.9h-.1Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-twitter" data-network="Twitter" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-twitter fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 512 512"> <path fill="currentColor" d="M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z"></path> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-linkedin" data-network="LinkedIn" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-linkedin fa-w-14" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 448 512"> <path fill="currentColor" d="M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z"></path> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-email" data-network="Email" > <span class="bde-social-share-button-icon"> <svg class="svg-inline--fa fa-envelope-square fa-w-14" role="img" fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 20 16"> <path d="M18 0H2C.9 0 .01.9.01 2L0 14c0 1.1.9 2 2 2h16c1.1 0 2-.9 2-2V2c0-1.1-.9-2-2-2Zm0 4-8 5-8-5V2l8 5 8-5v2Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-pinterest" data-network="Pinterest" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-pinterest fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 496 512"> <path fill="currentColor" d="M496 256c0 137-111 248-248 248-25.6 0-50.2-3.9-73.4-11.1 10.1-16.5 25.2-43.5 30.8-65 3-11.6 15.4-59 15.4-59 8.1 15.4 31.7 28.5 56.8 28.5 74.8 0 128.7-68.8 128.7-154.3 0-81.9-66.9-143.2-152.9-143.2-107 0-163.9 71.8-163.9 150.1 0 36.4 19.4 81.7 50.3 96.1 4.7 2.2 7.2 1.2 8.3-3.3.8-3.4 5-20.3 6.9-28.1.6-2.5.3-4.7-1.7-7.1-10.1-12.5-18.3-35.3-18.3-56.6 0-54.7 41.4-107.6 112-107.6 60.9 0 103.6 41.5 103.6 100.9 0 67.1-33.9 113.6-78 113.6-24.3 0-42.6-20.1-36.7-44.8 7-29.5 20.5-61.3 20.5-82.6 0-19-10.2-34.9-31.4-34.9-24.9 0-44.9 25.7-44.9 60.2 0 22 7.4 36.8 7.4 36.8s-24.5 103.8-29 123.2c-5 21.4-3 51.6-.9 71.2C65.4 450.9 0 361.1 0 256 0 119 111 8 248 8s248 111 248 248z"></path> </svg> </span> </div> </div><div class="bde-code-block-37010-104 bde-code-block"> </div><div class="bde-image-37010-102 bde-image theicon"> <figure class="breakdance-image breakdance-image--37032"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/shar-removebg-preview.png" width="63" height="68" > </div> </div> </figure> </div> </div> </div><section class="bde-section-36062-117 bde-section"> <div class="section-container"><div class="bde-social-share-buttons-36062-118 bde-social-share-buttons"> <div class="bde-social-share-button bde-social-share-button-mobile js-breakdance-share-mobile"> <span class="bde-social-share-button-icon"> <svg fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 16 16"> <path d="M11 2.5a2.5 2.5 0 1 1 .603 1.628l-6.718 3.12c.154.49.154 1.015 0 1.504l6.718 3.12a2.5 2.5 0 1 1-.488.876l-6.718-3.12a2.5 2.5 0 1 1 0-3.256l6.718-3.12A2.504 2.504 0 0 1 11 2.5Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-facebook" data-network="Facebook" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-facebook fa-w-16" role="img" fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 800 800"> <path d="M768 0H32C14.3 0 0 14.3 0 32v736c0 17.7 14.3 32 32 32h736c17.7 0 32-14.3 32-32V32c0-17.7-14.3-32-32-32Zm-92.4 233.5h-63.9c-50.1 0-59.8 23.8-59.8 58.8v77.1h119.6l-15.6 120.7h-104V800H427.2V490.2H322.9V369.4h104.3v-89c0-103.3 63.1-159.6 155.3-159.6 44.2 0 82.1 3.3 93.2 4.8v107.9h-.1Z" fill="currentColor"/> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-twitter" data-network="Twitter" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-twitter fa-w-16" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 512 512"> <path fill="currentColor" d="M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z"></path> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-linkedin" data-network="LinkedIn" > <span class="bde-social-share-button-icon"> <svg aria-hidden="true" focusable="false" data-prefix="fab" class="svg-inline--fa fa-linkedin fa-w-14" role="img" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 448 512"> <path fill="currentColor" d="M416 32H31.9C14.3 32 0 46.5 0 64.3v383.4C0 465.5 14.3 480 31.9 480H416c17.6 0 32-14.5 32-32.3V64.3c0-17.8-14.4-32.3-32-32.3zM135.4 416H69V202.2h66.5V416zm-33.2-243c-21.3 0-38.5-17.3-38.5-38.5S80.9 96 102.2 96c21.2 0 38.5 17.3 38.5 38.5 0 21.3-17.2 38.5-38.5 38.5zm282.1 243h-66.4V312c0-24.8-.5-56.7-34.5-56.7-34.6 0-39.9 27-39.9 54.9V416h-66.4V202.2h63.7v29.2h.9c8.9-16.8 30.6-34.5 62.9-34.5 67.2 0 79.7 44.3 79.7 101.9V416z"></path> </svg> </span> </div> <div class="js-breakdance-share-button bde-social-share-button bde-social-share-button-email" data-network="Email" > <span class="bde-social-share-button-icon"> <svg class="svg-inline--fa fa-envelope-square fa-w-14" role="img" fill="none" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 20 16"> <path d="M18 0H2C.9 0 .01.9.01 2L0 14c0 1.1.9 2 2 2h16c1.1 0 2-.9 2-2V2c0-1.1-.9-2-2-2Zm0 4-8 5-8-5V2l8 5 8-5v2Z" fill="currentColor"/> </svg> </span> </div> </div></div> </section><section class="bde-section-34994-105 bde-section"> <div class="section-background-overlay"></div> <div class="section-container"><div class="bde-columns-34994-106 bde-columns"><div class="bde-column-34994-119 bde-column"> <a class="bde-text-link-34994-137 bde-text-link breakdance-link" href="https://fideres.com/expertise/competition-economics/" target="_self" data-type="url"> Competition Economics </a><a class="bde-text-link-34994-138 bde-text-link breakdance-link" href="https://fideres.com/expertise/digital-markets/" target="_self" data-type="url"> Digital Markets </a><a class="bde-text-link-34994-139 bde-text-link