Spotify, one of the most innovative companies in the entertainment industry, announced adding publishing analytics capabilities to their platform.
Spotify Publishing Analytics is the first analytics tool from a music streaming service, tailored for publishers, to better understand the audience, see the insights first-hand and help their songwriters improve their performance.
“One of our core missions at Spotify is to enable creators the opportunity to live off their art,” said Jules Parker, Head of Publishing Relations & Services, EMEA and APAC, Spotify. “The publishing community is integral in supporting the songwriters that create the music we love. With more information, publishers are empowered to make the most of the opportunities the global reach of Spotify provides, and the more information we can share with each other, the more opportunities we can help create for songwriters.”
Spotify Publishing Analytics will allow publishers to extract insights from daily streaming statistics. These will be available for the works and recordings they have identified, including playlist performance, as well as the ability to view data for each of the songwriters on their roster.
Reservoir was one of the first music publishers to join the new Spotify Publishing Analytics tool.
So far, when it comes to streaming services, publishers were mostly relying on top charts to see how songs are performing. With the new analytics capabilities added by Spotify, publishers now have a more granular understanding of their content and the way people engage with their songs.
“Access to daily global analytics for the leading DSP allows us to better track our catalog’s performance and gives us valuable insight that we can use to make more informed business decisions in supporting our songwriters”, said Rich Scott DePerto, Director of Royalties & Copyright Administration, Reservoir.
With this move, Spotify paves the road to a new era of digital transformation in the music streaming sector. Content consumption, under all its forms, is data-driven, and music is no exception. The more data publishers have at their disposal, the better they can reach their audience.
However, this is not only helping songwriters and publishers fit into the trend, but it might also help them become trend-setters since they can leverage the insights gathered to anticipate the ‘next big hit’ in music.
“Armed with this level of streaming data, directly from Spotify, music publishers can gain insights into new opportunities for their songwriters, more efficiently collect royalties on their behalf, and more effectively market their works,” said Patrick Joest, EVP Global Content Partnerships & Synch, BMG.