Jim Carroll

Music, Life and everything else

OTR is not the only one obsessed by data-mining for the music business

Regular readers will know only too well about this blog’s fascination with data-mining and how the methods used in Moneyball could be successfully applied to the music business. For those looking for a catch-up on what this is all about, …

Thu, Mar 29, 2012, 09:42

   

Regular readers will know only too well about this blog’s fascination with data-mining and how the methods used in Moneyball could be successfully applied to the music business. For those looking for a catch-up on what this is all about, have a read of this or this. Indeed, Moneyball also applies to basketball and this season’s bout of Linsanity.

Thankfully, it seems we’re not alone in this regard. Jason Feinberg has a good post about how the rise of streaming services has created “an abundance of data describing everything from streaming song counts to conversation rates of direct-to-fan marketing channels”.

Noting that there were several discussions around this topic at SXSW, Feinberg notes that the data and tools now exist to take the music business beyond going on a “gut feeling” when it comes to decisions and strategies. While data-mining such metrics is an area which is very much in its early stages, it’s one with many possible uses down the line. Furthermore, knowledge and data are valuable currencies and ones which even tech-backwards music companies can relate to and probably pay for. I think it’s safe to predict that a lot of music-related tech hacks in the months ahead will focus on this area, especially given the fact that the data and tools already exists. All it takes is some smart cookie to put one and one together and get, well, two.