breakdance-link" href="https://fideres.com/expertise/discrimination/" target="_self" data-type="url"> Discrimination </a><a class="bde-text-link-34994-140 bde-text-link breakdance-link" href="/expertise/financial-litigation/" target="_self" data-type="url"> Financial Litigation </a><a class="bde-text-link-34994-141 bde-text-link breakdance-link" href="/expertise/securities-litigation/" target="_self" data-type="url"> Securities Litigation </a> </div><div class="bde-column-34994-135 bde-column"> <div class="bde-rich-text-34994-133 bde-rich-text breakdance-rich-text-styles"> <p>London:  <a target="_self" href="tel:+442033975160">+44 20 3397 5160</a><br>New York:  <a href="tel:+16469928510">+1 646 992 8510</a><br>Rome:  <a target="_self" href="tel:+39 06 8587 0405">+39 06 8587 0405</a><br>Frankfurt:  <a href="tel:+4961749163000">+49 61 7491 63000</a><br>Johannesburg:  <a href="tel:+27115689611">+27 11 568 9611</a><br>Madrid: <a target="_self" href="tel:+34 919 494 330">+34 919 494 330</a></p> </div> </div></div><div class="bde-div-34994-143 bde-div"> <div class="bde-text-34994-114 bde-text"> © 2025 Fideres </div><a class="bde-text-link-34994-115 bde-text-link breakdance-link" href="/disclaimer/" target="_self" data-type="url"> Legal Notice </a><a class="bde-text-link-34994-116 bde-text-link breakdance-link" href="/privacy/" target="_self" data-type="url"> Privacy Policy </a> </div></div> </section> <div id="um_upload_single" style="display:none;"></div> <div id="um_view_photo" style="display:none;"> <a href="javascript:void(0);" data-action="um_remove_modal" class="um-modal-close" aria-label="Close view photo modal"> <i class="um-faicon-times"></i> </a> <div class="um-modal-body photo"> <div class="um-modal-photo"></div> </div> </div> <div class="breakdance"><div class="bde-popup-37594-100 bde-popup"> <div class="breakdance-popup " data-breakdance-popup-id="37594" > <div class='breakdance-popup-content'> <div class="bde-shortcode-37594-101 bde-shortcode"> <form class="is-search-form is-form-style is-form-style-3 is-form-id-37577 " action="https://fideres.com/" method="get" role="search" ><label for="is-search-input-37577"><span class="is-screen-reader-text">Search for:</span><input type="search" id="is-search-input-37577" name="s" value="" class="is-search-input" placeholder="Search here..." autocomplete=off /></label><button type="submit" class="is-search-submit"><span class="is-screen-reader-text">Search Button</span><span class="is-search-icon"><svg focusable="false" aria-label="Search" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24" width="24px"><path d="M15.5 14h-.79l-.28-.27C15.41 12.59 16 11.11 16 9.5 16 5.91 13.09 3 9.5 3S3 5.91 3 9.5 5.91 16 9.5 16c1.61 0 3.09-.59 4.23-1.57l.27.28v.79l5 4.99L20.49 19l-4.99-5zm-6 0C7.01 14 5 11.99 5 9.5S7.01 5 9.5 5 14 7.01 14 9.5 11.99 14 9.5 14z"></path></svg></span></button><input type="hidden" name="id" value="37577" /></form> </div> </div> <div class="breakdance-popup-close-button breakdance-popup-position-top-right" data-breakdance-popup-reference="37594" data-breakdance-popup-action="close"> <div class="breakdance-popup-close-icon"> <svg viewBox="0 0 24 24"> <path d="M20 6.91L17.09 4L12 9.09L6.91 4L4 6.91L9.09 12L4 17.09L6.91 20L12 14.91L17.09 20L20 17.09L14.91 12L20 6.91Z" /> </svg> </div> </div> </div> </div></div><div class="breakdance"><div class="bde-popup-34948-100 bde-popup"> <div class="breakdance-popup " data-breakdance-popup-id="34948" > <div class='breakdance-popup-content'> <div class="bde-div-34948-105 bde-div"> <div class="bde-image-34948-106 bde-image"> <figure class="breakdance-image breakdance-image--34873"> <div class="breakdance-image-container"> <div class="breakdance-image-clip"> <img class="breakdance-image-object" src="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png" width="450" height="180" srcset="https://fideres.com/wp-content/uploads/2023/08/logo-dark-1.png 450w, https://fideres.com/wp-content/uploads/2023/08/logo-dark-1-300x120.png 300w" > </div> </div> </figure> </div> </div><section class="bde-section-34948-101 bde-section"> <div class="section-container"><div class="bde-wp-menu-34948-102 bde-wp-menu"> <nav class="breakdance-menu breakdance-menu--collapse breakdance-menu--vertical "> <button class="breakdance-menu-toggle breakdance-menu-toggle--squeeze" type="button" aria-label="Open Menu" aria-expanded="false" aria-controls="menu-102"> <span class="breakdance-menu-toggle-icon"> <span class="breakdance-menu-toggle-lines"></span> </span> </button> <ul class="breakdance-menu-list" id="menu-102"> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26512 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Expertise</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Expertise Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-31507 breakdance-dropdown-item"><a href="https://fideres.com/expertise/competition-economics/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Competition Economics</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26713 breakdance-dropdown-item"><a href="https://fideres.com/expertise/digital-markets/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Digital Markets</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26712 breakdance-dropdown-item"><a href="https://fideres.com/expertise/discrimination/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Discrimination</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26711 breakdance-dropdown-item"><a href="https://fideres.com/expertise/financial-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Financial