Sunday, July 20, 2014

Music Analytics Opportunities

Once upon a time the words music listening habits were private as their bedrooms, music lovers used to buy the CDs, recordings and other physical copies of music and never publicly shared, Record companies were aware which radio station played their songs and where their CDs were popular, but that information painted an incomplete picture at best. Who knew what music people were sharing on tapes and CDs burnt in the privacy of their own bedrooms?

A traditional business metrics like number of CDs were sold and nothing happened after that, who purchased what and whom to assist what to buy, all this was anonymous. Thats all changed after explosion of online music sources like torrenting, music streaming sites and social media platforms, are now playing a very key role for music industry to understand their fans, spot upcoming talents like never before and anyones personal music interest nowadays becoming a public. Music analytics is now worth around $24.35 billion per year.

At the same time that the internet is taking power away from record labels, it is also giving them the ability to predict future hits.