have been powerful tools in the music industry for a long time. However, as today’s music consumption has become more digital, there is an increasing amount of accessible data, which if ‘translated’ properly, can help to better understand an audience, the music trends of the future and ultimately make highly informed business decisions.
As Shawn Setaro analyses on his article ‘How data is making hits and changing the music industry’
, this data can be used not only to discover potential breakout songs and help advance artists’ careers, but also to determine the sound of the music itself. In specific, record labels have actually begun a significant pivot by betting on artists that have actually proven themselves in the public domain, as Darren Heinter points out in his article ‘How big data is revolutionizing the music industry
’ on Inc
. As he mentions, in this way music companies can counterweight their risk by offering deals to artists that have already gained traction - whether through a viral video on YouTube or even buzzing record on Spotify.
We have mentioned in many times, music streaming
and social media
have changed music discovery
. Music professionals must monitor artists’ cross-platform growth
; and the challenge is how they can make the best use of all the deriving music data to make music distribution more profitable. Here is where our project, FuturePulse
To serve the increasingly complex needs of today’s music ecosystem, FuturePulse will develop and pilot test a novel close-to-market music platform in 3 high-impact use cases
that will help music companies leverage the variety of music data previously mentioned, ranging from broadcasters (TV, radio) and music streaming data, to sales statistics and streams of music-focused social media discussions, interactions and content, through sophisticated analytics and predictive modelling services.
- The Record Label Use Case
Music professionals can grasp how all the different signals (music streaming, music play in radio/TV, social media sharing) translate to future music sales and revenues (digital sales/streaming/ads), and what are the best strategies to optimize them.
- The Live Music Case
FuturePulse platform will collect and analyze data from multiple sources around artists in order to predict the ticket sales
that an artist would bring for a particular venue, the audience demographics (e.g., age composition), discover and recommend artists that will be a good match for a venue, and support the end users in pricing the artists for live events.
- The Music Platform Use Case
FuturePulse will provide a platform for joint analysis of music play data coming from the music streaming platform
and data coming from the client business where music is played. This will allow the end user to uncover valuable correlations and recommend music to stream to optimize business goals.
FuturePulse will offer these capabilities over a user-friendly, highly intuitive and visual web solution that will enable the immersion of music professionals in the realm of music data, and will support them to make highly informed and effective business decisions.
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