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Friday, 15 May 2009

Opportunities in structuring data for music artists

Data driven business is one of my earlier interest (see my earlier posts here). Exploring how structuring data can open up new business models and opportunities for artists is a natural next step. I keep on coming back to this comment by Taylor Davidson because it struck me as something that is not fully explored:

Data, data, data: TuneCore has realized the opportunity is in creating, facilitating, managing and delivering data. Ethan and Jeff’s discussion of TuneCore’s geographic trending reports highlights the vast, untouched opportunity for professionals to use data to create new business and economic models......

What are these untouched opportunities that come from leveraging data? Here are my thoughts:

Social interactionsUnderstanding and harnessing the flow of social interactions can unlock the many layer of possible relationships. On a basic level, it helps artists to better understand who their true fans are. This can then allow them to structure different incentives for different types of fans. The alpha fans for example should be given the best packages and rewards so that they continue to help spread the content.

The possibilities don't stop there. How about empowering alpha fans to sell concert tickets? How about giving friends group discounts if they all attend the concerts? All these possible if you know the social interactions between your fans.

Collaboration opportunities
With so much data, you can now identify collaboration opportunities based on what your fans prefer. Which other artists do they like, what kind of music they listen to, what is the group size that likes both artist A and B? All these allows artists to create more collaboration opportunities among themselves. Maybe a joint concert, or cross selling each other's music and products, or music collaborations etc.

Cross sell opportunities
Beyond collaboration within music, how about collaboration between musicians and other content types. What if there is data on what other types of mediums do your fans consume? If your data shows that your fans are also game lovers, doesn't it make sense to upsell them a music game? If your fans like to read, why not an emagazine?

I am sure there are more but my brain is dead. What other areas can structured data help the artists?