In the old days, when radio was still king, and kids still wanted their MTV, artists had to “pay their dues” before hitting it big.
That is, you had to play the small clubs, get word of mouth that you’ve melted the faces off of everyone in attendance, build a big following, then hope that a record exec showed up and signed you to that next big record contract.
These days, though this still does happen, many acts are finding their initial footing thanks to the immediacy of the Internet. Sites like YouTube and SoundCloud guarantee that if your music sounds like a true “hit,” it will go viral and end up in the hands of record execs in due time.
ReverbNation is also one such site that provides amateur musicians an outlet to showcase their talents, housing pages for over four million artists, and seeing over 200,000 new songs being uploaded each month. And, according to a new article from Fast Company, ReverbNation is kicking this already immediate stage of the Internet up a notch. They’re hoping to find the next Adele or Lady Gaga through Big Data.
In fact, according to Fast Company, the company “has created an algorithm that uses show listings, email-open rates, and other data points to sniff out distinctive activity around an artist. If a band is booked at a buzzworthy venue, starts getting played on an influential music blog, or is able to attract fans who live far away from the group’s home base, the system notices.”
Harnessing the Power of Big Data to Drive Business Results
Big Data isn’t, of course, the pancea for an organization’s ails — at least, not in and of itself.
“You can’t get a load of data and say, ‘This band with this data profile is going to be the next Coldplay,’ ” said Simon Perry, ReverbNation’s chief creative officer and head of A&R. “But you can say, ‘For this band with this data profile, history teaches us that we should do [certain] things.”
In other words, by leveraging analytical solutions within an organization, common trends garnered through data analysis can paint a picture of exactly what will work — and what won’t — to fuel future business decisions.
While the music industry here is a novel, new case of using Big Data to find the next big Spotify king or queen, leading organizations across many industries have been using such predictive analytics to power their future for a while now.
And, based on recent Aberdeen Group data, the results have been quite successful for those looking into the crystal ball that is predictive analytics:
So whether you’re a music label trying to find the next band as big as The Beatles (good luck with that one), or a CFO trying to find the most profitable — and likely — path for your business, organizations from every fabric of every sector are leveraging predictive analytics to prepare for more possibilities and reduce unforseen adversity.
To read more, check out the free Aberdeen content, Predictive Analytics: The Right Culture, Talent, and Results.