Music analytics company Chartmetric has released a new talent search tool that employs data analysis to identify emerging artists.
The system, launched Thursday (November 7), examines common “signals” from over 10 million artists’ careers to evaluate potential future success.
The tool assigns daily scores from 1 to 10 based on various performance indicators, which Chartmetric terms “signals.” The feature comes included with existing Chartmetric premium subscriptions.
In announcing the new tool, Chartmetric acknowledged the challenges that the music industry’s traditional talent-spotting methods face.
“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 marketplace and current trends enabled successful A&Rs and bookers to make better decisions on gut instinct,” said Chaz Jenkins, Chief Commercial Officer of Chartmetric.
“We’re now able to analyze the marketplace over the past decade and utilize data to learn and understand how successful artists develop and how consumers engage with them across multiple services.”
Akash Mukerjee, Chartmetric
“But with far more artists releasing music globally today than at any point in the past, and so many more people consuming so much more music, it is almost impossible for anyone to have sufficient awareness of the marketplace.”
Chartmetric works closely with A&Rs and agents “to understand how to present these signals in a concise and intuitive format,” said Akash Mukerjee, VP of Product Management.
“Although everyone is seeking new stars, they’re each looking for slightly different stars, so any tool must not only be predictive but also highly customizable and able to filter through millions of artists so a user doesn’t just find potential stars, but potential stars who are right for the skills and services their organization offers.”
While Chartmetric’s tool took 18 months to develop, Jenkins said the team has been striving to build the new platform for the past eight years.
Mukerjee provided insight into the team’s approach. “We’re now able to analyze the marketplace over the past decade and utilize data to learn and understand how successful artists develop and how consumers engage with them across multiple services.”
Mukerjee added: “There is no single metric that can predict success. Each of the signals we identified integrates multiple data points from many services. By handling the heavy analytical work behind the scenes, our distinct signals can be used to identify emerging talent far earlier than was ever possible before.”
Established in 2016, Chartmetric says it now serves more than 5,000 companies across various sectors including recorded music, live events, television, movies, advertising, and finance. Founded in California, the company now has offices in London, New York City, Seoul, and Tokyo.
Earlier this year, Chartmetric launched Onesheet.club, a platform that lets users create data and media-rich webpages for music releases 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 launched the first official version of Onesheet in beta in May 2023.
Music Business Worldwide