Since the rise of the e-commerce, consumers have grown to expect instant gratification and customizability. For consumers of the music industry, expectations are no different. Online music streaming and downloading tackled the problem of instant gratification and playlist curation handles customizability. Instant gratification and customizability are explicit consumer demands that deal with "how" music is consumed. However, the "how" is only one aspect of music-consumer relationships. Other factors of a music-consumer relationship relate to when, who and why people listen to what they listen to. For those participating in the music industry, it is best to optimize your understanding of each aspect to obtain the best commercial return possible.
From my previous post about the different types of data types that can be collected, we conclude that user information is where we find answers to the "whens," "who's," and "whys" of music consumption. By technicality, music is an intangible product offering. But in essence, it is a form of expression and art, and as a result, is both a byproduct and influencer of culture. Because music influences lifestyles, to understand the "whens," "who's," and "whys," of music, you first need to understand how music "comes to life."
Music comes to life for everyone in many different ways, I'll use morning commutes to illustrate my point. Imagine you are listening to music on your way to work. What time of day is it? What else are interacting with in the moment? What things do you see? What do you feel? Why did you play that song? What is your location? The responses to these questions are what give a song life. Music means something—its entity is more than just a product of instrumentality and lyricism; it is, to a degree, an expressive extension of who someone is or what they like. Because music is an expression of self or activity, it is vital to have a firm understanding of the music's consumer.
Marketing can play a huge factor in the success of a song. By analyzing big data, marketers can group audiences into consumer segments (groups of consumers within a consumer market that have distinct similarities that distinguish them from the rest of the market). Consumer segments can be arranged in a variety of ways including, but not limited to, demographics, lifestyles and psychographics. Catering to a song's fanbase, the target segment, evokes deeper, more personalized relationships with the music and results in larger playback numbers and advocacy.
An analysis of consumer data can help illustrate consumers and tell a story. Most organizations today sit on loads of consumer data. In the music industry, "major recording companies like Sony Music and Universal Music Group own most of the content, along with share of consumer platforms such as steaming services and apps... independent artists own a small portion of all the music content available, but they gain data from direct-to-fan platforms like Hive or Pledge Music" (Marin, 2018). For deeper understandings, many analysts and marketers like cross referencing their data sets with other datas collected from sources such as social media and other industries to better dial into consumer behavior and song's life.
One way of using data to promote music is through the use of geographic segmenting. Geographic data can help locate avid fans and non listeners on a map—useful for identifying potential concert locations and areas to employ fan conversion efforts. Another way data can be used by the music industry is through product collaborations. Cross referenced data can tell analysts the kind of products an audience of a song purchases. An example of how cross referenced data is used is the recent collaborations between Sprite and well known rappers. In 2015, Sprite placed the lyrics of well known rappers on their soda cans, and in turn promoted the soda drink and song, genre and artist. Finally, social data helps identify consumer activity and social influences. Beats by Dre tapped into social media for insights that lead to their "Hear What You Want" campaign. They found that music is a vital component of an athlete's mindset before a game, meet or event, "it gets their head ready, helps the focus." The "Hear What You Want" campaign involved professional athletes that the customer segment looks up to, such as LeBron James, Neymar, Garnett and Fabregas. Beats by Dre's marketing strategy resulted from the analysis of user and trend data.
As the music industry continues to grow, it will become increasingly important for participants to learn about data analytics and marketing strategy. Because the internet has revolutionized the way people consume and how businesses operate, data will become a dominant factor in commercial success. The music industry is starting to build momentum in the Big Data trend. It will only be a matter of time before participants of the Music industry start marketing personalized promotions directly at individuals—as of now, they tend to focus on market segments and the general population only. With that being said, their current state of marketing may likely escalate to a point where—like other online products and services—songs, albums and/or artists promote themselves through banner ads placed on websites. All in all, big data will help push the music industry into the future.
References:
An analysis of consumer data can help illustrate consumers and tell a story. Most organizations today sit on loads of consumer data. In the music industry, "major recording companies like Sony Music and Universal Music Group own most of the content, along with share of consumer platforms such as steaming services and apps... independent artists own a small portion of all the music content available, but they gain data from direct-to-fan platforms like Hive or Pledge Music" (Marin, 2018). For deeper understandings, many analysts and marketers like cross referencing their data sets with other datas collected from sources such as social media and other industries to better dial into consumer behavior and song's life.
One way of using data to promote music is through the use of geographic segmenting. Geographic data can help locate avid fans and non listeners on a map—useful for identifying potential concert locations and areas to employ fan conversion efforts. Another way data can be used by the music industry is through product collaborations. Cross referenced data can tell analysts the kind of products an audience of a song purchases. An example of how cross referenced data is used is the recent collaborations between Sprite and well known rappers. In 2015, Sprite placed the lyrics of well known rappers on their soda cans, and in turn promoted the soda drink and song, genre and artist. Finally, social data helps identify consumer activity and social influences. Beats by Dre tapped into social media for insights that lead to their "Hear What You Want" campaign. They found that music is a vital component of an athlete's mindset before a game, meet or event, "it gets their head ready, helps the focus." The "Hear What You Want" campaign involved professional athletes that the customer segment looks up to, such as LeBron James, Neymar, Garnett and Fabregas. Beats by Dre's marketing strategy resulted from the analysis of user and trend data.
As the music industry continues to grow, it will become increasingly important for participants to learn about data analytics and marketing strategy. Because the internet has revolutionized the way people consume and how businesses operate, data will become a dominant factor in commercial success. The music industry is starting to build momentum in the Big Data trend. It will only be a matter of time before participants of the Music industry start marketing personalized promotions directly at individuals—as of now, they tend to focus on market segments and the general population only. With that being said, their current state of marketing may likely escalate to a point where—like other online products and services—songs, albums and/or artists promote themselves through banner ads placed on websites. All in all, big data will help push the music industry into the future.
References:
Beer, J. (2015, February 11). How Beats Tapped The Stories Of Sport To Sell The Emotion Of Sound. Retrieved November 4, 2018, fromhttps://www.fastcompany.com/3042176/how-beats-tapped-the-stories-of-sport-to-sell-the-emotion-of-sound
Makarechi, K. (2015, June 12). Drake Is Here to Help You With Your Thirst. Retrieved November 4, 2018, from https://www.vanityfair.com/hollywood/2015/06/sprite-cans-drake-nas-lyrics
Marin, E. C. (2018, March 30). AI-driven data could be the music industry's best marketing instrument. Retrieved November 4, 2018, from https://venturebeat.com/2018/03/26/ai-driven-data-could-be-the-music-industrys-best-marketing-instrument/
Music Business Worldwide. (2018, May 07). 'Big data is about to become a very big problem for the music industry.' Retrieved November 4, 2018, from https://www.musicbusinessworldwide.com/big-data-is-about-to-become-a-very-big-problem-for-the-music-industry/
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