For a long time, the music industry is in need of a facelift and the advent of big data seems to fulfill this. The musicians might be provided with a more successful revenue model with the emergence of big data. This represents one of the largest industry shifts that music has witnessed in many years. Let us take a look at the possibilities that big data provides for the long-suffering music industry.
A Transformation in the Revenue Model
In the last decade, the music industry’s complete revenue model has transformed. For streaming music, the music industry has not defined the royalty rates clearly till today though the streaming sites such as Spotify helped control online piracy.