This year at Midem, Twitter announced that they have paired up with Lyor Cohen’s latest venture, 300 Entertainment. The two companies want to work together to develop tools for the music industry, building off Twitter’s huge mine of data to find promising acts to sign. Basically, Twitter and 300 Entertainment want to use existing data points and turn them into useful insights for A&R reps looking for the next big act.
Of course the question here is whether or not an act’s success can be predicted by something as technical and logical as Twitter data. Does more followers mean better artist? Does more mentions equate to a growing and sustainable fan base? Is musical talent something you can predict with data or does it require more human and emotional input? Many A&R reps would probably argue that the human intuition is the best way to determine an act’s worth, but perhaps a tool like this one being developed by Twitter and 300 Entertainment could be a starting point to pinpoint promising artists in the mass noise of the internet?
What exactly does this new venture look like?
We’re developing a data set specific to music. I know that sounds like a very nerdy thing. But Twitter is like a fire hose of data. There’s a ton of new information and conversations about music that we have never let of out of the building before. Some of that data have to do with timing or geography. This can valuable data for things like targeted marketing and A&R. It has the potential to help the industry figure out how to best invest in artists or how to direct their marketing campaigns.
Why partner with 300 Entertainment if Twitter already has the data?
Well, we don’t do A&R. We needed someone who does that and who can help us organize that data into something useful. 300 Entertainment hasTravis Rosenblatt, who is a quintessential data-driven A&R guy. He spends all day looking at trending data and profiles of tastemakers and correlates that to other behaviors related to music. Twitter data can be essential to A&R. We need someone who wants to sign artists who can help us package the data and tell us if it’s valuable enough.
Can you give us an example of the types of questions you’ll look to answer?
The idea would be, is there a guy in Chicago who, when he tweets about artists it makes a meaningful impact on the growth or size or exposure of that artist. Is there a tastemaker or a venue or a fan, a consumer in a specific location who’s Tweets about artists are more meaningful than others? Who genuinely are predicting the future success of these artists. I’m not saying that’s in the product, I’m saying those are the types of questions that will get asked.