If you saw the movie Moneyball with Brad Pitt, you’ll be familiar with the story about how the Oakland A’s turned into a powerhouse not by signing big stars but by assembling a team based entirely on the statistics of each player. The result was a roster of no-names but because each player contributed something special on the field, the sum of the parts of was far, far greater than the line-up might have indicated. And it kept costs down.
What if the music industry adopted moneyball principles in their business practices? Forbes asked that question.
The concept of rooting business decisions more in quantitative, rather than qualitative, examination transformed the baseball industry. Now a small, if evangelical, group of entrepreneurs and musicians are trying to apply the same mindset to booking tours, releasing albums and managing fame. It was part of the discussion at FORBES’ Under 30 Summit in Philadelphia today, one that featured Hanson, Spotify’s Sachin Doshi and entrepreneur Alex White.
Taking center stage of this shift are entertainers like Hanson, who has experimented with social media data to line up gigs in seemingly strange locations. “All of a sudden we could have 200 people in a bar in the desert,” says the blonde boy band singer and CEO of 3CG Records.