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Band Metrics: Striking up the band’s analytics
Tuesday, June 02, 2009
By Allan Maurer
Knowing where a band’s fan base is located or where its music is played most often on the radio can help it focus both its marketing efforts and plan its tours. But the availability of solid analytics about bands that may be “under the radar” also helps producers in the television, radio and commercial industries find artists with breakout potential they can sign relatively inexpensively.
So says Duncan Freeman, founder and CEO of Band Metrics, one of three finalists in the Georgia Research Alliance/Technology Association of Georgia business launch competition wrapping up this week. “It’s my third start up,” Freeman notes.
The company, one of the brands developed by Indy Music Inc., was founded in 2006. Freeman initially self - funded the effort, but the company did a small Series A round under $1 million in 2008 in with Allen Graber and another investor providing the funds.
“We’re presently closing a Series B under $1 million that includes new investors,” Freeman says.
The two-employee company does data analytics that act as decision making support for professionals in the music industry. “We collect and aggregate massive amounts of data from the Internet relative to musicians,” he says. “We analyze it and provide key insights and trend information to music professionals such as booking agencies, band managers, music labels and others.”
Band Metrics tracks how many friends they have on social Web sites such as Facebook or Myspace, the number of comments, how many people click on “like” buttons related to their music, and other analytics. “It drives insight on how they can best market,” Freeman explains. “Should they focus their updates on a particular site?”
The company also pulls in radio plays from 1,000 different radio stations that tells its clients how many times songs were played in a market, giving artists an idea of where their music is being played most often. “It helps them capitalize on their fan base,” says Freeman. “If they know where most of their fans are located, they can concentrate their marketing in those areas and it helps with tour planning.”
The chief competition to the online service, Freeman says, are companies that use focus groups. The Band Metrics advantage, he points out, “is that we keep our data and can show how artists and songs are doing over time, and compare them to others. You can’t do that with a focus group.”
Although the service is still in beta testing, it already has about 4,000 users signed up, says Freeman. Bands testing the service include The Beastie Boys, R.E.M., and Metric.
While it will eventually use a subscription model, it is currently free.
Freeman says the site can help music supervisors of popular TV shows or commercials find new talent at inexpensive prices. Music supervisors, a relatively new position at media companies, find the songs that play during shows such as “Gray’s Anatomy,” and “Smallville.”
If they sign a little-known group and end up with a hit song, everyone benefits, says Freeman.
The site helps music supervisors find tunes that appeal to just the right audience, he explains.
“Let’s say Nike is releasing a new type of shoe they want worn by a particular demographic, say the tween market. They want music supervisors to find a song the tween market is really liking so they can cement that demo to their product.”
Freeman says a lot of brands are looking at “sonic branding to help cement a demographic” to their product.
“In that sense, we’re a sales tool,” says Freeman.
He says that while the company’s technology is “agnostic toward any vertical” it is solely focused on the music industry right now. For one thing, Freeman says, it’s a space he knows. He paid his way through college with a cover band that toured the Southeast.
Eventually, however, he says the company will license the technology to others who might want to use the same system for wine or athletes or other areas.
“It’s called sentiment analysis,” says Freeman. It would be useful to marketers he suggest, “If you could gauge how people think about a particular athlete.”
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