Litigation</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-26710 breakdance-dropdown-item"><a href="https://fideres.com/expertise/securities-litigation/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Securities Litigation</span></a></li> </ul> </div> </div> </div></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-44 breakdance-menu-item"><a href="https://fideres.com/how-we-add-value/" class="breakdance-menu-link">How We Add Value</a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-47 breakdance-menu-item"><a href="https://fideres.com/our-research/" class="breakdance-menu-link">Our Research</a></li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26514 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">Media</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="Media Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-19085 breakdance-dropdown-item"><a href="https://fideres.com/media/news/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">News</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-37512 breakdance-dropdown-item"><a href="https://fideres.com/videos/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Videos</span></a></li> </ul> </div> </div> </div></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-18740 breakdance-menu-item"><a href="https://fideres.com/careers/" class="breakdance-menu-link">Careers</a></li> <li class="custom-dropdown-nav-item menu-item menu-item-type-custom menu-item-object-custom menu-item-has-children menu-item-26513 breakdance-menu-item breakdance-dropdown breakdance-dropdown--wp"><div class="breakdance-dropdown-toggle"><a href="#" class="breakdance-menu-link" aria-expanded="false">About Us</a><button class="breakdance-menu-link-arrow" type="button" aria-expanded="false" aria-label="About Us Submenu"></button></div><div class="breakdance-dropdown-floater" aria-hidden="true"> <div class="breakdance-dropdown-body"> <div class="breakdance-dropdown-section"> <ul class="breakdance-dropdown-links"> <li class="menu-item menu-item-type-custom menu-item-object-custom menu-item-35956 breakdance-dropdown-item"><a href="/about-us/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">About Us</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35973 breakdance-dropdown-item"><a href="https://fideres.com/our-professionals/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Professionals</span></a></li> <li class="menu-item menu-item-type-post_type menu-item-object-page menu-item-35989 breakdance-dropdown-item"><a href="https://fideres.com/our-offices/" class="breakdance-dropdown-link"><span class="breakdance-dropdown-link__text">Our Offices</span></a></li> </ul> </div> </div> </div></li> </ul> </nav> </div><div class="bce-polylang-languages-34948-112 bce-polylang-languages"> <ul> <li class="lang-item lang-item-341 lang-item-it lang-item-first"><a lang="it-IT" hreflang="it-IT" href="https://fideres.com/it/are-piano-buyers-being-played_/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAUVBMVEUAiQAAgADk5OTe3t7vAAB3yXf9/f36+vr5Vlb3RkZjwWNYvVj4+Pj1MzP1KChQuFD1GxviAABHtUf19fXzDw4/sT8AcAA2qzYAWgDLy8vDw8ObXclsAAAAVElEQVR4AQXBSwoCQRQEsNT70CC69P5XdCUMA2ISSAiBWAQScg8bN7GJWxFDrCivwhCLMipGx3LKUOi2HAZluy2HgXprxQGfGL6G63B5MJ5FCD/4A3DaCLvbBle5AAAAAElFTkSuQmCC" alt="" width="16" height="11" style="width: 16px; height: 11px;" /><span style="margin-left:0.3em;">Italiano</span></a></li> <li class="lang-item lang-item-344 lang-item-es"><a lang="es-ES" hreflang="es-ES" href="https://fideres.com/es/are-piano-buyers-being-played_/"><img src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAABAAAAALCAMAAABBPP0LAAAAflBMVEX/AAD9AAD3AADxAADrAAD/eXn9bGz8YWH8WVn6UVH5SEj5Pz/3NDT0Kir9/QD+/nL+/lT18lDt4Uf6+j/39zD39yf19R3n5wDxflXsZ1Pt4Y3x8zr0wbLs1NXz8xPj4wD37t3jmkvsUU/Bz6nrykm3vJ72IiL0FBTyDAvhAABEt4UZAAAAX0lEQVR4AQXBQUrFQBBAwXqTDkYE94Jb73+qfwVRcYxVQRBRToiUfoaVpGTrtdS9SO0Z9FR9lVy/g5c99+dKl30N5uxPuviexXEc9/msC7TOkd4kHu/Dlh4itCJ8AP4B0w4Qwmm7CFQAAAAASUVORK5CYII=" alt="" width="16" height="11" style="width: 16px; height: 11px;" /><span style="margin-left:0.3em;">Español</span></a></li> </ul> </div><div class="bde-search-form-34948-104 bde-search-form"> <form id="search-form-104" role="search" method="get" data-type="classic" aria-hidden="false" class="js-search-form search-form search-form--classic" action="https://fideres.com"> <div class="search-form__container"> <button type="submit" aria-label="search" class="search-form__button"> <svg width="100%" aria-hidden="true" class="search-form__icon--search" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path d="M504.1 471l-134-134C399.1 301.5 415.1 256.8 415.1 208c0-114.9-93.13-208-208-208S-.0002 93.13-.0002 208S93.12 416 207.1 416c48.79 0 93.55-16.91 129-45.04l134 134C475.7 509.7 481.9 512 488 512s12.28-2.344 16.97-7.031C514.3 495.6 514.3 480.4 504.1 471zM48 208c0-88.22 71.78-160 160-160s160 71.78 160 160s-71.78 160-160 160S48 296.2 48 208z"/></svg> </button> <label class="screen-reader-text" for="search-form-104">Search for:</label> <input id="search-form-104" type="text" class="js-search-form-field search-form__field" placeholder="Search" value="" name="s" /> </div> </form> </div></div> </section> </div> <div class="breakdance-popup-close-button breakdance-popup-position-top-right" data-breakdance-popup-reference="34948" data-breakdance-popup-action="close"> <div class="breakdance-popup-close-icon"> <svg viewBox="0 0 24 24"> <path d="M20 6.91L17.09 4L12 9.09L6.91 4L4 6.91L9.09 12L4 17.09L6.91 20L12 14.91L17.09 20L20 17.09L14.91 12L20 6.91Z" /> </svg> </div> </div> </div> </div></div><script> const items = document.querySelectorAll(".custom-dropdown-nav-item"); const actions = document.querySelectorAll(".sub-menu"); for(let i=0; i<items.length; i++){ items[i].addEventListener("click", ()=>{ for(let j=0; j<actions.length; j++){ if(!