Data Science Meets The Music Industry: The Correlation between Social Media and Record Sales

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Data Science Meets The Music Industry: The Correlation between Social Media and Record Sales

Sidewinder.fm has an interesting article posted by Victor Hu (a data scientist and Harvard graduate) and Liv Buli (a resident data journalist for music analytics company Next Big Sound) on social media and how it relates to record sales.

Twenty years ago, as a music fan, you would hear a song you enjoyed on the radio, head to the record store to buy the album and wait until the band came to town to attend a concert. The music industry was based on a straightforward consumption model.

In this online day and age you can consume music on innumerable platforms, interact with artists and other fans, and discover or share your music with the click of a button. Last year alone, more than 3 billion fans played over 60 billion songs on various online music platforms.

The ability to track and catalog all of this activity has evolved only in the last few years and begs the question: does this social media activity actually lead to album or track sales? Which of the countless networks actually matter?

One of many interesting facts we learned is that there is a strong relationship between Wikipedia visits and sales, underscoring their argument that consumers want more information about the artist whose album they are about to invest in.

You can read the full article here.