Technology is cross carpeting virtually all industries including music, that’s why the relationship between technology and music cannot be questioned.
The future of the music industry worldwide looks threatened because of the free downloads and piracy. However, the intervention of Big Data and Virtual Reality Concert present the opportunity to change the landscape and potential revenues for all stakeholders.
Truly, the digital disruption in the music industry is attracting advertisers and helping them target their advertising spends on specific online audiences for specific types of music.
Meanwhile, experts who gathered at the on-going GITEX Technology Week in United Arab Emirate Capital, Dubai still believe that virtual reality concerts and big data will transform the music experience.
According to Troy Carter, Global Head of Creator Services for digital music service Spotify, and Founder of the Atom Factory, on stage during his GITEX Vertical Days dialogue with Silicon Valley futurist Robert Scoble. He said: “The future is a mixed reality with live spaces and concerts, and integrated music videos. New technology leads to better and richer experiences when technology is layered on top. Artists didn’t have access to data before. Now we can reach super-fans, those are the fans who want more”.
“I don’t feel Silicon Valley is the next place where the next billion-dollar company will come. The future is people who are knowledge about local markets such as China, India, and Dubai,” said Troy Carter on stage during his talk at the GITEX Global Startup Movement’s Out-Talk. Troy Carter shared his rags-to-riches story in front of a sell-out crowd”, he added.
According to a study carried out by Pandora Media on The Musical Genome Project raw unstructured data of raw music and tracks using which judgments are made of the preferences of the listeners. Based on their evolving tastes, the recommendation algorithm suggests music scores to the listeners bringing in more personalisation to the musical experience and create opportunities for targeted marketing. Thus digital technology and the access to music content through devices are transforming the methods of engagement, purchase, and consumption of music
The industry’s aim now is to combine this deeper understanding of its customers with the deeper understanding of the music itself, which Big Data has also made possible. Raw music is essentially unstructured data but because it is easily digitized, it can be quantified and analyzed,” Bernard Marr, Big Data and Analytics Expert noted on Forbes website.
