Twitter has partnered with 300 Entertainment to give the music industry access to its data in a more organized manner, says NY Times.
Twitter has a vast reservoir of information that can benefit the music industry in lots of ways. Finding relevant information in this huge database is like finding a needle in a haystack. In order to make this process simpler, the micro-blogging site has partnered with 300 Entertainment.
300 Entertainment is a new company started by Lyor Cohen, who is regarded as the music industry's biggest power broker. The former Warner Music Group boss explained that the partnership would focus on creating tools designed to find artists early and develop them.
"There was a time not so long ago when we sold music to retailers and they sold to fans, but nobody knew who those fans were," NY Times quoted Cohen as saying on Sunday at Midem, an annual music industry conference in Cannes, France. "I've spent most of my life not knowing who the customer is. Isn't that a shame?"
The latest deal is more of "kind not cash" collaboration. The partnership will give Cohen and his company full access to Twitter's music data including information not available publicly, like the location tags that identify from where a tweet was sent. In return, the company will help Twitter organize data and develop software that could be used by other artists, record labels or consumer brands.
"I certainly believe in streaming as being the future of a very healthy business and I want to be a part of that," Cohen said, according to Music Week. "We're going to see a few bumps, but as subscriptions grow and it gets to mass scale I think it will be a lovely business."
This is not the first big collaboration Twitter announced this month. Only last week, the giant micro-blogging site revealed a partnership with CNN to develop a new tool that will help journalists find breaking news while it is still developing.
