This is such a big insight into what the market is doing in todays cluttered technological world. This can help marketers break through that clutter and target these audiences through the means of technology that they are more inclined to use and relate to more. This also encourages research of IMC campaigns to move forward with their thinking as the technological advances are moving even more rapidly and quickly. The industry has changed rapidly because of technology and we as marketers cannot afford to ignore this.
This is a unique tool for marketers to establish what their consumers interests are. Facebook has been very successful in attracting businesses which are looking to create awareness for their brands. Marketers are able to find insights into the target audiences, what their interests are and create a basis for their market research. This upgrade complicates the idea of Twitter, however marketers and businesses may find it a useful tool.
The internet is taking power away from record labels but it’s also giving them the ability to predict future hits.
The world’s listening habits were once relatively private.
Music lovers declared their allegiances with posters, festival wristbands and physical copies of the music they loved. But when listeners retreated to the safety of their bedrooms, they could indulge in guilty pleasures without Last.fm or Spotify telling the rest of the planet.
Record companies were aware which radio station played their songs and where their CDs were popular, but that information painted an incomplete picture at best. Who knew what music people were sharing on tapes and CDs burnt in the privacy of their own bedrooms?
“The traditional metrics like sales told us a record or CD was sold, but nothing about what happened after that,” says Paul Smernicki, director of digital at Universal Music UK.
That’s all changed. The explosion of data from sources like torrenting, music streaming sites and social media platforms has offered the music industry a huge opportunity to understand their fans and spot upcoming artists like never before. Music analytics is now worth an estimated £1.8 billion per year.
The marketing industry is ever-changing because of new and evolving technological advances. This shows you need to communicate to the next generation in new and innovative ways. Tradition is phasing out and new technology is the future!
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