Contribution Complete Research Paper
Fürstenberghaus - F3
02 - Big Data
(How) Does Data-based Music Discovery Work?
This paper analyses a new type of business operations that mediate the production and consumption of music. Online environment has largely abolished constraints on the variety of music that can be economically distributed, but, at the same time, it reveals another problem. How do people learn what music items do they want to listen to? In the music industry, the product space consists of thousands of artists, songs and albums, and is expanding rapidly. More effective forms of music discovery could therefore create considerable new value by allowing people to listen to music that better matches their taste. We analyse data from Last.fm music discovery service that deploys a collaborative filtering recommender system and social media features to aid music discovery. The analysis finds evidence that the new form of music discovery is valuable to consumers, yet it is relatively less important than an opportunity to listen to music for free. The findings lead us to discuss how the nature of analytical problem and product space, consumer taste, and social media features shape the potential value of created by big data.