By 2030, streaming will drive approximately $34 Billion dollars worth of total revenue in the music business, according to Goldman Sachs. That is a whole lot of streams, a whole lot of royalty payouts and a tremendous amount of data.
The nature of the listening behavior that comes along with streaming suggests that a songs life cycle is endless and can peak and flow at any moment in time for whatever reason. However, the traditional business strategy focuses on a set number of yearly priority releases. This talk will explore the theory that there is missed revenue as a result of not being reactionary to all catalog, developing and priority records at one time. But who has time for all that? The answer is, we don’t. We have to employ automated tools that allow us to take advantage of opportunities to engage or re-engage an audience. This is already being done.
On March 14th, my solo presentation “How Labels Should Be Thinking About AI” will discuss how the industry has changed as a result of consumer data from streaming and who has access to what. We will look at how other industries like sports, online dating, and online-video streaming are utilizing artificial intelligence and machine learning to take advantage of their data to drive revenue.
Lastly, we will look at current industry examples of music companies taking advantage of these technologies, how they are going about it and what we can learn from it.
I spent the last year in Nashville with Universal Music Group working as the Manager of Playlist Strategies for the Global Streaming Marketing Department before launching my latest venture, Westcott Multimedia, an advertising technology and software firm that leverages streaming data to optimize online engagement for the entertainment industry. I’ve worked with artists like Barrington Levy and spent some time in New York as an Entertainment Analyst at Magna Investments.
You can catch my talk, “How Labels Should Be Thinking About Artificial Intelligence,” on March 14th at 12:30 pm at the Austin Convention Center, room 15.