How, do you think, the music industry can benefit from the application of Big Data technology?

How, do you think, the music industry can benefit from the application of Big Data technology?

Expert Solution

Answer

1)

Big data offers information about the motivation for listener – why do they listen to a particular artist? This is useful for the industry to spot the trends rapidly and offer exact data about the unique musical dna of a particular sector of population.

2)

It also provides the music industry with better strategies for fan engagement.

3)

It is made possible by the relationships between innovative brands and artists. This could solve many issues that music industry is facing today regarding music distribution. Most importantly, the utilization of big data catalog for streaming music may solve the problem regarding artist compensation. Similar to pay-per-click advertisements, many are pushing to get the artists paid by their number of plays.

4)

Many people won’t pay for music – this is accepted widely by the music industry.

5)

The big data advances might bring a significant transformation taking the pressure off of consumers to fix the outdated revenue models of music industry. Songs are data after all. From this large collection of data, a gigantic “store” might be created over time. The artists can opt into data revenue sharing thus offering more control of the direction of their art.

Hence big data is a game changer in case of music industry

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milcah answered 9 months ago

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