Googles’ internal incubator, Area 120 that conducts entrepreneurial experiments, recently announced the launch of DEMAND. Analytics tool for the live music industry launched during an annual Pollstar live conference.
The project carried out by Tech. Industry veteran Prag Vaish along with a drummer turned entrepreneur Nick Turner. The DEMAND hopes to provide analytics data for musicians, promoters, managers and live media industry for actionable tasks.
According to the announcement it tracks publicly available information from Google Trends, Youtube and propriety data from third-parties such as Pollstar. It will provide practical insights to the live music industry enabling it to identify a potential market, ticket pricing and purchase intent.
“Google cares deeply about the artist community. We want to introduce a product that helps them better understand their fans through the use of data,” said Parag Vaish, co-founder of DEMAND. “By using DEMAND, artists can now make informed decisions, backed by timely market data, to reach the most passionate fans.”
KEY Features of DEMAND:
There are four key features of the analytics tool:
Prag Vaish and Nick Turner
Prag Vaish and Nick Turner express their concerns about the media industry by saying that it still relies on gut instincts.
“Together, alongside a talented team within Area 120. We zeroed in on live music since we knew the industry still relied heavily on gut instincts, rather than actionable insights”, according to Team at Area 120.
DEMAND care for its artists and music fans, and it helps in defining the ticket prices. Because consumers were paying higher costs to secondary source compared to the Artist’s rates. While in another scenario where DEMAND analytics finds out that artist is performing at places which do not return them high interest.
“DEMAND’s data revealed that the artist did not price their tickets at market rate. And it was leading to higher prices for fans in the ticket resale market.”, said by Prag Vaish.” In another case, DEMAND’s analytics identified that an artist was choosing tour stops that didn’t reflect the strongest fan interest.”
DEMAND as an Equilizer:
Another massive benefit to rising artists by the analytics tool is they can identify which style of music performed well or not so well. They can also identify music popularity with respect to price range. The Team is passionate to empower emerging artists and musicians. They say:
“We hope that DEMAND’s data will nurture the rise of these new artists. It will create opportunities across the live music spectrum.”
Demand is Available for Everyone, Free of Cost:
The Team that has tested DEMAND’s analytics tool believes that it can make planning, pricing, marketing and sponsorship of live events in an efficient manner. They also added that music fans would benefit from the tool as
“the most passionate fans can gain access to the artists they love in concert. Plus, venues and cities get to book the artists that locals want to see.”
Access to the analytical tool is free of cost to anyone in the US music industry. The Team believes there are added benefits associated with it, yet undiscovered. They are not yet sure about upcoming possibilities, so providing free access will help them to discover.
You can access the DEMAND analytics tool here
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