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From Forbes: “Musicians Play Moneyball: Data Revolutionizes Another Industry”

Thursday, October 23rd, 2014

A short but interesting article from Forbes on how musician and music industry entrepreneurs are using analytic to makes more informed decisions.

From Forbes:

“The music business hasn’t had a history of really wanting to know what’s going on,” says Taylor Hanson, of the eponymous Grammy-winning pop rock group. “There are no open-source music companies. There are a lot of black boxes.” And if record labels made data-driven decisions a la Billy Beane’s Moneyball? “Then artists wouldn’t be getting screwed.”

The concept of rooting business decisions more in quantitative, rather than  qualitative, examination transformed the baseball industry. Now a small, if evangelical, group of entrepreneurs and musicians are trying to apply the same mindset to booking tours, releasing albums and managing fame. It was part of the discussion at FORBES’ Under 30 Summit in Philadelphia today, one that featured Hanson, Spotify’s Sachin Doshi and entrepreneur Alex White.

Taking center stage of this shift are entertainers like Hanson, who has experimented with social media data to line up gigs in seemingly strange locations. “All of a sudden we could have 200 people in a bar in the dessert,” says the blonde boy band singer and CEO of 3CG Records.

To read the full article at www.Forbes.com, go HERE.

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