Chartmetric Unveils ‘Revolutionary’ Predictive Artist Discovery Tool That Analyzed Data From Over 10 Million Artists
Music analytics company Chartmetric has launched a new talent scouting tool that uses data analysis to identify up-and-coming artists.
The system, launched on Thursday (November 7), looks at common “signals” from the end 10 million artists’ careers to assess potential future success.
The tool assigns daily scores from 1 to 10 based on various performance indicators, which the term Chartmetric “means”. The feature is included with existing Premium Chartmetric subscriptions.
In announcing the new tool, Chartmetric recognized the challenges facing the music industry’s traditional methods of spotting talent.
“Data has always been an essential component of the gut instinct that A&Rs rely on, although it was never thought of as data in the past, but rather as knowledge. An encyclopedic knowledge of the market and current trends has allowed successful A&Rs and bookers to make better decisions based on gut instinct,” he said. Chaz JenkinsChief Commercial Officer of Chartmetrics.
“We are now able to analyze the market over the last decade and use data to learn and understand how successful artists develop and how consumers interact with them across multiple services.”
Akash MukerjeeChartmetric
“But with far more artists releasing music globally today than at any point in the past, and with so many more people consuming far more music, it’s almost impossible for anyone to have adequate market knowledge.”
Chartmetric works closely with A&Rs and agents “to understand how to present these signals in a concise and intuitive format,” he said Akash MukerjeeVice President of Product Management.
“Although everyone is looking for new stars, they are each looking for slightly different stars, so each tool must not only be predictive, but also highly customizable and able to filter through millions of artists so that the user doesn’t just find potential stars, but potential stars that are appropriate for the skills and services offered by their organization’.
While Chartmetric’s tool took 18 months to develop, Jenkins said the team has been working on building the new platform for the past eight years.
Mukerjee gave an insight into the team’s approach. “We are now able to analyze the market over the last decade and use data to learn and understand how successful artists develop and how consumers interact with them across multiple services.”
Mukerjee added, “There is no metric that can predict success. Each of the signals we identified incorporated multiple data points from multiple services. By handling the heavy behind-the-scenes analytical work, our distinct signals can be used to identify emerging talent much earlier than was ever possible before.”
Founded in 2016, Chartmetric says it now serves more than 5,000 companies in a variety of sectors including recorded music, live events, television, film, advertising and finance. Founded in California, the company now has offices in London, New York, Seoul and Tokyo.
Earlier this year, Chartmetric was launched Onesheet.cluba platform that allows users to create data-rich and multimedia websites for music publications and tours. This service allows users to share real-time data with business partners and media contacts.
Chartmetric acquired Onesheet in October 2022. The company released the first official version of Onesheet in beta in May 2023.
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