Using AI To Optimize The Entertainment Industry
Artificial Intelligence (AI) has become a game changer when it comes to the music industry. AI can be used to optimize music streaming services and you can curate your feed accordingly. By proper marketing strategy and picking the appropriate variables such as the viral rate of a new song these tactics can help design how one would like AI to operate while analyzing data. Emerging artists will be scouted first through the power of data science and advanced technology.
Recently Instrumental with Tencent as the Instrumental CEO had the following to say:
“ Like us, Tencent have identified the power and potential of data science in the discovery and development of high potential new artists.”
There are many creative methods to use AI and in this case, we are starting to use AI in expanding labels through the AI selection process. The way we see new artists being signed could gradually change to a strict AI-based selection process. Instrumental has launched their own internal record label called Frtyfve and they plan on being the first to invest in rising artists by spotting them through their AI scanning.
Furthermore, by combining labels, agencies, and music streaming services we can see that the way digital marketing will operate could also change by adapting AI surveillance to drive a new form of promotion. This can be for artists, concerts, music festivals and could even transfer to sporting events. AI has been monitored and researched over time to improve in such a way that it can help fine-tune the accuracy of digital marketing. The partnership with Tencent and Instrumental includes a business opportunity to expand to China’s prominent music market, scaling AI abroad.
AI is sure to be global as the accuracy of its technology persists. Their algorithms can be personalized for a more user-friendly experience. By understanding the AI-driven algorithm there can be a noticeable increase in sales, which can help build a stronger and loyal fanbase. AI can help predict consumer needs through their data. This can help create more customer lifetime value and a better e-commerce experience for all parties especially for partnership involving more than one industry.
By already setting the scene in the music industry and music analytic tools such as Chartmetric, AI is helping data analyzers to discover the latest new viral songs. With the prevalence of music streaming platforms and user data accessibility it is easy to deduce which artists are holding the most potential with the greatest hits.
A music data analytics tool designed to help music industry professionals understand statistics of artists. These include Spotify listenership, TikTok charts, fan conversion ratios, and music trends. Chartmetric is a database made for music marketing insights and has more than 25 music streaming and social media data sources.
A TikTok trend analyzer, Songfluencer, is modeled after Chartmetric. It uses the power of data science to statistically infer which artist is causing the greatest storm in the music industry. The rate at which their new song is played can easily be calculated through playlists and can provide reliable data to help labels find their new artist of interest from TikTok through user-generated content.
- For music streaming platforms plug strong-performing tracks in additional sessions and pull back poor-performing songs to improve listener satisfaction.
- Release bonus (Demo, Remix) tracks of songs that performed well on DSP’s
- Artists should analyze insights of their posts that perform best on social platforms like TikTok and FEED THE ALGORITHM with more of that kind of content
- Asses analytics to understand which event will be projected to sell out before promotional campaigns end to cut loss in media spending.
Originally published at https://www.l1neupdigital.com on November 10, 2020.