(i===j)){ actions[j].classList.remove("active") } } actions[i].classList.toggle("active") }) } </script> <script src="https://code.jquery.com/jquery-3.6.1.min.js" integrity="sha256-o88AwQnZB+VDvE9tvIXrMQaPlFFSUTR+nldQm1LuPXQ=" crossorigin="anonymous"></script> <script> $('.flickity-slider').flickity({ // options cellAlign: 'left', contain: true }); </script> <style type="text/css"></style> <link rel='stylesheet' id='pppublic-css' href='https://fideres.com/wp-content/plugins/podcast-player/frontend/css/podcast-player-public.css?ver=7.4.3' type='text/css' media='all' /> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/metronet-profile-picture/js/mpp-frontend.js?ver=2.6.0" id="mpp_gutenberg_tabs-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/New%20folder%20(11)/js/script.js?ver=1.0.0" id="research-posts-loader-script-js"></script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/underscore.min.js?ver=1.13.7" id="underscore-js"></script> <script type="text/javascript" id="wp-util-js-extra"> /* <![CDATA[ */ var _wpUtilSettings = {"ajax":{"url":"\/wp-admin\/admin-ajax.php"}}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/wp-util.min.js?ver=6.7.2" id="wp-util-js"></script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/dist/hooks.min.js?ver=4d63a3d491d11ffd8ac6" id="wp-hooks-js"></script> <script type="text/javascript" src="https://fideres.com/wp-includes/js/dist/i18n.min.js?ver=5e580eb46a90c2b997e6" id="wp-i18n-js"></script> <script type="text/javascript" id="wp-i18n-js-after"> /* <![CDATA[ */ wp.i18n.setLocaleData( { 'text direction\u0004ltr': [ 'ltr' ] } ); /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/tipsy/tipsy.min.js?ver=1.0.0a" id="um_tipsy-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/um-confirm/um-confirm.min.js?ver=1.0" id="um_confirm-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/picker.min.js?ver=3.6.2" id="um_datetime-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/picker.date.min.js?ver=3.6.2" id="um_datetime_date-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/pickadate/picker.time.min.js?ver=3.6.2" id="um_datetime_time-js"></script> <script type="text/javascript" id="um_common-js-extra"> /* <![CDATA[ */ var um_common_variables = {"locale":"en_GB"}; var um_common_variables = {"locale":"en_GB"}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/common.min.js?ver=2.8.9" id="um_common-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/cropper/cropper.min.js?ver=1.6.1" id="um_crop-js"></script> <script type="text/javascript" id="um_frontend_common-js-extra"> /* <![CDATA[ */ var um_frontend_common_variables = []; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/common-frontend.min.js?ver=2.8.9" id="um_frontend_common-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-modal.min.js?ver=2.8.9" id="um_modal-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/jquery-form/jquery-form.min.js?ver=2.8.9" id="um_jquery_form-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/fileupload/fileupload.js?ver=2.8.9" id="um_fileupload-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-functions.min.js?ver=2.8.9" id="um_functions-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-responsive.min.js?ver=2.8.9" id="um_responsive-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-conditional.min.js?ver=2.8.9" id="um_conditional-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/select2/select2.full.min.js?ver=4.0.13" id="select2-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/select2/i18n/en.js?ver=4.0.13" id="um_select2_locale-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/libs/raty/um-raty.min.js?ver=2.6.0" id="um_raty-js"></script> <script type="text/javascript" id="um_scripts-js-extra"> /* <![CDATA[ */ var um_scripts = {"max_upload_size":"104857600","nonce":"c20cfe15a8"}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-scripts.min.js?ver=2.8.9" id="um_scripts-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-profile.min.js?ver=2.8.9" id="um_profile-js"></script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/ultimate-member/assets/js/um-account.min.js?ver=2.8.9" id="um_account-js"></script> <script type="text/javascript" id="ivory-search-scripts-js-extra"> /* <![CDATA[ */ var IvorySearchVars = {"is_analytics_enabled":"1"}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/add-search-to-menu/public/js/ivory-search.min.js?ver=5.5.7" id="ivory-search-scripts-js"></script> <script type="text/javascript" id="pppublic-js-extra"> /* <![CDATA[ */ var podcastPlayerData = {"ajax_info":{"ajaxurl":"https:\/\/fideres.com\/wp-admin\/admin-ajax.php","security":"e7b674df0d"}}; var ppmejsSettings = {"pluginPath":"\/wp-includes\/js\/mediaelement\/","classPrefix":"ppjs__","stretching":"responsive","isPremium":"","isSticky":"","features":["current","progress","duration","fullscreen"],"isMeJs":"","ppPauseBtn":"<svg class=\"icon icon-pp-pause\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-pause\" xlink:href=\"#icon-pp-pause\"><\/use> <\/svg>","ppClose":"<svg class=\"icon icon-pp-x\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-x\" xlink:href=\"#icon-pp-x\"><\/use> <\/svg>","ppMaxiScrnBtn":"<svg class=\"icon icon-pp-maximize\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-maximize\" xlink:href=\"#icon-pp-maximize\"><\/use> <\/svg>","ppMiniScrnBtn":"<svg