‘Big data’ is already becoming a problem in the music industry. The sheer amount of data collection and analysis opportunities that we do have puts emerging entrepreneurs in line with some of the most sophisticated companies in the world.
The altruistic folk over at the Music Managers Forum (MMF) in the UK are helping artist managers understand some of this big data in its latest report: The Fan Data Guide.
Forming part of MMF’s ‘Digital Dollar’ initiative to educate people about digital music income streams, the guide breaks down data types, and offers insights into how social, ticketing, and streaming data can help grow their artist and influence decision-making.
The Fan Data Guide was created by Chris Cooke (CMU Insights), MMF board members Lisa Ward and Tom Burris; consultant Jessie Scoullar of Wicksteed Works; and solicitor Peter Mason of Russells.
“We all want to build and retain for our artists a digital fanbase – and therefore a data mountain – but not all of us have the resources, relationships or time to utilise it to the max, monetise it – if that’s appropriate – or efficiently spend against it,” said Lisa Ward, who manages UK singer-songwriter Nick Mulvey. “Hopefully this ‘Fan Data Guide’ can help managers meet that challenge.”
“It’s really important for a modern music manager to have a decent working knowledge of the various platforms through which fans interact with artists and especially the data that they each capture,” said Tom Burris, of ie:music.
“However, finding ways to navigate this sea of data can feel daunting,” he added. “The ‘Fan Data Guide’ sheds light on some of the commonly used digital resources, gives advice on best practice, and helps managers identify where an artists’ audience data is and how it can be used to help inform decisions”.
With thanks to The Industry Observer