Twitter Inc (NYSE:TWTR) entered into a deal with 300 Entertainment, which is a music industry firm founded by ex-Warner Music group head Lyor Cohen. The deal marks the company’s first step into music-related analytics, and underlines its efforts to monetize its huge user base.
“Excited to announce our exclusive new partnership with @TwitterMusic – working together on an unconventional approach to artist discovery!” said a Tweet from 300 Entertainment.
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300 Entertainment to use public and non-public data
According to New York Times, the deal was announced at the Midem event in Cannes on Sunday, and allows 300 Entertainment to develop software to extract from the “full range” of music related data on Twitter Inc (NYSE:TWTR), including non-public data like the location from where the Tweets are sent.
The report does not reveal the full details of the deal, but notes that the music firm will “organize data and develop software that could be used by other artists, record labels or consumer brands.”
New York Times reported that 300 Entertainment “signs artists for recorded music, publishing and other deals,” and is led by Lyor Cohen, who is “one of music’s biggest power brokers.”
Twitter holds big potential for labels, artists
Twitter’s head of music data services, Bob Moczydlowsky, said that data will be disclosed a few months after data scavenging and analysis from 300 Entertainment. Moczydlowsky said that music is one of the widest topics of discussion on the website, so the company is really interested in building a healthy environment for fans, artists, labels, promoters and music services. The executive added that this is a great example that would assist the artists and labels to find each other. He also said that the company is keen to work with the Lyor’s team, in the coming months.
Twitter Inc (NYSE:TWTR) entered into music realm for the first time with Twitter# Music service for customers, but could not garner enough attention. By entering the music industry, Twitter would be able to increase its ad revenue and engagement from influential users. There are around 400 million tweets send per day, which can give a lot of useful information to labels and artists.