The music industry was amongst the many businesses to be changed by the digital revolution. Due to this change, the music industry had to adapt and quickly. This however overtime worked in the favor of the labels & their artists. In addition, this works in favor of independent artists who manage themselves. This is all made possible by the return of investment by social media marketing. Below I will list some tools that you can use to measure your social media ROI.
These tools can be used to identify your fans, measure your social engagement, find trending markets, and to measure your overall online presence.
- Next Big Sound – https://www.nextbigsound.com
- Chart Metric – https://www.chartmetric.com
- YouTube Analytics – https://charts.youtube.com/charts/TopVideos/us
- Soundcharts – https://soundcharts.com
These tools can be used to measure on social media platforms such as:
Instagram– Hearts, comments, Live views, Stories
Twitter– Tweets, Retweets, Likes
Facebook– Like, comments, shares, Live views
YouTube– Views, Shares, Comments
You get my drift. You can measure these on your own or use services that can assist with this to give you more accuracy in your #’s all in one place and these platforms made for the public are called Hootsuite and Sproutsocial. These platforms can help you measure your social media metrics so that you can finally figure out what your ROI will be. Finally, here you will find an interesting article on how Chartmetric says it’s possible to break an emerging artist by creating algorithmically curated playlists. This article also discusses the value of streaming. With all that said there are many ways to track metrics.
Overall, the music industry had to adapt to the revolution of digital. We have come a long way from the past. Digital’s social media has been a great empowering tool for the music industry and there are tons of information at your fingertips. My advice is to get acquainted with these tools and learn how to get your ROI with social media. Go make money!!