It’s rare to find people who don’t enjoy music. As music is the best stress buster which refreshes minds and revitalizes energy. A few years back, music industry worldwide suffered badly due to increased free downloads and piracy. This result reflected in a survey report of RIAA that, total music sales in U.S.A have drastically dropped below $7 billion as compared to $13 billion in the year 2003. The invasion of big data and analytics in music industry have completely changed the scenario of music industry by providing deeper insights helping stakeholders in enhancing revenues. The burst of data from different sources like the torrent, various music streaming sites and a chunk of social media platforms have helped music industry to understand their fans in a deeper way and also spot the upcoming artists like never before.
Music Online and Analytics
There is increased inclination of recording companies towards analytics as audience now prefer to listen to music online, social media sites and a plethora of new online platforms provide audience the facility to play music and capturing and analysing information about these online audience is easier. Analytic reports give brighter picture of audience likes, dislikes of the type of music that has increased sales and what is the audience demand. These metrics from analytics in music industry open new doors by helping artists in decision-making as to what type of music should they create to win the hearts of their fans eventually that will boost their album sales in the industry.
Analytics in Music to predict future recordings
Data analytics in music industry help companies in enhancing profits, as the platforms like Spotify provide deeper and wider insights into listening habits, compared to earlier days when it was impossible for the companies to trace metrics about sales. But now with the help of different platforms, companies can see how often a song is listened to, when, and by whom. Analysing these metrics enables a company to predict future hit records and align sale of their recording products.
Analytics in Music help picking a trending artist
Now a days, an artist has several albums, dozens of solo songs and music videos uploaded across multiple platforms. So, if one want to understand the popularity of a single song by an artist, then at first, you need to track several official and unofficial uploads on YouTube, the list of the songs on music streaming sites and also need to check physical and digital purchases on Google Play, iTunes and Amazon. And, finally, you also need to check the controversial issue of music piracy. By analysing all these details, the analytics company can tell whether the recording company should take an artist to the tour for a concert or not, they can also pick the artist is trending in the market. Music analytics companies also claim that they can predict with 90% accuracy which artist would be in number one position in the upcoming three months.
There are many analytics firms that are working in close contact with the recording companies. Spotify has purchased a Massachusetts-based music data firm, The Echo Nest, so that it can utilize the Eco Nest’s music discovery services and can surpass their competitors. While on the other hand, Apple has already purchased media analytics company Semetric.
Though data analytics will not help the companies in deciding a song or music, but it helps them to understand the audiences’ behaviour, their likings, or the particular niche of the audience.
So, big data and data analytics have made a huge change when it comes to the selection of music. Data analytics in music industry helps the artists and record companies to know the preferences of the music lovers and moreover, it has the capacity to make the musical experience more enjoyable and pleasurable for the listeners by providing the deeper insights that could be valuable for the recording companies as well as the artists. Analytics in Music industry will not at all tarnish the image of the artist or the recording company rather it will strengthen the bonding between the artists and the fans. And, thus the benefits of analytics in the music industry are simply unfathomable.