A number of new technologies currently being developed will have a huge impact on the way our world will operate in the future and are, if not powered by, producing a live stream of data.
Data – the need for data and production of data – is the common denominator for most of the new technologies that no longer focus on mass-production, but on mass customization. Good feedback data is as valuable as money to technologists as well as artists and creatives, as it helps them make the right business decisions and delivers sales insight to businesses.
Nothing new here. But what happens when a number of these new technologies start interconnecting, feeding data to machine learning artificial intelligence with a chatbot or Alexa interface? Connecting technologies and platforms by sharing data all while creating new data will deliver mass customized music and entertainment to consumers, who in turn are sharing their personal data in return for access.
As systems, platforms and technologies start to evolve and interconnect, they start to predict and deliver what we will want to hear or see next, and deliver it via existing apps rather than having users download something new. Having the maximum amount of accurate data packed into content, entertainment, creative work and song files themselves will be a prerequisite for getting the work found, distributed, and most importantly monetized.
Blockchain technology provides a way to share and deliver rigorous data. It is a technology that has been much talked about the past couple of years by the music industry, but has yet to reach wider mainstream use, primarily due to trust and transparency issues between industry stakeholders.
Meanwhile, increasingly acknowledging the consumers’ indispensable role in the big global data exchange – partly led by legislation - gives birth to a new economic model, one that is underpinned by participation and sharing rather than advertising or subscriptions in order to gain access. The participants of the network earn and create value together.
Technology powered by peer-to-peer data would create a market-place where creators, rights holders, data-holders and influencers who can digitally express their rights into their media and data will control their monetization opportunities.
We are devoting our next London-based Music 4.5 to exploring if and how global data might be on its way to underpin a new economic model of participation and what this will mean for artists and creators.
Music 4.5 Global data, blockchain and chatbots will cover questions such as:
- What are the latest entertainment business opportunities and developments involving blockchain?
- What data really matters and who owns it?
- Accessing and rewarding individual consumer data – how to get consumers to share their data?
- What do the new delivery technologies for music and entertainment mean to artists, and how can they profit?
- Is a new economic model of participation appearing? Is it realistic and sustainable?