Social Media Monitoring, Analytics, and Music

It seems these days just about every business under the sun has started to embrace some form of analytics, whether it be the simple ROI, or in the example of baseball teams OBP (On Base Percentage) and BABIP (Batting Average on Balls In Play). This analytics revolution has even found it’s way into the field of music, where one upstart record label is using analytics for everything from predicting record sales to measuring the previously inestimable “buzz” of an artist. This record label is 300, the new venture of Lyor Cohen who is the former CEO of Warner Music Group, and one of the pioneers of the hip-hop behemoth Def Jam Records. Cohen and his team (including Kevin Liles and Todd Moscowitz) have set out to make a record label for the 21st century. Their first major step into this direction was to partner with Twitter, so they could have full access to all of Twitter’s data, including information not available to the public. What Cohen and his team are realizing is that in this Internet Age, record sales and other traditional measures only mean so much, and things like Twitter followers, Facebook fans, and social media impressions and followings need to be taken into account. This doesn’t mean they’ll completely abandon the old approach, as Cohen explained their decision making is 20% data, and then the rest is what they’ve been doing for years, so it’s more like just another tool at their disposal.The first signing to 300 was Seattle’s Raz Simone, who dropped his most recent project Cognitive Dissonance through them. You can check out Raz Simone and his music here: https://soundcloud.com/razsimone , I highly suggest it. 300 are not the only label to start adapting to jump on this new analytic’s craze though, as Cohen’s old label WMG recently announced a partnership with the app Shazaam to launch a joint-label with them consisting of artist’s discovered through Shazaam, of which they will split profits. All this make’s it clear analytics and social media is here to stay in the world of music, and this is only the beginning of what should be an interesting and game-changing relationship.

By: Luke Benjamin

P.S: Thank you for reading and let me know what you think on twitter, @luke_benjamin, also if you want to talk music I’m always available, you can check out the Music Website I write for http://www.College-Of-Music.com. Thanks!

Sources:

http://www.forbes.com/sites/zackomalleygreenburg/2014/02/28/lyor-cohens-300-and-the-dawn-of-the-moneyball-record-label/

http://en.wikipedia.org/wiki/Lyor_Cohen

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