Music data extremely valuable for music curators, market researchers & consultants

Playlist analytics are one of the most effective tools music curators & music programmers can use to improve their playlists, better target their audiences, and become more aware of the habits of their listeners. Here’s why you should be using playlist analytics and how you can use them to improve your music curation skills.

How playlists are changing the music industry

The music industry has changed drastically over the past decade. With the introduction of playlists, streaming services, and musical data analytics, the way artists release their music and conduct business has also shifted.  In the last five years alone, data analytics have been used to track music trends, predict which songs will be popular, and even match songs with listeners' tastes in real-time as they listen to them on streaming platforms like Spotify or Apple Music.  Some businesses are using this type of data analysis to understand their clients' specific listening habits to give them more relevant content on their websites or through marketing emails.

Why Playlist Analytics Are The Future Of Music

We live when big data is everywhere, and many business owners are looking for ways to harness it and improve their businesses.  A considerable amount of data exists in our lean-back media habits—our TV viewing, movie-going, podcast listening, etc. However, that data has only recently become actionable because we now have more ways to quantify our lean-back media habits than ever with services like Shazam, Spotify, and Apple Music.  So instead of viewing everything from TV ratings (which can sometimes be deceiving) to social media chatter (which may or may not accurately reflect actual trends), there is finally direct data about what we listen to or watch.  

Why Playlist Analytics Are The Future Of Entertainment

The entertainment industry has long been criticized for its lack of data and inability to be nimble. Nevertheless, that is beginning to change as streaming services have exploded in popularity.  Music companies like Spotify, Pandora, and Apple Music have shifted more revenue towards artists over time by using data analysis to guide their decisions. Furthermore, that trend is only going to accelerate going forward. Why? Because a new wave of competition is about to hit entertainment – and it is coming from a segment people did not expect...consultants!

Building A Strategy To Use Playlist Analytics

Playlist data is a new way to market to specific audiences. Spotify, Apple Music, Deezer have access to more data than anyone could ever need.  That is where you come in—if you can find ways to utilize that data and turn it into actionable insights, you can put your company ahead of competitors who aren't using that information.  Using music data will help your business understand what people want from a service standpoint, and you can use that information to not only refine your offerings but create even better ones. 

Examples of Playlist Analytics in Action

Spotify and Pandora have come up with entirely new methods of understanding and identifying music tastes, which have a significant impact on how people consume their favorite tunes.  Spotify has an internal playlist made up of songs personalized to each user. This Discover Weekly playlist is updated every Monday using data collected over a week to give users a new way to discover and interact with Spotify's content beyond just listening to playlists created by record labels or individual artists.  Users then interact with these weekly curated lists and add songs they like to their library while still sharing them with friends on social media, thereby connecting new listeners from different networks. 

Music data crucial for retail and fitness

The connection between retail, fitness, and music is much more important than we realize. Music positively affects our mood, but it can also affect our shopping habits and physical activity levels.  By 2020, companies have predicted that there will be $10 billion in revenues from wearable technology for sports and fitness alone. And by 2022, Apple has predicted that wearable technology will generate over $50 billion in revenues as more mainstream users adopt these devices.  Nevertheless, why is it crucial to know how to use music data analytics? Analytics can help artists streamline their online presence while offering brands valuable insight into consumer behavior.  It's a lucrative partnership that only continues to grow each year, with experts projecting revenues of over $30 billion by 2023.

Music streaming data vital for radio stations

As streaming becomes increasingly mainstream and replaces more traditional formats, it's become essential for radio stations to have new ways of differentiating themselves from competitors.  One way is by providing an outlet for niche, up-and-coming artists before more extensive services have discovered them.  Music streaming services offer a wealth of detailed data on music listeners' tastes and preferences that can be used to spot and promote the next big thing.  By analyzing streaming data and finding outliers (artists who get few plays on one service but many on another), radio stations can identify undiscovered talent, even if they are not yet playing at local venues or selling tickets.  If you are trying to distinguish yourself in a crowded marketplace, listening patterns might be just what you need to gain an edge over competitors.

Music streaming data vital for consultants and executives

The rise of streaming services like Spotify, Apple Music, and Pandora is revolutionizing how companies do business in just about every industry.  However, you might be surprised to learn that data from these platforms can also prove extremely valuable for market researchers, consultants, and sales executives who want to know what their customers are listening to.  For example, knowing what a customer listens to can help a company select its most relevant ad or product placement.  Salespeople can better target potential clients based on music preferences; even frontline employees can benefit from keeping an ear out for new trends by monitoring popular songs in customer offices.

Radio stations need to become unique with streaming music data

With streaming music services like Pandora and Spotify compiling data on what people listen to, radio stations may no longer have as much influence over listeners as they once did.  Radio stations will need to establish themselves as unique if they want their listeners to continue tuning in.  Luckily, many radio stations already have some strong ties with their listeners. Unfortunately for some, those connections might not be enough to save them from obsolescence; studies show that most people go back and forth between listening to streaming services and traditional radio when it comes time for their favorite hits.

Using traditional music research and chart monitoring is “backcasting”. Using MUSICDATAK is “forecasting”.