The pioneer of this model is Denmark's incumbent telecoms firm, TDC, which offers more than 5m songs.

提供5百万首歌曲的丹麦电信巨头TDC是这种模式的先驱者。

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But Scott Page, an industry pioneer and chief executive of the Lifeline Program, a life-settlement firm, admits that it is a business full of "headline risk".

但是一位该行业的先锋官，人寿保单过户公司Lifeline Program的首席执行官Scott Page却承认，这确实是个时时刻刻都有“让你上头条新闻”风险的行业。

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The bad news for those who have hopes of the field is that Geron, an American firm that was a pioneer of the therapeutic use of stem cells, is pulling out of the business.

对那些期待这一研究领域进展的人们来说，坏消息是干细胞治疗领域的先驱、美国的Geron公司即将退出这方面的研究。

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Pioneer, an electronics firm, Elipda, a chipmaker, and Japan Airlines are among the first to look for government support.

ECONOMIST: What Japan needs is more bankruptcies, not fewer

When Pioneer, a consumer-electronics firm, sacked some of its managers in 1993, for example, shoppers in Akihabara, a Tokyo neighbourhood devoted to electronics shops, organised a boycott of its products.

ECONOMIST: Gang sackings | The

But recently, Pioneer Investments, an American fund-management firm, opened the first mutual fund to give individuals exposure.

ECONOMIST: Catastrophe bonds