The music industry has needed a face-lift for a long time. Luckily, the advent of big data might provide musicians with a more successful revenue model. This represents one of the biggest industry shifts that music has seen in decades. Let’s explore the possibilities big data currently offers the long-suffering music industry.
A New Revenue Model
The entire revenue model of the music industry has changed in the last decade. Although streaming sites like Spotify helped curb online piracy, the music industry hasn’t yet clearly defined the royalty rates for streaming music.
Big data might change that, because it helps bring artists and corporations together more effectively via high speed data analysis such as a Hadoop cluster. Data from streaming sites provide companies fantastic insights into the genres and styles their target demographic currently likes.
Although there’s a long-raging debate about “selling out”, it’s starting to look like a big data-backed strategy might be the last refuge to get musicians paid.
The Failure of Subscription Services
YouTube recently unveiled their long-awaited subscription music service. It’s a move designed to improve what some describe as their “absolute advertising overkill”. Analysts are critical of this move–it certainly didn’t work for Pandora or Spotify (not to name dozens of …