4 ways in which Musicians can use music streaming

When free music is available at the whim of the user, why will someone pay for a music streaming? Paid music streaming concept is emerging, with many industries bringing in more and more apps into this industry. Has the industry already reached its maturity or is it still in infant stage? Is it profitable for companies to keep harboring on this niche segment? What is the scope of this industry? How music streaming can help musicians?

Today if you want to listen to music, you have two options- download it or stream it. It can be downloaded from either authentic musician sites or pirated versions from other music sites. On the other hand, music can also be streamed on YouTube Music Key, Spotify and the like, without havinMusic Streamingg any physical copy of the same on your hard disk. The playlist is run online. If you don’t want any advertisements to interfere then you go for subscriptions. When it comes to music, it’s hugely depends on the customer base and the way people prefer listening to music.

The music listeners are also divided into segments: there are purists/audiophiles who will go through all the hassle of downloading music from authentic sites and then there are casual listeners who are passionate to listen to music but they are not particular about whether they own it or rent it. It has been observed that the consumers are moving more and more towards online channels from the traditional channels. According to IFPI (International Federation of the Phonographic Industry), the global digital revenues have increased by 6.9% to US $6.85 billion such that share of revenues is almost same for digital (46%) and physical channels (46%).

The musicians will get to use the statistics drawn from the music streamed by the individuals. The name, place, date, genre and the way the people listen to music can help determine the trends emerging in the music industry. There has been some serious debates regarding the revenues generated digitally by streaming channels for singers and song writers. So let’s see, apart from revenues, what’s in there for singers and songwriters:

Market segmentation– The Company can help the musicians to track the geographies in which their music was played and how often their music was played and its related ratings. The genre of the music listened most can also help songwriters and musicians in understanding that what is going wrong with their music and what is the tipping point in competitor’s music.

Demographics- They can narrow down on the age group listening to their music and also analyze based on data what type of music is preferred by their target segment. This information may help them to create music which has more probability to sell. I know, music should come from heart and everything but if there is an extra help to musicians to make their music sell then why not!

Medium: They can decide on the medium to channel their music. Taylor Swift recently pulled all her music tracks from Spotify as according to her,it was not doing justice to revenues that she would have got from other traditional channels. On the other hand, the new artists find the streaming service a huge opportunity for them to reach to a larger audience even though the revenue generated by it is comparatively lesser.

Recommendations: According to source, Pandora’s Music Genome project, which is a unique music catalog of more than 1.5 million songs, helps in creating plethora of recommendations for users. Although, they cannot change the choice of customer but to some extent they can influence the decision-making process. Songs recommended by the Spotify, Pandora and the like music streaming services are likely to introduce the user to some new songs in playlist pushed by these services. The singer can push their songs in these playlists, based on that they can gauge the audience reaction.

Companies such as Pandora, Rdio, Spotify, etc although still are in their nascent stage are leveraging on all the possibilities to benefit the user as well as the musicians by using various advanced data analytics and algorithms. Only time will tell whether music streaming is a dying industry or just a late bloomer.

Geolocation changing the face of Apparel Retail Industry

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 With online products at discounted prices at your doorstep, what  can the retail store do to bring customers to them?

Easy solution would be to provide shoppers with what they want at  a time when they want it.

Retail stores suffer losses everyday by the lack of information of the  potential customers who have visited their store (unless they have a  loyalty card) or have walked past their store. The customer if presented with the required discounts needed by them, they are twice as likely to buy the product. With re-marketing, Amazon does exactly that and numbers prove that it has been right decision!

Enters Geo location mobile technology. Apple’s iBeacon, BaySensors.com, StoreMode mobile technology and their likes are bringing brick and mortar stores to a digital reality. Retail/department stores can use Geo-fencing through which businesses can create a boundary around their premises so that consumers get a message which will make sense to them. It will allow the managers to get the information such as the peak traffic hours, sales personnel in each department at specific time, maximum purchases segment and impact on sales by using geo-targeting.

The customer enters the retail store say, VeroModa and the mobile app will provide them with the details of different section on each floor. When they enter VeroModa T-shirt section, customer gets a notification of the 60% discounts. They are more likely to buy it when they get the notification in real-time. The store representatives can push discount offers to the customer even when they reach home with the details of the purchase that was made by them or they intended to purchase. E.g. the new summer collection in summer.

i-Beacon by Apple is already been used by popular apparel chains such as Lord & Taylor stores in the United States to understand closely the psyche of the customers. This will send a Geo-targeted message, offers and coupons by using Bluetooth Low Energy to shoppers. Additionally, allow customers to view the product description and a 3D display of product when in a particular section. Taking a step forward, the Shelfbucks (using beacon technology) helps the shoppers to compare price real-time in the store which lets the user buy the product at best price. India, as a huge price sensitive market can reap huge benefits.

No doubt, fast forward a few years and it will be a turn-around technology for the industry as a whole. Though this will change the dimensions of customer experience but only if leveraged in the right way by the store managers, it can benefit the store otherwise it will be one more chunk of useless data in a pile of data already available.