The advent of digital music platforms such as Spotify and Pandora (along with more established veterans such as Apple, Amazon and Google) has completely revolutionized the music industry and the ways in which we consume music. In fact, Nielsen SoundScan reports that 70% of music consumed in the first half of 2014 in the US was either downloaded or streamed. A recent article on Mashable highlights some of the ways in which artists and labels are using digital marketing to understand and capitalize on their fans' ever changing and complex consumption behaviors.
While standardized tracking tools exist and can be useful to marketers when trying to synthesize consumer patterns across platforms, the article points out that a cookie-cutter tracking device is not sufficient in an industry in which consumer preferences constantly change and users shift from one platform to the next. To this end, one big tracking innovation has been real-time reporting. Digital marketers can now track consumers' listening preferences across platforms through paid media and site optimization. Social media has also proven hugely successful in understanding preferences while also catapulting artists to stardom. Social media platforms create a more human link between artists their fans while also enabling artists to quantify their fan base. But how does one quantify that "like" on Facebook or the number of followers on Instagram as an ROI? While innovative digital marketing methods continue to help guide marketing in the music industry, it is clear that digital and social media will complicate these efforts as newer platforms continue to pop up.
Source: http://mashable.com/2014/09/19/marketing-digital-music/
While standardized tracking tools exist and can be useful to marketers when trying to synthesize consumer patterns across platforms, the article points out that a cookie-cutter tracking device is not sufficient in an industry in which consumer preferences constantly change and users shift from one platform to the next. To this end, one big tracking innovation has been real-time reporting. Digital marketers can now track consumers' listening preferences across platforms through paid media and site optimization. Social media has also proven hugely successful in understanding preferences while also catapulting artists to stardom. Social media platforms create a more human link between artists their fans while also enabling artists to quantify their fan base. But how does one quantify that "like" on Facebook or the number of followers on Instagram as an ROI? While innovative digital marketing methods continue to help guide marketing in the music industry, it is clear that digital and social media will complicate these efforts as newer platforms continue to pop up.
Source: http://mashable.com/2014/09/19/marketing-digital-music/
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