The music industry is facing an uphill battle as data volumes continue to explode. We take a look at how rights holders and their systems are coping.
Data is commonly referred to in the music business as “the new oil”. It is a neat analogy to a point – explaining its huge value as well as the fact that it ensures the industry machine keeps running smoothly and does not rust up. But data, just like oil, needs to be controlled when a new source is struck otherwise it becomes a blowout, pumping out in huge plumes. In the oil industry, such uncontrolled/uncontrollable gushers are referred to as “wild wells”.
The music business, in an age where billions of streaming micropayments are being generated every day, cannot afford to leave wild wells unattended and untamed.