Here you will learn how important is Big Data in the music business and why you need to start using it ASAP.
The music industry has changed a lot in recent years. Streaming is the most popular way to consume music and the album has given way to the single.
These streaming platforms such as Spotify or Amazon music have huge audiences and they keep growing year after year, their importance is such that in 2015 they exceeded physical media in revenue for the first time in history, coinciding with the first year after two decades in which the entire music industry grew compared to the previous year.
This is just a proof of the importance of the digitization of the sector and how strong this trend is, because since 2015 the importance of streaming music has continued to increase around 50% every year.
This digitization brings infinite new data about the artists and their followers with it. Data that, once processed, can provide great value and new opportunities to the different companies in the sector. And, of course, those involved in the live music business, such as promoters of concerts and festivals.
Accurate targeting of marketing campaigns
By knowing exactly where an artist is most popular (countries, regions, cities, demographics), investment in marketing campaigns can be more effectively designed and targeted at the consumer groups most likely to buy new music or attend concerts of artists and particular genres.
Efficient tour planning
Touring has become an artist’s most important source of income as consumers are not buying entire albums, just the songs they want. However, a tour has a lot of expenses: promotional fees, rental of premises, equipment and transport, security, lights, sound engineering, accommodation, etc. Big data, data and a good analysis of these allow a promoter to plan actions in which the public is guaranteed, ensuring their profitability.
Tracking musical tastes
A real-time database of music trends on a global scale enables industry organizations to monitor the heartbeat of the industry. Consumers’ tastes are constantly changing, and artists must constantly reinvent themselves to stay on top of the latest trends. Being able to identify new popular trends at an early stage means that artists can tailor their new recordings to meet changing consumer tastes, and record labels and promoters can adjust marketing campaigns to plan events and promotional activities around the latest consumer demands, improving their results.
These are just a few examples of what can be achieved thanks to big data in the music industry. As you can see, we are entering a new fascinating phase.
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