- Chartmetric is a data and analysis tool designed for the music industry and creators.
- The platform is used by more than 2,000 customers, including the three major labels.
- Read the pitch deck that helped the company raise $ 2 million in seed funding.
For decades, determining the popular music of the day hasn’t been that complicated. Consumers have mainly obtained music in two ways: through the radio and through record stores.
But the internet has changed that. First, there were online stores like iTunes; then came
giants like Spotify; and more recently, social media platforms like YouTube and TikTok have changed the way consumers listen to music.
Chartmetric hopes to simplify musical data again. The platform consolidates information about music consumption, including data from streaming and social media, and presents it in a digestible way to its more than 2,000 customers, which include major labels, music promoters live, independent musicians, etc.
“It’s getting overwhelming in a way,” Chartmetric founder and CEO Sung Cho told Insider. “There is more and more data that artists and labels measure and care about, and the importance of the data changes over time.”
Data goes beyond simple games. Chartmetric uses social media data to analyze fan demographics, the platforms used by fans, the best ways for artists to interact with fans, and where their songs are picked up, whether in a viral video TikTok or a popular Spotify playlist.
While a number of its competitors are connected to music platforms – Spotify offers its own in-depth measurement and analysis, and music analysis company Next Big Sound has been acquired by Pandora – Chartmetric offers data sets from from several different sources. It collects information from Spotify, Apple Music, and Amazon Music, as well as TikTok, YouTube, and Instagram.
Cho uses the example of a musician about to go on tour to explain how all of this data can be useful. The data could help them figure out where to go based on the cities their fans are in, what songs to play based on what their fans are listening to, and how best to market the tour based on what platform they are on. their fans.
“The music itself is the most important,” Cho said. “It has to be good music and the artist has to have an attractive personality to advance their career. But many artists have excellent talent – after that it’s about pitching.”
Artists and investors seem to agree and see the value of Chartmetric, which is profitable. The company said it has raised around $ 2 million in seed funding since its inception in 2015.
The biggest takeaways Cho hopes investors understand? Market potential and real need for the tool, Cho said.
“Investors tell me, ‘How big can the analysis of the music industry reach? ” “, did he declare.
According to Chartmetric’s pitch deck, the music industry reached $ 21.6 billion in global revenues in 2020, and between record labels, independent artists, and tour organizers and venues, there are hundreds thousands of untapped customers.
Chartmetric also believes that its platform may also be of use to non-music creators who hope to better understand their fans. While these influencers make up only a small percentage of Chartmetric’s current user base, this is an area where the company sees potential for growth, according to the deck.
Read the 46-page pitch deck that Chartmetric used to raise $ 2 million.
Note: Some numbers and graphics in the game are written down.