class=\"icon icon-pp-minimize\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-minimize\" xlink:href=\"#icon-pp-minimize\"><\/use> <\/svg>","ppMinMax":"<svg class=\"icon icon-pp-drop-down\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-drop-down\" xlink:href=\"#icon-pp-drop-down\"><\/use> <\/svg>","ppPlayCircle":"<svg class=\"icon icon-pp-play\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-play\" xlink:href=\"#icon-pp-play\"><\/use> <\/svg>","ppVidLoading":"<svg class=\"icon icon-pp-refresh\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-refresh\" xlink:href=\"#icon-pp-refresh\"><\/use> <\/svg>","ppArrowUp":"<svg class=\"icon icon-pp-arrow-up\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"> <use href=\"#icon-pp-arrow-up\" xlink:href=\"#icon-pp-arrow-up\"><\/use> <\/svg>","ppAudioControlBtns":"<div class=\"ppjs__head-container\"><div class=\"head-wrapper\"><div class=\"ppjs__podcast-title\"><\/div><div class=\"ppjs__episode-title\"><\/div><a class=\"ppjs__episode-excerpt\" href=\"#\"><span class=\"ppjs__excerpt-content\"><\/span><span class=\"ppjs__more\">[...]<span><\/a><\/div><\/div><div class=\"ppjs__secondary-controls\"><div class=\"ppjs__control_btns\"><div class=\"ppjs__button ppjs__play-rate-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tChange Playback Rate\t\t\t\t<\/span><div class=\"play-rate-text\"><span class=\"pp-rate\">1<\/span><span class=\"pp-times\">x<\/span><\/div><\/button><ul class=\"play-rate-list\"><li><a class=\"prl-item\" href=\"#\">0.8<\/a><\/li><li><a class=\"prl-item\" href=\"#\">1<\/a><\/li><li><a class=\"prl-item\" href=\"#\">1.2<\/a><\/li><li><a class=\"prl-item\" href=\"#\">1.5<\/a><\/li><li><a class=\"prl-item\" href=\"#\">2<\/a><\/li><\/ul><\/div><div class=\"ppjs__button ppjs__skip-prev-button\"><button type=\"button\" class=\"pp-prev-btn\"><span class=\"ppjs__offscreen\">\t\t\t\t\tGo to previous episode\t\t\t\t<\/span><svg class=\"icon icon-pp-previous\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-previous\" xlink:href=\"#icon-pp-previous\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__skip-backward-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tSkip Backward\t\t\t\t<\/span><svg class=\"icon icon-pp-rotate-ccw\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-rotate-ccw\" xlink:href=\"#icon-pp-rotate-ccw\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__playpause-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tPlay Pause\t\t\t\t<\/span><svg class=\"icon icon-pp-play\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-play\" xlink:href=\"#icon-pp-play\"><\/use><\/svg><svg class=\"icon icon-pp-pause\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-pause\" xlink:href=\"#icon-pp-pause\"><\/use><\/svg><svg class=\"icon icon-pp-refresh\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-refresh\" xlink:href=\"#icon-pp-refresh\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__jump-forward-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tJump Forward\t\t\t\t<\/span><svg class=\"icon icon-pp-rotate-cw\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-rotate-cw\" xlink:href=\"#icon-pp-rotate-cw\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__skip-next-button\"><button type=\"button\" class=\"pp-next-btn\"><span class=\"ppjs__offscreen\">\t\t\t\t\tSkip to next episode\t\t\t\t<\/span><svg class=\"icon icon-pp-next\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-next\" xlink:href=\"#icon-pp-next\"><\/use><\/svg><\/button><\/div><div class=\"ppjs__button ppjs__download-alt-button\"><a role=\"button\" class=\"ppshare__download button\" href=\"\" title=\"Download\" download=\"\"><svg class=\"icon icon-pp-download\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-download\" xlink:href=\"#icon-pp-download\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tDownload\t\t\t\t<\/span><\/a><\/div><div class=\"ppjs__button ppjs__share-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\t\t\tShare This Episode\t\t\t\t<\/span><svg class=\"icon icon-pp-share\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-share\" xlink:href=\"#icon-pp-share\"><\/use><\/svg><\/button><ul class=\"ppshare__social ppsocial\"><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__facebook\" href=\"\" target=\"_blank\" title=\"Share on Facebook\"><svg class=\"icon icon-pp-facebook\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-facebook\" xlink:href=\"#icon-pp-facebook\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tFacebook\t\t\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__twitter\" href=\"\" target=\"_blank\" title=\"Share on Twitter\"><svg class=\"icon icon-pp-twitter\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-twitter\" xlink:href=\"#icon-pp-twitter\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tTwitter\t\t\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__linkedin\" href=\"\" target=\"_blank\" title=\"Share on Linkedin\"><svg class=\"icon icon-pp-linkedin\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-linkedin\" xlink:href=\"#icon-pp-linkedin\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tLinkedin\t\t\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__copylink\" href=\"#\" title=\"Copy episode link\"><svg class=\"icon icon-pp-copy\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-copy\" xlink:href=\"#icon-pp-copy\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tCopy episode link\t\t\t\t\t\t<\/span><span