Data is everywhere, and most of the time we don't even realize it. Digital stores like itunes would actually provide analysts in the music industry with insights into listening habits, preferences and a whole host of other data that could be used to understand the music consumer better. Information like this is being used to drive the type of songs and the type of branding that goes into channels such as online radio.
For starters, there's this company called 'The Echo Nest' who have actually spent over half a decade analyzing over 30 million songs spread over 2 million artists. This information is being used to populate data points that are driving a whole new era of music, dubbed 'fanalytics'.Companies like Echo Nest are even analyzing the tempo, pitch and other aspects of songs and relate them to cultural habits and other behavioral and consumption data to help better understand what sells and what does not.
Like all other industries before it, the music industry turned towards data analytics to maximize the avenues of profit. The technology being used as a 'recommendation engine' for music, is very similar to what one saw when they bought books from Amazon.com. Recommendations would be made for similar books, or similar customer profiles, hence giving the buyer more avenues to explore.
One of the ways where Big Data tools can help record labels is in understanding their local customers better is with regards to live concerts. Big Data tools can help organizers understand which cities to do shows in, which artists to promote, what songs are trending in those cities, what avenues to use to promote concerts and much more. This may sound like Big Data is just helping record labels fill in their yearly planner better, but if done correctly, it can help artists know their audience better, plan their shows better and ultimately make more money. Lady Gaga's gross profit from concerts alone was over $225 million in 2011. Her manager admits to being a Big Fan of Big Data as it is helping them plan the stage and set list based on the mood of the city they have concerts in, ensuring a better turnout and response. Music artists are already using 'fanalytics' to give them the next level of understanding of their listeners. This information is already being used in a whole bunch of activities including merchandising, concert-planning and even song writing.
Sources: http://venturebeat.com/2012/02/17/music-hack-day/
http://venturebeat.com/2012/02/17/music-hack-day/
http://www.webpronews.com/the-echo-nest-where-big-data-is-taking-the-music-industry-2012-04
For starters, there's this company called 'The Echo Nest' who have actually spent over half a decade analyzing over 30 million songs spread over 2 million artists. This information is being used to populate data points that are driving a whole new era of music, dubbed 'fanalytics'.Companies like Echo Nest are even analyzing the tempo, pitch and other aspects of songs and relate them to cultural habits and other behavioral and consumption data to help better understand what sells and what does not.
Like all other industries before it, the music industry turned towards data analytics to maximize the avenues of profit. The technology being used as a 'recommendation engine' for music, is very similar to what one saw when they bought books from Amazon.com. Recommendations would be made for similar books, or similar customer profiles, hence giving the buyer more avenues to explore.
One of the ways where Big Data tools can help record labels is in understanding their local customers better is with regards to live concerts. Big Data tools can help organizers understand which cities to do shows in, which artists to promote, what songs are trending in those cities, what avenues to use to promote concerts and much more. This may sound like Big Data is just helping record labels fill in their yearly planner better, but if done correctly, it can help artists know their audience better, plan their shows better and ultimately make more money. Lady Gaga's gross profit from concerts alone was over $225 million in 2011. Her manager admits to being a Big Fan of Big Data as it is helping them plan the stage and set list based on the mood of the city they have concerts in, ensuring a better turnout and response. Music artists are already using 'fanalytics' to give them the next level of understanding of their listeners. This information is already being used in a whole bunch of activities including merchandising, concert-planning and even song writing.
Sources: http://venturebeat.com/2012/02/17/music-hack-day/
http://venturebeat.com/2012/02/17/music-hack-day/
http://www.webpronews.com/the-echo-nest-where-big-data-is-taking-the-music-industry-2012-04
The connection of Big Data and music is very interesting. Pandora has also been doing something very similar to the echo nest with their Music Genome Project. Last.fm is also a fairly large collector of music data, such as user generated genre tags as well as listening habits. Streaming services like Spotify, Rdio, and Mog have treasure troves of data on listening habits and user generated playlist data. The music industry is finally starting to realize that value that these types of sites can present to them. With big data analysis holding the capability to predict the next big hit as well as show them ways to monetize already popular songs to listeners who otherwise might not notice.
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