Yorkshire businesses have a huge opportunity to better inform decisions through the use of real time data and performance analysis.
Accurately measuring trends to enhance insight can be a boost to any business – whether it’s a fund manager or a fashion store, according to Gregory Mead, CEO of Semetric, which runs Musicmetric, the global music analysts.
Speaking at a conference organised by Nesta, the independent lottery-backed innovation charity, Mead appeared on a panel alongside Mark Buchanan, theoretical physicist and author, Professor Robert Fildes, director of the Lancaster Centre for Forecasting and Nate Silver, renowned electoral and statistical guru.
With Apple’s iTunes celebrating its 10 year anniversary this week and streaming service Spotify launching across Latin America, digital music consumption is rising at an blistering pace. More than 25 billion songs have been purchased through iTunes over a decade, while 3 billion songs were shared via Bit Torrent during the first half of 2012 alone, according to the Digital Music Index.
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Through its online dashboard – Musicmetric Pro – Mead is helping the music industry reverse its fortunes by tapping into the wealth of data now available through the entertainment world’s burgeoning online marketplace.
The value of aggregating BitTorrent data in such detail – alongside social media trends and sentiment – is that it allows for a far greater understanding of how and where music is being consumed. This enables marketers across media industries to evaluate more efficiently which markets are growing the fastest and which strategies are proving the most successful.
Greg Mead, CEO of Semetric, which owns Musicmetric, said:
“It’s astounding that around nine times as much data has been created over the last two years than since the dawn of time. This creates huge opportunities but also poses massive challenges for businesses, as there’s no way that humans alone can churn through and make sense of everything.
“Nesta’s work to drive forward the UK’s thinking on technology and innovation is absolutely vital. It’s essential that we effectively take on board this thought leadership and adopt it across all areas of the public and private sector.
“For us, watching the entertainment sector continue its shift towards the digital sphere, understanding consumer trends, what drives revenues and being able to benchmark real time performance will become increasingly vital. Big data will only get bigger, so we need to be ready to milk the opportunities this offers.”