class=\"pp-copylink-msg\">Copied<\/span><\/a><\/li><li class=\"ppshare-item download\"><a role=\"button\" class=\"ppshare__download\" href=\"\" title=\"Download\" download=\"\"><svg class=\"icon icon-pp-download\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-download\" xlink:href=\"#icon-pp-download\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\t\t\tDownload\t\t\t\t\t\t<\/span><\/a><\/li><input type=\"text\" value=\"\" class=\"pp-copylink\" style=\"display: none;\"><\/ul><\/div><\/div><\/div>","ppAdditionalControls":"<div class=\"ppjs__additional_controls\"><div class=\"ppjs__button ppjs__pp-text\"><button type=\"button\" class=\"pp-text-aux-btn\"><span class=\"ppjs__offscreen\">\t\t\t\tShow Podcast Episode Text\t\t\t<\/span><svg class=\"icon icon-pp-text\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-text\" xlink:href=\"#icon-pp-text\"><\/use><\/svg><svg class=\"icon icon-pp-x\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-x\" xlink:href=\"#icon-pp-x\"><\/use><\/svg><\/button><\/div><\/div>","ppAuxModal":"<div class=\"pp-modal-aux-wrapper\"><ul class=\"pp-modal-tabs\"><li class=\"pp-modal-tabs-item lists-tab\">All Episodes<\/li><li class=\"pp-modal-tabs-item content-tab selected\">Shownotes<\/li><\/ul><div class=\"pp-modal-tabs-list\" style=\"display: none;\"><\/div><div class=\"pp-modal-tabs-content\"><\/div><\/div>","ppPlayPauseBtn":"<div class=\"ppjs__button ppjs__playpause-button\"><button type=\"button\"><svg class=\"icon icon-pp-play\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-play\" xlink:href=\"#icon-pp-play\"><\/use><\/svg><svg class=\"icon icon-pp-pause\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-pause\" xlink:href=\"#icon-pp-pause\"><\/use><\/svg><svg class=\"icon icon-pp-refresh\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-refresh\" xlink:href=\"#icon-pp-refresh\"><\/use><\/svg><\/button><\/div>","ppVideoShare":"<div class=\"ppjs__button ppjs__share-button\"><button type=\"button\"><span class=\"ppjs__offscreen\">\t\t\tShare This Episode\t\t<\/span><svg class=\"icon icon-pp-share\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-share\" xlink:href=\"#icon-pp-share\"><\/use><\/svg><\/button><ul class=\"ppshare__social ppsocial\"><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__facebook\" href=\"\" target=\"_blank\" title=\"Share on Facebook\"><svg class=\"icon icon-pp-facebook\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-facebook\" xlink:href=\"#icon-pp-facebook\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tFacebook\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__twitter\" href=\"\" target=\"_blank\" title=\"Share on Twitter\"><svg class=\"icon icon-pp-twitter\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-twitter\" xlink:href=\"#icon-pp-twitter\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tTwitter\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__linkedin\" href=\"\" target=\"_blank\" title=\"Share on Linkedin\"><svg class=\"icon icon-pp-linkedin\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-linkedin\" xlink:href=\"#icon-pp-linkedin\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tLinkedin\t\t\t\t<\/span><\/a><\/li><li class=\"ppshare-item social\"><a class=\"ppsocial__link ppsocial__copylink\" href=\"#\" title=\"Copy episode link\"><svg class=\"icon icon-pp-copy\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-copy\" xlink:href=\"#icon-pp-copy\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tCopy episode link\t\t\t\t<\/span><span class=\"pp-copylink-msg\">Copied<\/span><\/a><\/li><li class=\"ppshare-item download\"><a role=\"button\" class=\"ppshare__download\" href=\"\" title=\"Download\" download=\"\"><svg class=\"icon icon-pp-download\" aria-hidden=\"true\" role=\"img\" focusable=\"false\"><use href=\"#icon-pp-download\" xlink:href=\"#icon-pp-download\"><\/use><\/svg><span class=\"ppjs__offscreen\">\t\t\t\t\tDownload\t\t\t\t<\/span><\/a><\/li><input type=\"text\" value=\"\" class=\"pp-copylink\" style=\"display: none;\"><\/ul><\/div>","ppCloseBtnText":"<span class=\"ppjs__offscreen\">Minimize or Close the player<\/span>"}; /* ]]> */ </script> <script type="text/javascript" src="https://fideres.com/wp-content/plugins/podcast-player/frontend/js/public.build.js?ver=7.4.3" id="pppublic-js"></script> <script type="text/javascript"> (function() { var expirationDate = new Date(); expirationDate.setTime( expirationDate.getTime() + 31536000 * 1000 ); document.cookie = "pll_language=en; expires=" + expirationDate.toUTCString() + "; path=/; secure; SameSite=Lax"; }()); </script> <svg style="position: absolute; width: 0; height: 0; overflow: hidden;" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><defs><symbol id="icon-pp-pause" viewBox="0 0 24 24"><path fill="currentColor" d="M9 4H7a2 2 0 0 0-2 2v12a2 2 0 0 0 2 2h2a2 2 0 0 0 2-2V6a2 2 0 0 0-2-2m8 0h-2a2 2 0 0 0-2 2v12a2 2 0 0 0 2 2h2a2 2 0 0 0 2-2V6a2 2 0 0 0-2-2"/></symbol><symbol id="icon-pp-x" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M18 6L6 18M6 6l12 12"/></symbol><symbol id="icon-pp-maximize" viewBox="0 0 32 32"><path d="M32 0h-13l5 5-6 6 3 3 6-6 5 5z"></path><path d="M32 32v-13l-5 5-6-6-3 3 6 6-5 5z"></path><path d="M0 32h13l-5-5 6-6-3-3-6 6-5-5z"></path><path d="M0 0v13l5-5 6 6 3-3-6-6 5-5z"></path></symbol><symbol id="icon-pp-minimize" viewBox="0 0 32 32"><path d="M18 14h13l-5-5 6-6-3-3-6 6-5-5z"></path><path d="M18 18v13l5-5 6 6 3-3-6-6 5-5z"></path><path d="M14 18h-13l5 5-6 6 3 3 6-6 5 5z"></path><path d="M14 14v-13l-5 5-6-6-3 3 6 6-5 5z"></path></symbol><symbol