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DMS (part 2): What you should know about the future of music

November 27, 2013

DMS_LogoIn his second presentation at the Denver Music Summit, What You Should Know About the Future of Music, Storm Gloor stressed how important it is to capture and analyze data. Since it is now so easy to measure many aspects of your music, you need to be able to identify the trends and utilize them in your on-going marketing strategies. He referred to Next Big Sound, Facebook Insights and Hashtags.org as important tools for this effort.

Next Big Sound records large amounts of data and gives a snapshot (digital profile) of your music sales, listeners, and the like. [As a side note, Churchill, a CAM-propelled band is featured on the profile sample]. The service can be used to examine spikes in data to see which marketing efforts are working (and which are not). Who is buying your music? When and how are they purchasing? Where is your fan base concentrated?

He said that with selling on iTunes, one critical deficiency is that you don’t know who is buying your product. There is tremendous value in capturing emails and being able to follow up with fans to further develop the relationships. He also recommended Top Spin as a good tool for managing your mailing list. This service is touted as the “ultimate fan conversion platform.” [One of its founders, Shamal Ranasignhe, was on the afternoon panel called Revenue Streams 2.0].

Storm also talked about how content demand is shifting. The consumer, of course, has moved on from wanting to purchase an entire album to only wanting a specific track(s) in this digital age. And so digital sales should continue to grow as well as releases of EP’s (extended play, typically 3-5 song discs).

But simply listening to a track is also becoming more preferred over actually buying a song. Pandora and other subscription services should continue to rise in power. He stressed that listening to a song is becoming the transaction, not the physical song, not even the digital song – this is the new reality.

So should you be worried? You have a sense that your music is being devalued at a rapidly deteriorating rate. You know that the internet models of old, those that had no realistic form of income proved to be doomed in the long run. How do you prevent your music from being flattened out of existence altogether?

Please stay tuned…

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