The music industry has gone through huge changes over the last 10 years, and finding a “fair” way for artists to make money for their work has become something of a project. CD sales plummeted ever since digital downloads became so popular and readily available. Recently, digital downloads have been steadily declining as music-streaming platforms such as Pandora, Spotify, and Apple Music have gained a rapid following.
Simply put, the industry is changing. So, how can we help artists receive the compensation and recognition they deserve? The answer to that lies within big data.
Pandora’s recent acquisition of Ticketfly gives us a glimpse at the future of the streaming industry- a future that is evolving to include live music. And that’s where the money is- if Pandora can manage the big data.
When streaming was introduced, it gave previously unheard artists a new opportunity to be heard and put the listeners in the driver’s seat. Streaming companies may now be able to drive those changes by using data and directing listeners straight to live events.
Traditionally, ticketing companies have used purchased data along with associated demographic data to target their customers for upcoming events. That should be enough right? Wrong. To accurately use predictive analytics to target these music lovers, streaming companies need to use their years of data from their millions of users. This data is rich with usable information, whether it be demographics from registration, what artists one skips, or what time of day they prefer certain music. Combining this with fan data from ticketing companies benefits both the artist and the listener. So far, Pandora is on the right track with this.
Selling concert tickets to fans based on the types of music they enjoy is not a breakthrough advancement in this industry. However, what can act as a radical change is going to revolve around what data is being used and in conjunction with what.
With Pandora’s recent acquisition, they will not only be able to suggest artists similar to those you already like, but they will also be able to notify you of upcoming concerts that they predict you will like.
By using big data to grow and monetize these fan bases, more live event tickets will be sold and artists will have the opportunity to gain the credit they deserve.