id="icon-pp-drop-down" viewBox="0 0 32 32"><path d="M7.226 12.077c0.698-0.714 1.669-0.77 2.522 0l6.253 5.995 6.253-5.995c0.853-0.77 1.826-0.714 2.518 0 0.698 0.712 0.653 1.915 0 2.584-0.65 0.669-7.512 7.203-7.512 7.203-0.347 0.357-0.803 0.536-1.259 0.536s-0.912-0.179-1.262-0.536c0 0-6.859-6.534-7.512-7.203-0.654-0.669-0.698-1.872 0-2.584z"></path></symbol><symbol id="icon-pp-play" viewBox="0 0 24 24"><path fill="currentColor" d="M6 4v16a1 1 0 0 0 1.524.852l13-8a1 1 0 0 0 0-1.704l-13-8A1 1 0 0 0 6 4"/></symbol><symbol id="icon-pp-refresh" viewBox="0 0 32 32"><path d="M32 16c-0.040-2.089-0.493-4.172-1.331-6.077-0.834-1.906-2.046-3.633-3.533-5.060-1.486-1.428-3.248-2.557-5.156-3.302-1.906-0.748-3.956-1.105-5.981-1.061-2.025 0.040-4.042 0.48-5.885 1.292-1.845 0.809-3.517 1.983-4.898 3.424s-2.474 3.147-3.193 4.994c-0.722 1.846-1.067 3.829-1.023 5.79 0.040 1.961 0.468 3.911 1.254 5.694 0.784 1.784 1.921 3.401 3.316 4.736 1.394 1.336 3.046 2.391 4.832 3.085 1.785 0.697 3.701 1.028 5.598 0.985 1.897-0.040 3.78-0.455 5.502-1.216 1.723-0.759 3.285-1.859 4.574-3.208 1.29-1.348 2.308-2.945 2.977-4.67 0.407-1.046 0.684-2.137 0.829-3.244 0.039 0.002 0.078 0.004 0.118 0.004 1.105 0 2-0.895 2-2 0-0.056-0.003-0.112-0.007-0.167h0.007zM28.822 21.311c-0.733 1.663-1.796 3.169-3.099 4.412s-2.844 2.225-4.508 2.868c-1.663 0.646-3.447 0.952-5.215 0.909-1.769-0.041-3.519-0.429-5.119-1.14-1.602-0.708-3.053-1.734-4.25-2.991s-2.141-2.743-2.76-4.346c-0.621-1.603-0.913-3.319-0.871-5.024 0.041-1.705 0.417-3.388 1.102-4.928 0.683-1.541 1.672-2.937 2.883-4.088s2.642-2.058 4.184-2.652c1.542-0.596 3.192-0.875 4.832-0.833 1.641 0.041 3.257 0.404 4.736 1.064 1.48 0.658 2.82 1.609 3.926 2.774s1.975 2.54 2.543 4.021c0.57 1.481 0.837 3.064 0.794 4.641h0.007c-0.005 0.055-0.007 0.11-0.007 0.167 0 1.032 0.781 1.88 1.784 1.988-0.195 1.088-0.517 2.151-0.962 3.156z"></path></symbol><symbol id="icon-pp-arrow-up" viewBox="0 0 32 32"><path d="M30.054 23.768l-2.964 2.946c-0.446 0.446-1.161 0.446-1.607 0l-9.482-9.482-9.482 9.482c-0.446 0.446-1.161 0.446-1.607 0l-2.964-2.946c-0.446-0.446-0.446-1.179 0-1.625l13.25-13.232c0.446-0.446 1.161-0.446 1.607 0l13.25 13.232c0.446 0.446 0.446 1.179 0 1.625z"></path></symbol><symbol id="icon-pp-previous" viewBox="0 0 24 24"><path fill="currentColor" d="m19.496 4.136l-12 7a1 1 0 0 0 0 1.728l12 7A1 1 0 0 0 21 19V5a1 1 0 0 0-1.504-.864M4 4a1 1 0 0 1 .993.883L5 5v14a1 1 0 0 1-1.993.117L3 19V5a1 1 0 0 1 1-1"/></symbol><symbol id="icon-pp-rotate-ccw" viewBox="0 0 24 24"><g fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2"><path d="M7 9L4 6l3-3"/><path d="M15.997 17.918A6.002 6.002 0 0 0 15 6H4m2 8v6m3-4.5v3a1.5 1.5 0 0 0 3 0v-3a1.5 1.5 0 0 0-3 0"/></g></symbol><symbol id="icon-pp-rotate-cw" viewBox="0 0 24 24"><g fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2"><path d="M5.007 16.478A6 6 0 0 1 9 6h11m-5 9.5v3a1.5 1.5 0 0 0 3 0v-3a1.5 1.5 0 0 0-3 0"/><path d="m17 9l3-3l-3-3M9 14h1.5a1.5 1.5 0 0 1 0 3H10h.5a1.5 1.5 0 0 1 0 3H9"/></g></symbol><symbol id="icon-pp-next" viewBox="0 0 24 24"><path fill="currentColor" d="M3 5v14a1 1 0 0 0 1.504.864l12-7a1 1 0 0 0 0-1.728l-12-7A1 1 0 0 0 3 5m17-1a1 1 0 0 1 .993.883L21 5v14a1 1 0 0 1-1.993.117L19 19V5a1 1 0 0 1 1-1"/></symbol><symbol id="icon-pp-download" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M4 17v2a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2v-2M7 11l5 5l5-5m-5-7v12"/></symbol><symbol id="icon-pp-share" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M13 4v4C6.425 9.028 3.98 14.788 3 20c-.037.206 5.384-5.962 10-6v4l8-7z"/></symbol><symbol id="icon-pp-facebook" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M7 10v4h3v7h4v-7h3l1-4h-4V8a1 1 0 0 1 1-1h3V3h-3a5 5 0 0 0-5 5v2z"/></symbol><symbol id="icon-pp-twitter" viewBox="0 0 24 24"><path fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="m4 4l11.733 16H20L8.267 4zm0 16l6.768-6.768m2.46-2.46L20 4"/></symbol><symbol id="icon-pp-linkedin" viewBox="0 0 24 24"><g fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2"><path d="M4 6a2 2 0 0 1 2-2h12a2 2 0 0 1 2 2v12a2 2 0 0 1-2 2H6a2 2 0 0 1-2-2zm4 5v5m0-8v.01M12 16v-5"/><path d="M16 16v-3a2 2 0 0 0-4 0"/></g></symbol><symbol id="icon-pp-copy" viewBox="0 0 24 24"><g fill="none" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2"><path d="M7 9.667A2.667 2.667 0 0 1 9.667 7h8.666A2.667 2.667 0 0 1 21 9.667v8.666A2.667 2.667 0 0 1 18.333 21H9.667A2.667 2.667 0 0 1 7 18.333z"/><path d="M4.012 16.737A2 2 0 0 1 3 15V5c0-1.1.9-2 2-2h10c.75 0 1.158.385 1.5 1"/></g></symbol><symbol id="icon-pp-text" viewBox="0 0 32 32"><path d="M24.8 17.6h-17.6c-0.44 0-0.8 0.36-0.8 0.8v1.6c0 0.442 0.36 0.8 0.8 0.8h17.6c0.442 0 0.8-0.358 0.8-0.8v-1.6c0-0.44-0.358-0.8-0.8-0.8zM24.8 11.2h-17.6c-0.44 0-0.8 0.36-0.8 0.8v1.6c0 0.442 0.36 0.8 0.8 0.8h17.6c0.442 0 0.8-0.358 0.8-0.8v-1.6c0-0.44-0.358-0.8-0.8-0.8zM16.8 24h-9.6c-0.44 0-0.8 0.36-0.8 0.8v1.6c0 0.442 0.36 0.8 0.8 0.8h9.6c0.442 0 0.8-0.358 0.8-0.8v-1.6c0-0.44-0.358-0.8-0.8-0.8zM24.8 4.8h-17.6c-0.44 0-0.8 0.36-0.8 0.8v1.6c0 0.442 0.36 0.8 0.8 0.8h17.6c0.442 0 0.8-0.358 0.8-0.8v-1.6c0-0.44-0.358-0.8-0.8-0.8z"></path></symbol></defs></svg><script src='https://fideres.com/wp-content/plugins/breakdance/plugin/global-scripts/breakdance-utils.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/Social_Share_Buttons/assets/social-share-buttons.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/elements-reusable-code/breakdance-link-actions.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/Header_Builder/header-builder.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/awesome-menu@1/awesome-menu.