When it comes to understanding what artists are dominating the music industry, the iTunes download charts and Billboard Hot 100 list only paint part of the picture. That’s where the UK’s Musicmetric steps in.
A sort of Google Analytics for the entertainment industry, the company aggregates and analyzes data from websites, social media platforms and P2P networks to gain insight into the online activity of music fans. The data yields an extensive list of benchmarks and comparison charts, including social network activity, music downloads (legal and torrent), online buzz sentiment and user demographics. The site currently tracks over 600,000 artists and 10 million individual releases, with fans being able to submit URLs for artists that aren’t featured. MTV UK & Ireland recently used Musicmetric to track the online buzz for various artists as part of its viewer-led contest Brand New for 2012; one of this year’s winners included an unsigned artist.
If marketers want to succeed in the digital era, embracing resources like Musicmetric will be a must. This kind of big picture thinking – combing traditional success indicators (like sales charts) with online activity metrics – not only provides more complete and useful data, but also sheds light on opportunities and consumer segments that may have otherwise been overlooked.
Making sense of online consumer behaviour, regardless of the brand, product or service in question, can have a significant influence on the success of a campaign. If people are taking the time to engage with you online (‘you’ can refer to anyone from a blogger to a chart-topping singer to a beer company), it should be a no brainer to include them in your marketing strategy. They’ve already indicated an interest in whatever it is that you’re doing, so reach out to them, foster a relationship and perhaps you’ll even find a way to convert their online activity into real-world profits.