Pandora plans to acquire online music analytics company Next Big Sound.
The purchase price has not been disclosed.
Launched in 2009, Next Big Sound combines music consumption data into one centralized platform. According to a Pandora release, the music industry uses Next Big Sound to:
- Quantify the relationship between social media and revenue.
- Understand the impact of marketing and promotional events such as TV appearances, press interviews, and new releases.
- Drive marketing decisions for artists, managers, agents, publishers, promoters, labels and brands across the music industry.
- Deploy prediction algorithms to help identify high-potential artists.
Next Big Sound will expand the suite of data-driven products Pandora offers music makers; the core is Pandora’s Artist Marketing Platform that offers artist insights and artist audio messaging. The companies say Next Big Sound’s capabilities will complement these offerings, which are designed to help music makers build their careers. Next Big Sound will add Pandora data on music preferences, patterns and trends to its offerings.
