One of the goals of the industrial revolution was to have machines simulate physical tasks to produce outputs more efficiently. Fast forward to the present. The purpose of artificial intelligence, also known as AI, is to simulate any mental task. Machine learning is arguably one of the most important subsets of AI because it effects all other fields within AI. In any industry, you have a pattern or a model that you know to be true, you make a prediction, and then you update your model based on the result. This represents the learning process of machine learning. The introduction of this technology into industries like music, online dating, online publications, video-sharing and sports is becoming vital to each organization’s competitive sustainability.
The more data you have, the better the accuracy of your machine learning algorithm. In the music industry access to information presents a big challenge, but once you have it, the question becomes, how can you use and manipulate it using machine learning?
Let us quickly recap why access to data is such a big challenge in the music industry.
DATA ACCESS IN THE MUSIC INDUSTRY
In this metaphor, the “majors” represent Sony Music, Universal Music Group and Warner Music Group. The “streams” represent streaming companies like, but not exclusive to, Spotify and Apple. The “gold” represents consumer data from streaming platforms. The majors and the streams sit knighted at the roundtable. The streams rule the island of consumption and as a result control access to the gold. The majors are granted access to the gold because they own most of the island of content and a share of land on the island of consumption. The independents own a smaller portion in the land of content, and as a result, they have to get their gold from Robin Hood. Also known as direct-to-fan platforms that provide consumer data to artists such as Pledge Music, Hive or Superphone.
The question is, once you have access to the gold, what do you do with it and how can you maximize its value?
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Author: || World Economic Forum