In this course, students examine real world examples of how analytics significantly improve management decisions, firm strategies, and artist success. For artists and their teams, this abundance creates opportunities but also headaches. Analytics tools can offer a range of integrations, with affiliate programs, ticketing platforms, and pixels. Blair worked through the range of data sets open up to the music industry, giving tips on how best to read them and indicating what are the most accurate metrics of success and engagement. As big data continues to permeate our day-to-day lives the number of different industries that are adopting big data continues to increase. Well, there’s lots of data out there, spread across the music industry’s different branches. From predicting trends to using music analytics to determine when’s the best time to release music, set concert dates and more, data science has led to lasting impacts in the music industry which will definitely change the game in the years to come. These are platforms where fans can purchase merch and more straight from an artist, eliminating middle men and ensuring artists get a larger cut of the profits. With all your sales data in one place, you can track your earnings across products and stores. You can see all the Spotify stats or Apple Music stats just fine, but how do these relate to your marketing? Record companies are becoming very competitive; there’s this ever-mounting pressure to produce the next big hit. Data is transforming the way the music industry operates. You need to grow your number of super fans by attracting and engaging with the right people. Big data analytics also generates data on what motivates a listener and finds out why certain artists are more popular than others and help organizations to identify which of their business models have become outdated. In this article, we’ll give you an introduction to music analytics and their place in the modern music industry. In fact, it’s a brilliant portal to all aspects of an artist’s music. Instead of bombarding people with ads, many publishers are aiming to create sponsorships with larger brands and encouraging users to follow their social media accounts for maximum outreach. If you upload videos to Youtube, or another major video platform, you’ll gain access to analytics inside the service. However, below are some industries that are better poised to make use of data science and analytics. Want to learn more about music analytics but don’t know where to start? The raw music that is produced is essentially like unstructured data. Given the variety of material you can share on social, discovering what types and forms of content perform the best really helps to optimize your posting. It’s also incredibly useful when scheduling tours, ensuring you’re booking venues in locations with strong enough demand. For listeners, there’s countless different platforms, services, and mediums on which to engage with their favorite artists. A lot of companies within the music industry run affiliate programs, which pay out commission on purchases or for new subscribers you’ve referred. When it comes to listening to music online, Youtube is actually the most popular streaming service. While the distributor’s dashboards can be very comprehensive, they fall short at connecting off-platform data sets (social, email, paid advertising) with on-platform results (plays, follows, streams etc). Consider the depth of insights which work best for your budget. Many ticket sellers and resellers offer their own analytics if you have an account with them. That’s where data science comes in. A couple of decades ago, albums were sold in cassettes and compact discs (CDs) which everyone would buy from designated sellers. Streaming now dominates the market over physical releases, while the rest of the music ecosystem has also gone digital. Give Linkfire a try with a free trial. Advertising platforms like Google Ads and Facebook Business Manager offer detailed reporting so you can assess if your investment is paying off. And some tools’ data sets are more wide-ranging than others. Set revenue forecasts, objectives, and double down on the items which are really proving popular with your fanbase. But if you’re collaborating on your marketing efforts, you’ll want to give your colleagues access to all your metrics too. Think what Netflix did to movies, I Store might be doing it to music. Also, social media has made it so easy for aspiring artists to put out their content, that it is so easy to get lost in the crowd. Understanding your fan engagement and their preferences is key to reaching them more effectively. This is why so many music companies are turning to data science to help them determine which songs will cater to a larger audience. In this article, I’d like to present the results of some of these efforts centered around revamping the presentation of our music analytics data. The more integrations a tool has, the closer it gets to an all-in-one marketing solution, rather than just another tool to add to your long list of bookmarks. All of these websites are free- unless you choose to sign up for premium, ad-free services- which makes you wonder where the management behind artists is able to pull in so much money each year. This is why you might have noticed that when you’re streaming music on sites like YouTube and Spotify that you’re often