FinTech

(Interview) How Will EchoNest Monetize Music By using Big Data?

As an artist, producer or hit songwriter, you’re probably having a tough time answering this question.

“How do we monetize online music?”

In an increasingly more tech innovative music industry, can we harness technology to improve the music listening experience while fairly reimbursing talented artists?

The exciting field of  application programming interface (API) development can help solve this issue. APIs accelerate discovery and innovation because businesses and developers are constantly exchanging resources and services. Tristan Jehan, Chief Scientific Officer of EchoNest sheds some light on Big Data approaches to the music industry.

Audio Analysis

What is musically informative for developers? Audio analysis covering areas as temp keys, harmonies, and acoustics gives a type of music intelligence known as a “taste profile.” Recommendations, music discovery, and other aggregated information from listening behaviors across users can create unique, personalized playlists.

API & Big Data

An API is the source code responsible for performing a particular task. Facebook’s API is in PHP language, which includes a full description of software components meant to interact with each other to give you a gaming application like Farmville.

As a record label company, the opportunities to improve ads in the stream is a major focus. However, EchoNest is less of a media company than it is a music software dealership. Instead of investing millions into one program or app, EchoNest’s pre-existing infrastructure (code) can introduce limitless releases of minimum viable products to test the market. The service is a monthly to annual subscription meant to encourage a collaborative partnership in the deployment of new apps.

Gamification of Music

Gamification is a growing trend among various applications because of their potential to unleash economic value. Gamification can be a viral source of lead generation and revenue because it inherently relies upon a reward feedback loop.

“One global community site, for example, raised Facebook engagement by 92 percent, discussions/comments by nearly 300 percent and social network traffic by 90 percent through a badge and challenge-centric gamified system.” – Gabe Zichermann

TokStar, created during Music Hack Day Sydney, aimed to vote karaoke performers up or down an unlimited number of times on a virtual stage. This is a way of joining as many users as possible to participate in Karoake whenever they want- just think of all of the youtube videos with lyrics, which has 1 billion hits on Google.

Custom Dashboards for Digital Music Companies

XM Radio’s Sirius has limitless channels and relies upon EchoNest to update and maintain the value of their products. Nearly any vehicle model can get a factory-installed satellite radio, which is an area of competition with smartphones.  If listening preferences could be collected based on user behavior analysis, EchoNest can

Advertising

The Ad Age company launched a Spotify app thanks to Echo Nest’s technology. The app is analagous to a Facebook page for a company- the social network can bring in a lot of potential customers. Signing up is simple- with your Facebook account you can update your profile which ultimately represents your musical identity. The Echo Nest technology goes further than finding your favorite artists, genres, and tastes.

What music retail stores failed to accomplish when connecting fans with artists, a social network can restore confidence bridging the common interests of users with major record labels.

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