The music industry’s secret sauce has been the ability to predict the next big hitmaker and overnight sensation.
Today, they’re doing it more with real-time access to data and insights into shifting market demand than going by gut feel (what record executives call “good ears”).
How the Music Industry Is Using Big Data
Sony, for example, has “a ‘social listening’ system that quantifies buzz and interprets slang to give a better sense of how an artist is resonating in the social media universe”:
It can decipher…when fans are writing words like “bad” or “sick” to convey criticism or praise.
Likewise, Universal Music Group has a database-cum-analytics tool designed to “help employees make smarter marketing decisions” by tracking metrics like airplay, sales and social media buzz.
The list of industries disrupted by data and customer intelligence is long – from professional sports to financial services to retail to transportation. Big data even shows up in comedy shows and literature, too.
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