Using Data Analysis to Innovate Music Marketing

by Alexander Stensby

Source: Skylab Music Group

What Works, What Doesn’t?

The innovation of information technology has significantly changed the way marketers conduct business and in the manner that they analyze data. This is no different for the music marketing industry. There is no playbook with one correct scheme, which can make things difficult in deciding what will work for your specific business. According to Hypebot, music business in the United States has reached its greatest revenue level in a decade. Simultaneously, the worldwide music industry made $51 billion in 2018. The most pressing question is how the music business was able to bounce back so effectively.

Business intelligence plays a vital role. Almost every record label, streaming service, and even individual artist now employs big data to research and understand how average customers act and what they enjoy. This provides crucial input to music industry experts, allowing them to better their marketing efforts and make a larger profit in the long term.

Source: Haulixdaily.com

Big Data Makes the Marketing World Go ‘Round

Big data helps come up with legible and easy-to-understand analysis, helping companies solve any issues with consistency or direction. There is nothing more grueling than taking a route and spending time and effort only to realize you could’ve been utilizing these phases and hard work to come up with a more efficient and successful approach. Big data is expanding to the point that 90 percent of the world’s data was produced in only the previous two years. It’s a great data resource for the music industry, but only if you know how to use massive data sets.

Source: Bandzoogle.com

Music Applications that Use Big Data

  • YouTube
    • Subscriber reports
    • Watch time
    • Playback locations
    • Traffic sources
    • Demographic reports
  • Spotify
    • Device types
    • “Discover Weekly”
  • Apple Music
    • User preferences
      • Similar to Netflix
    • Content preferences
  • SoundCloud
    • Consumer behavior
    • Suggested content
    • Comment sections
      • Offers users to provide suggested material

Source: Bonfire

In Summation

The music industry has been evolving tremendously in the last 30 years with physical copies of music going the way of the a-track tape player. Digital technological advances in the product itself has birthed a new way to analyze just what is selling/streaming and what is not. Big data has played an integral role in this and it’s quite fascinating to see where it will go 30 years from now.

CLICK HERE to check out my previous post!

Leave a comment

Your email address will not be published. Required fields are marked *

Verified by MonsterInsights