For ticket resellers to find high profit performances to purchase, data-driven insights are important. When it comes to predicting the demand for concert tickets, one of the most popular music streaming services, Spotify, has a wealth of data at its disposal. Using Spotify data to make informed decisions about which concert tickets to buy and resell for a profit is the focus of this article.
Exploring Spotify Analytics
Spotify provides a number of important metrics to help with your buying decisions:
- Monthly Listeners: This stat displays the overall count of individuals who have played the artist’s music within the last 30 days. If an artist has a large number of monthly listeners, it means they are popular right now.
- An artist’s developing star power or the success of a viral movement may be measured by the rate of their follower increase.
- Playlist Inclusion: If an artist’s music is featured on popular playlists, it might greatly increase their exposure and fan base. Look through popular Spotify playlists like Discover Weekly and Today’s Top Hits to discover whether the musician you’re into has been included.
- Hit Songs: Tickets to an artist’s concerts may be in high demand if their songs hit number 50 on Spotify’s Viral 50 chart, which indicates that people truly enjoy the musician.
Looking at an artist’s Spotify trends might give you a good idea of how they’re doing. When an artist’s monthly listener count is going up, for example, or when a popular song or album releases, there’s usually a surge in followers, concert tickets could sell out fast. By comparing these characteristics with ticket sales data from previous tours, you can predict when the show may sell out.
Location Data
Spotify also provides a global audience breakdown for each artist. This information can be crucial for figuring out which cities might be the most popular for particular artists. Having a performance in a location where the artist already has a large fan following can potentially boost ticket sales.
Connecting Spotify to External Data Sources
Data from other sources, such as Social Media Buzz, YouTube views, Chartmetric, and Google Trends, can be added to Spotify’s statistics to provide a more comprehensive picture of an artist’s popularity. Using many sources allows you to double-check your predictions and reduces the risk of losing money on unsold event tickets.
Implementation in Practice
Imagine for a second a budding celebrity whose monthly listener count explodes due to the widespread airplay of a single track from their debut EP. If you keep an eye on this kind of data, you can figure out when concert interest is going to spike, so you can buy tickets early and resell them when demand goes up closer to the event.
Successfully integrating Spotify’s data will help you manage your inventory and maximize your earnings by improving your ability to find high-demand tickets.