How Big Data Is Revolutionizing The Music And Movie Business

WWhat’s all the buzz around big data these days? Every time you turn around, there’s another article or blog post broadcasting the benefits of big data. Although most people understand that big data means finding and analyzing traditional and digital data, both inside and outside a company in order to boost profits, many don’t understand how it translates over to the music industry.

The truth is, once the music industry started to look at their big data, they realized how much they needed it, because there was a lot they didn’t know about their fans. The information they gleaned has helped them create marketing techniques tailored to what music enthusiasts really want. Music industry giants, like U2 and Lady Gaga, for example, have benefited tremendously by the eye-opening advantage that big data brings.

So, why use big data? Production companies and record labels use big data, such as the social media buzz surrounding a band, for example, before they decide to push the go ahead button to greenlight a project. For the music industry, timing means everything in terms of success, so industry executives turn to the data they extract to position the release of a song or album at the most favorable time. As a result, music analytic companies, like Musicmetric are sprouting up faster than industry artists these days.

Traditional sales metrics could only show when a person bought a CD or song, but that was all it could do. With the new information from big data sources, like music streaming and torrenting sites, and social media platforms like Facebook and Twitter, music executives can gather a clear picture of who their fans are and what they want to hear. They can predict future hits and spot upcoming hot artists better than ever before, too. As the music industry continues to embrace big data, we can expect to see some exciting changes in how we market and deliver the talents of musicians.

Big Data