The music industry needs to be better at using data to help artists, a MusicTank panel has said.
Comments were made at MusicTank’s latest seminar, Moneyballing Music: Big Data, Consumers and A&R. The debate was based on Prithwijit Mukerji's report of the same name.
Jeremy Silver, a digital expert formerly of Musicmetric, called for greater clarity around data and the legalities surrounding it.
He said: ‘Which companies are investing in this? Our industry is increasingly dominated by streaming.
‘As music companies we thought we could influence via our content but streaming companies are investing far more into the analysis of consumers and consumer behaviours than we have. That for me puts us in a vulnerable place. These streaming services have a far greater snapshot of our industry.’
Earlier he suggested that while all three major labels are investing in big data research, it makes more sense to use the information to inform tours, brand partnerships and merchandising decisions than A&R.
The Moneyballing report cited a study claiming that A&R is now an industry worth $4.5bn (£3bn), showing just how much can be at stake in this area when record label decisions are being made.
Visit the MusicTank website to read the full publication.
Comments were made at MusicTank’s latest seminar, Moneyballing Music: Big Data, Consumers and A&R. The debate was based on Prithwijit Mukerji's report of the same name.
Jeremy Silver, a digital expert formerly of Musicmetric, called for greater clarity around data and the legalities surrounding it.
He said: ‘Which companies are investing in this? Our industry is increasingly dominated by streaming.
‘As music companies we thought we could influence via our content but streaming companies are investing far more into the analysis of consumers and consumer behaviours than we have. That for me puts us in a vulnerable place. These streaming services have a far greater snapshot of our industry.’
Earlier he suggested that while all three major labels are investing in big data research, it makes more sense to use the information to inform tours, brand partnerships and merchandising decisions than A&R.
The Moneyballing report cited a study claiming that A&R is now an industry worth $4.5bn (£3bn), showing just how much can be at stake in this area when record label decisions are being made.
Visit the MusicTank website to read the full publication.
