A new favourite “buzz word” in media is crowdsourcing. In its truest sense, it enables a wider audience to make a decision based on the most popular option available.
For marketing it’s a great tool because it’s a relatively pain-free way of vetting a product or a campaign ahead of a major launch. If the masses have given it the once-over and supplied criticisms and suggestions, then the final product is likely to be better received.
The collaboration just announced between Sony and Last.fm to launch the first “fantasy music festival” is a good example of crowdsourcing for the purposes of marketing. Brand Republic has more details:
The competition, in the style of fantasy football game, will give music fans across Europe a €1 million budget to put together their fantasy festival line up. Last.fm users will be encouraged to invite friends to compete through Facebook Connect and email. The music service will score musicians based on trends, listening data and online buzz, to determine the rankings, beginning in mid-November.
Such a large cash prize will doubtless encourage many to take part. But looking beyond the competition, the data that users supply about their musical preferences will be an invaluable asset to those involved in music marketing.
Buying an album or downloading an Mp3 is one thing. However the true test – what music marketers are most curious about – is whether an artist has become someone that a consumer has more than a passive interest in. By listing an artist as one whom they’d include in a “fantasy festival”, it tells marketing heads that this artist, if not already established, may be going places. That’s data charts can’t give.
The data from this competition will also help tour organisers understand who should be on tour with whom. Facing declining record sales revenues, labels are putting more emphasis on income from tours. By putting together artists whom a large number of people have indicated they’d like to see share the same stage, the ROI is likely to be higher.
This partnership is also a win for Last.fm’s brand image. Owned by CBS, Last.fm remains well-liked by its users, who are all musicphiles. Facing creeping competition from Swedish start-up Spotify, this partnership with second-largest global recorded music company increases Last.fm’s brand visibility and could increase its market penetration. For Sony, they stand to gain reputation currency with a key user base from Last.fm through the affiliation.