MusicTank Asks Is Data The New Oil?
22 January 2015 - Press release- Critical thinking published on the use of smart data to enhance business performance to be discussed
- Speakers incl. Universal’s Jack Fryer & Samsung’s Kim DeRuiter and career A&R Korda Marshall, Infectious
Pre-eminent music industry think tank and business information hub, MusicTank, University of Westminster today announces its first Think Tank debate of 2015.
Shedding light on Big Data – the darling of an increasingly tech-centred music industry – Moneyballing Music: Big Data, Consumers And A&R - will consider how deeper analysis and application of a myriad of the recordings business’ data points might help better anticipate consumers’ tastes and better inform A&R decision-making processes when signing new talent. This panel-led debate will go on to look at the potential of smart data for the wider industry.
With 2014 witnessing a series of high-profile acquisitions and alliances between major record labels, social media and digital service providers, Apple’s acquisition of Musicmetric announced this week further evidences the industry’s quest to become data-smart. This topic could not be timelier, or more pressing in an industry eager to stem losses, invest wisely and give consumers what they want.
Taking place within a new platform, Future Thinking, to profile outstanding postgraduate music business talent drawn from University of Westminster’s world-leading MA Music Business Management course, this event will begin with a presentation of an insight paper,Moneyballing Music by Universal marketing assistant Prithwijit Mukerji, which borrows performance analysis theory from the US sports industry and applies it to the recordings sector.
As a term, ‘moneyballing’ is now generally taken to mean the use of smart data to improve performance. Innovatively applying this theory to the music industry, this paper not only addresses how the recorded music sector is currently collecting and using data to support a historically subjective and high-risk process of signing and developing new artists, but also considers how such data can be used to help minimise investment risk through deeper understanding of consumer demand and behaviour.
Drilling down on the implications, practicalities and purpose behind harvesting and interpreting all of this data is an esteemed panel, includingJack Fyer, Head of Research, Universal Music UK; digital media specialist and former Musicmetric Executive Chairman, Jeremy Silver, career A&R Korda Marshall, Founder of Infectious Music and digital, mobile and social media marketing guru, Kim DeRuiter, Samsung Electronics.
Said Keith Harris, Chair of MusicTank, University of Westminster, “A couple of years ago I heard someone say ‘data is the new oil’. I didn’t fully appreciate the significance of that statement. What a difference a few years makes... We’ll look at the challenges and opportunities and ask what the future holds for this increasingly data-centric industry.”
Event details
Title: Moneyballing Music: Big Data, Consumers And A&R
Date/ Time: Tues 10th March 2015 | 18.30 – 21.00 hrs
Venue: Fyvie Hall, University of Westminster, 309 Regent Street, London W1B 2UW
Speakers:
Prithwijit Mukerji (marketing assistant Universal Music UK); Jack Fryer (Head
of Consumer Insight, Universal Music UK); Jeremy Silver (Digital Media
Advisor & former Executive Chairman, Semetric (Musicmetric); Keith Harris
(Chair, MusicTank/ PPL Director of Performer Affairs & Keith Harris Music Ltd
(Stevie Wonder); others tba.
Cost: Earlybird rates currently apply from £25 (students £15)
Information & booking: musictank.co.uk/events/moneyballing-music-big-data
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