It doesn’t matter if you are an independent producer who is self-releasing or you write songs and record with major labels. You need to manage your music data.
This isn’t always easy, however, as the music industry is notoriously complicated to manage. This article will explain in details what music data is and introduce some ground-breaking tools linked to a database software, that are helping music industry professionals take control over their data. First of all, the big question:
What is Music Data? (Really)
Most professionals will already know that making music constitutes a far smaller percentage of the machine that is the music industry than most musicians would prefer.
There is data related to branding, marketing, publishing, sync, mechanical, and performance royalties to track and split – the list goes on and on.
All of the little numbers we follow and try not to obsess about – the likes, the listens, the sales, the engagement – these are important pieces of information to all music industry professionals. If interpreted correctly they can yield crucial knowledge to aid in informed decision making.
In other words – the cold hard facts that will potentially allow you to take control of your label or career as a musician. Alright, enough of the bird’s eye view stuff: here’s the nitty gritty:
Music Data Challenges Lie in Complexity
Remember up above we said that the music industry was a little… complex? We weren’t kidding. Keeping track of publishing, distribution, assets, royalty splits, digital sales, merchandise – it’s nothing short of hectic. Then of course you must multiply that across all of the works and assets of a whole label or publisher’s catalog. Music data analytics become a major part of the work to accomplish for a music business.
This is because there are so many different pieces of data. The thing is that while they may run independently of each other and each following their own rules, governing bodies and issues: they also come together to paint a clear picture (through music datasets). This is what makes it worth it to keep track of all these numbers.
Music Data Analytics Critical for Business Decisions
All businesses rely on data. As a publisher or a label producer, you are anything but exempt from this rule. When looking into a new artist or band – A&R is also looking at the following of potential artists nearly as closely as their music.
Music data analytics gather various types of information. We’re talking about the clout statistics - how much social media presence, engagement, likes, follows, comments, etc. this up and comer has. It matters because it paints a picture.
It’s also important to keep track of what assets are performing and which ones are falling a little flatter. You don’t want to invest advertising money into a video that didn’t get the response you wanted, or on a track that is clearly not performing on music streaming platforms. The engagement data is going to tell you what that response was and allow you to make the best decisions possible.
So, how do music industry professionals obtain and manage music datasets?
With all of these streams of information coming in on so many channels, it can be a daunting task to try and compile all of this data into a tangible picture. That’s why Reprtoir went ahead and created a software that helps you take care of music data analytics, and manage it in the most efficient way possible.
Reprtoir is a SaaS solution, meaning it is an online platform, accessible for team members from wherever they are. This secured online workspace was designed to meet record labels and music publishers’ needs in terms of administrative and operations management through a music dataset, with several features all in one place: catalog, musical works, contracts, royalty management, releases, playlists...
Whether we’re speaking of music or not, when a business can gain a clear picture of how it is interacting with the world in which it exists through data, it also gains the ability to respond. This service is empowering you, music industry professionals, to avoid pitfalls, maintain better professional relationships, and understand how their audience interacts with their music and their brand thanks to comprehensive music datasets.
To discover all the features that could be helpful in managing your music business, we are offering to schedule personalized demos that you can schedule here. In the modern music business, data is a massive part of determining if the business is a success or a statistic and Reprtoir is making it easy to manage - easier than it was ever before.