AI Case Study
Pandora plans to predict artist success rates and identify effective marketing strategies using machine learning
Pandora acquired Next Big Sound, a platform to analyse social media metrics across sites like Facebook, Twitter and YouTube, streaming data, listener demographic etc to predict more effective marketing strategies and techniques. The platform is used by several bands to identify which singles to release first.
Industry
Consumer Goods And Services
Entertainment And Sports
Project Overview
"Now Next Big Sound is doing just that – using big data to help make sense of the chaotic-seeming and hit-driven music industry. The company analyzes everything from Spotify streams, YouTube hits, and iTunes sales to Facebook likes, Wikipedia page views, and Twitter mentions to predict album sales with astonishing accuracy – the company claims its forecasts are accurate to within a 20 percent margin of error for 85 percent of artists.
They help identify which singles can lead to better performance of album and the most effective ways in which musicians can engage with fans.
The company also tracks the effects that radio plays, talk show appearances and other events have on an artist’s performance (in terms of sales and video views). Next Big Sound helps brands spend marketing dollars more effectively."
Function
Strategy
Data Science
Background
"Next Big Sound is a New York-based company which provides analytics for online music. The company analyses the popularity of musicians in social networks, streaming services, and radio. The company was acquired by Pandora Radio in May 2015."
Reported Results
The company claims:
* Predicted the 2014 Billboard top 200 with 80% accuracy
* Forecasts are accurate to within a 20% margin of error for 85% of artists
Benefits
Technology
Data
Social media data, streaming statistics, customer details etc