(Entertainment-NewsWire.com, November 28, 2012 ) Kent, UK -- The battle over royalties accrued on streaming service sites like Pandora and Spotify may be missing a more important reality regarding the state of music. User data from the sites is likely to be a much a larger goldmine for all involved in the music process.
Whether an artist, promoter, or label, the data fee could be the key to unlocking the full monetary potential of music. Several industry leaders spoke of such opportunity during the FutureSound Conference on music and technology in San Francisco. The panel discussed artist revenues and digital music economics in front of a small gathering.
Anthony Bruno, a consultant, moderated a 45-minute panel that featured Bandcamp CEO/Co-founder Ethan Diamond, Rhapsody President Jon Irwin, artist Zoe Keating, Warner Music Group’s David Marcus, and Co-founder of Whitesmith Entertainment, Emily White.
Keating said ought to be given user data from sites like Rhapsody and Spotify in order to identify fans and markets for them. Keating has been known to upload all of her revenue stream data onto publicly accessed internet over the summer. By doing so, she exposed the artist revenue streams and potential for artists and companies alike for revenue.
As of now, Spotify stream revenue is incidental is utilized in a limited manner to build relationships, stated Keating.
"My music is available everywhere but I can't get that data. How do I reach those casual listeners? That's more valuable to me than some royalty," Keating said. "Artists are getting hung up on the actual number."
Irwin, who is active president of rhapsody, noted that the subscriptions service is turning focus to providing like-services to artists.
"It's going to be to strengthen that bond between a fan ... and the actual artist"
Bandcamps already provides data, such as .csv format, but “it’s criminal” how few artists use it, according to the company.
White, of Whitesmith Entertainment, said direct-to-fans sales represent the highest margin sales for the artists that work under her company’s name.
According to White, web analytics are underutilized by companies in the field. Insight into the workings of Facebook creates a glaring contrast between fans of small and large markets. Web analytics help areas such as bookings and touring strategies.
"And we got some very lucrative offers. I think it's a crucial tool to drive booking strategy," White said. "I look forward to booking agents who understand that."
"It's so exciting," she said. "The tech is there but nobody gets it. Laura Keating and I are going to be all over that."
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