As an industry, we've gotten pretty good at reaching our fans, engaging them and driving conversions. There is a general understanding of how to reach them on social networks, traditional online marketing and mailing lists. But now, with the rise of major streaming and entertainment platforms combined with advancements in technology, there are two things that will make it much more powerful to engage and convert fans: data and context. While social networks opened new channels for fan engagement over the past few years, we believe that going forward the biggest untapped potential for artists will be in streaming and entertainment platforms that offer context-relevant channels and data-driven targeting techniques.
Why Streaming & Entertainment Platforms?
Streaming and entertainment platforms, like Spotify, Pandora, Xbox Music and VEVO, have emerged in the last few years as places where hundreds of millions of users are deeply engaged in content. These users, a.k.a. your fans, go to streaming platforms for the main purpose of listening to your music, that's why these channels are key to increasing fan interactions and your bottom line. These platforms know what types of fans are listening, how many times they’ve listened and the other content (concert listings, pictures, videos, etc.) they perused. This comprehensive picture leads to increased conversions, such as revenue, new fans and a better understanding of your current fans.
Think about it: when you post an update about your latest album on social networks, that status swiftly floats down a real-time stream of content posted from your friends, family and thought leaders about every subject possible. Although your fans may see it, they can easily be distracted by everything else. Page posts organically reach about 16% of their fans on average. The key to reaching fans with content is targeting & context. That same album update will be more impactful when it hits a fan who is currently listening to your music on a streaming and entertainment platform because they are only focused on you.
We already see streaming services that let users know when their favorite artists put out new songs or albums. Now let’s take that same idea and apply some more nuanced targeting to it. We’ll identify three types of fans — Passive, Active and Superfans. You wouldn't show a Passive fan a $200-VIP offer because it would feel like spam to them, so you present them with your new song or a nearby show instead. Meanwhile, we target the $200-VIP offer to the Superfan. This fan-focused targeting can lead to higher conversion rates and, ultimately, more revenue and a larger fanbase. It’s the most effective “in-context targeting” we’ve had yet.
When BandPage first started, my goal then was, and it still is, to connect artists directly to their fans to increase engagement and revenue. At that point, fans were found on large social networks, and that’s why we started there. Then we looked to where we could help artists expand on other platforms and properties in effective ways. That’s when we began to power musicians’ websites and blogs. But today, the action has grown on major streaming and entertainment platforms.
Social networks are still a very influential part of the puzzle. But looking forward, I believe these new entertainment and streaming platforms will become just as important, if not more important, than traditional social media networks for generating conversions and reaching fans. The aggregated number of fans across these platforms gives artists the unprecedented opportunities to effectively reach hundreds of millions of fans they weren’t able to engage before.
In the past, artists couldn’t effectively and efficiently communicate on streaming and entertainment platforms. Our bet is that these platforms will become an incredibly powerful way to engage and convert your fans. My company recently started powering musicians profiles on VEVO and Xbox Music via their BandPage profile, and you will see us expanding our platform to help musicians successfully reach their fans.. This is just the beginning of what’s possible for the music industry. And I’m very excited for that potential to become a reality.
J Sider is the Founder & CEO of BandPage.
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