The Future Is Data-Driven, So What Does The Data Say?
“The history of music is the history of technology.” – R. Luke DuBois, renowned composer, programmer, academic, and new media artist.
As digital and streaming solutions increase ingly dominate the media industry, the role of data is rapidly evolving from being important to becoming absolutely vital. At this point, streaming has already grown to be the primary revenue driver for both music and video, making the effective analysis and utilization of data an essential component for success.
Technological advancements continue to transform every aspect of the media industry, from artist and concept development to licensing and the manner in which people consume their favorite music and TV shows. And data sits in the center of this entertainment revolution.
A thorough understanding of music data is a critical piece of the puzzle. Although this industry is notoriously unpredictable, data’s capacity to accurately predict and reveal insights makes it an incredibly powerful tool. An excellent example of this potential was illustrated by Jon Davies, Director of EU Music Partnerships at Shazam, who stated the app’s remarkable ability to utilize data in order to predict a hit from six to eight weeks in advance.
Data’s importance in the evolving world of television cannot be overstated, as consumers are presented with an increasing number of content and delivery choices driven by data-based decisions. An extensive report from communications technology and services company Ericsson clearly reveals the massive changes occurring in TV. For one, the firm’s study found that approximately 70% of consumers now watch television and videos on a smartphone, which is double the percentage from just five years ago. Ericsson predicts that by 2020, just 10% of people will watch TV only on a traditional screen, which would mark a 50% decrease in comparison to 2010. And as an increasing number of people embrace new technologies, many experts believe that VR will become an essential aspect of television and video in the not-too-distant future, with its social and immersive potential being realized in innovative and exciting new ways.
The skillful utilization of data is critical for success, while learning to be data-driven involves the extensive involvement of automation, machine learning and AI. The intricate melding of first, second and third-party data allows industry players to get the best results out of an algorithm, thereby positioning data to lead the way to making more effective decisions. Although humans will always be an essential part of successful enterprises, the complexities involved in analyzing massive quantities of data must be handled by machines as we move forward. Otherwise, the information will overwhelm and confuse us instead of providing invaluable insights into the habits and preferences of the swiftly-transforming consumer landscape.