How Big Data Can Change the Music Industry
Data is the new currency. If one can divine knowledge from the trillions of data points that are being generated each second, then that person can rule the universe.
Or at least a corner of it–like the music industry. From Venture Beat:
Music is the one universal media that connects the world, and big data is the key to unlock its potential. Not only does data have the potential to make up for the revenue lost from physical sales, it can actually surpass it. Through ad tech and social media, music can leverage a much larger, data-driven digital advertising market and join the global trend toward collaborative marketing and mobile engagement for brands like Redbull, Nike (Nike+), and Urban Outfitters.
Music influencers are already arguing for a redesign of the industry’s approach to advertising. “When commercials stop being advertising, they can be art,” said actor, director, and musician Jared Leto at a recent round table discussion for Adweek.
However, current music services are monetizing at surface-level, focusing only on what people are listening to and where they are listening.