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/Search_Form/assets/search-form.js?bd_ver=1.7.2' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/popups@1/popups.js?bd_ver=1.7.2' defer></script> <script src='https://unpkg.com/gsap@3.12.2/dist/gsap.min.js' defer></script> <script src='https://fideres.com/wp-content/plugins/breakdance/subplugins/breakdance-elements/dependencies-files/popups@1/popup-animations.js?bd_ver=1.7.2' defer></script> <script>document.addEventListener('DOMContentLoaded', function(){ if (!window.BreakdanceFrontend) { window.BreakdanceFrontend = {} } window.BreakdanceFrontend.data = {"homeUrl":"https:\/\/fideres.com","ajaxUrl":"https:\/\/fideres.com\/wp-admin\/admin-ajax.php","elementsPluginUrl":"https:\/\/fideres.com\/wp-content\/plugins\/breakdance\/subplugins\/breakdance-elements\/","BASE_BREAKPOINT_ID":"breakpoint_base","breakpoints":[{"id":"breakpoint_base","label":"Desktop","defaultPreviewWidth":"100%"},{"id":"breakpoint_tablet_landscape","label":"Tablet Landscape","defaultPreviewWidth":1024,"maxWidth":1119},{"id":"breakpoint_tablet_portrait","label":"Tablet Portrait","defaultPreviewWidth":768,"maxWidth":1023},{"id":"breakpoint_phone_landscape","label":"Phone Landscape","defaultPreviewWidth":480,"maxWidth":767},{"id":"breakpoint_phone_portrait","label":"Phone Portrait","defaultPreviewWidth":400,"maxWidth":479},{"id":"custom_breakpoint_laptop","label":"Laptop","minWidth":1550,"maxWidth":1120,"defaultPreviewWidth":1450}],"subscriptionMode":"pro"} }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceSocialShareButtons('.breakdance .bde-social-share-buttons-37010-103'); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ const theIcon = document.querySelector('.theicon'); const socialShare = document.querySelector('.socialshare'); // Initially hide the socialshare element socialShare.style.display = 'none'; theIcon.addEventListener('click', () => { if (socialShare.style.display === 'none') { socialShare.style.display = 'block'; } else { socialShare.style.display = 'none'; } }); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceSocialShareButtons('.breakdance .bde-social-share-buttons-36062-118'); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceHeaderBuilder(".breakdance .bde-header-builder-34868-102", "102", false); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new AwesomeMenu(".breakdance .bde-wp-menu-34868-109 .breakdance-menu", { dropdown: { openOnClick: false, mode: { desktop: 'dropdown' }, placement: 'left', width: null, animation: 'fade' }, link: { effect: '', effectDirection: '', }, mobile: { breakpoint: 'breakpoint_tablet_landscape', mode: 'offcanvas', offcanvasPosition: 'left', offset: null, followLinks: false } }); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceHeaderBuilder(".breakdance .bde-header-builder-34868-122", "122", false); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new AwesomeMenu(".breakdance .bde-wp-menu-34868-134 .breakdance-menu", { dropdown: { openOnClick: false, mode: { desktop: 'dropdown' }, placement: 'left', width: null, animation: 'fade' }, link: { effect: '', effectDirection: '', }, mobile: { breakpoint: 'breakpoint_tablet_landscape', mode: 'offcanvas', offcanvasPosition: 'left', offset: null, followLinks: false } }); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceSearchForm('.breakdance .bde-search-form-34868-126', {}); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdancePopup(37594, {"onlyShowOnce":false,"avoidMultiple":false,"limitSession":null,"limitPageLoad":null,"limitForever":null,"triggers":[],"breakpointConditions":[]}); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ if (window.breakdancePopupInstances) { const popupInstance = window.breakdancePopupInstances[37594] ?? null; if (popupInstance) { popupInstance.setOptions({ keepOpenOnHashlinkClicks: false, closeOnClickOutside: true, closeOnEscapeKey: true, closeAfterMilliseconds: null, showCloseButtonAfterMilliseconds: null, disableScrollWhenOpen: true, entranceAnimation: {"animation_type":"slideDown"}, exitAnimation: {"animation_type":"slideUp"}, }); } } }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdancePopup(34948, {"onlyShowOnce":false,"avoidMultiple":false,"limitSession":null,"limitPageLoad":null,"limitForever":null,"triggers":[],"breakpointConditions":[]}); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ if (window.breakdancePopupInstances) { const popupInstance = window.breakdancePopupInstances[34948] ?? null; if (popupInstance) { popupInstance.setOptions({ keepOpenOnHashlinkClicks: false, closeOnClickOutside: true, closeOnEscapeKey: true, closeAfterMilliseconds: null, showCloseButtonAfterMilliseconds: null, disableScrollWhenOpen: true, entranceAnimation: {"animation_type":"slideDown"}, exitAnimation: {"animation_type":"slideUp"}, }); } } }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new AwesomeMenu(".breakdance .bde-wp-menu-34948-102 .breakdance-menu", { dropdown: { openOnClick: false, mode: { desktop: 'accordion' }, placement: 'left', width: null, animation: 'fade' }, link: { effect: '', effectDirection: '', }, mobile: { breakpoint: 'never', mode: 'default', offcanvasPosition: 'left', offset: null, followLinks: false } }); }) </script> <script>document.addEventListener('DOMContentLoaded', function(){ new BreakdanceSearchForm('.breakdance .bde-search-form-34948-104', {}); }) </script> <script type="text/javascript"> jQuery( window ).on( 'load', function() { jQuery('input[name="um_request"]').val(''); }); </script> </body> </html>