recommended musicians from the same record company. These analytics are then used by the marketing department of the company to make sure that the record sells and creates ‘hype’. Student Clara Rescala (M.A. It’s not a long stretch to say that music industries have designed their business model around making you grow accustomed to a certain type of music. Fans connect to music across dozens of different platforms and sites—from streaming services to social media—and all these touchpoints provide a richer picture of an artist’s listenership. Let’s get started and see how this powerful technology is … Song - Play/pause/resume/complete 2. If you’re earning commission through numerous different affiliate programs, music analytics tools can bring all those commissions together into structured affiliate data sets. For sure. Linkfire announces a deeper data partnership and collaboration with Pandora. Data science helps big music companies to analyze trends and predict what the next big hit might be. Here’s our guide to the industry’s top data sources and music analytics tools. A good analytics tool should have the needs of the user at the center of its design, with simple ways of filtering, comparing, and navigating through all those stats. If you’re truly a one person operation, then probably not. These stats typically include numbers about view counts and likes, but also details about your audiences’ locations and even age/gender. Compiling this data takes time and skill in knowing where to find the right, clean information, how to capitalize on it, and how to turn it into actionable insights. Revenue from touring makes up the largest portion of most artists’ income. With analytics, it’s possible to predict hits before a song becomes big, anticipate the next big star and more. And building a meaningful marketing strategy is complicated when this information is siloed across services, with data points disconnected from each other and stripped of context. With affiliate marketing, you earn commission on revenue that you’ve generated for a company. Here are some factors to consider when you’re comparing tools. This can either be through exporting music analytics as reports, or by adding additional users to your account. Using this data and grounding your strategy in solid analytics allows you to measure the success of each action you take and continuously optimize your strategy. Not only does it have a larger user base than social, it also has a higher ROI (return on investment). If your answers were similar to what we’ve mentioned, then we’ve proved our point. In order to do so, they can’t simply rely on the whims of their artists. They need something more concrete, something which will help them understand the general public’s changing taste in music so that they can reap greater profits. To give some background, over the prior year, in my role as a data engineer, I’d worked to improve the analytics part of the company’s platform which allowed label managers to track the number of streams their music had generated. Big data analytics applications identify the risk each applicant represents before a policy is issued. Producing quality music is a priority to most companies but there’s no point in creating music which people won’t like. Producing the next big hit isn’t about raw talent anymore; it’s about taking years of data into consideration and then choosing a song whose genre and lyrics have relevance to the time of release, which will cause it to go well with listeners. Location: New York, United States. Copyright © 2020 Opentracker. This can be utilized in your wider marketing efforts, as long as the buyer has been informed about how you plan to use their data. If the trend is going towards, for example, dance music, they’ll be sure to nudge their artists to produce such music. Affiliate marketing data is tracked through affiliate IDs, tokens, or unique links. Opentracker has more than 10 years experience in tracking, data analytics and statistics innovation. Music companies can easily take advantage of this data available to see the trajectory of the kind of music which might appeal to a large audience. Streaming services’ own analytics certainly have their uses, but they’re detached from your off-platform activities. Data / Analytics Music Business Jobs. Data-driven A&R has been a buzzword for quite some time in the music industry, but also one of its most guarded secrets. While there is no replacing the money-generating machine that is live performances, data analytics is addressing many of the problems the industry faces, by helping executives anticipate trends and understand their consumers better. Now, with the rise of social media, things have definitely changed. Companies like Spotify regularly release trends based upon the kind of music their users are listening to. Comprehensive fan insights for artists and their teams. The answer is a little more complicated than that. What’s the first thing that comes to your mind when you hear the words ‘hit song’?Chances are, you think about a particular artist or band, maybe a song or maybe the beat or the chorus in the background which really makes a song stand out. In May 2017 Sony Music CEO Rob Stringer commented: “All our business units must now leverage data and analytics in innovative ways to dig deeper than ever for new talent. 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