Its users download the Shazam app onto their smartphone, point it in the direction of a playing song and the app identifies it within seconds. Around 15 million songs are identified in this way, daily.
Those tune requests are sent by around 100 million active monthly users, an amount growing quarter by quarter.
All those users, and all those requests, mean that Shazam has access to, and is processing, data which many companies are now seeing serious value in. However, as the amount of information grows, so is the realisation that there is a utilization gap: how do you improve data intelligence?
“That’s definitely the case [that there is a data knowledge gap] and for years we have been talking about data warehousing, or capturing that data, but turning information into data intelligence is a new journey for many companies…”
Shazam’s chairman Andrew Fisher notes that these first steps mean companies have to navigate the choppy waters around customer retention and experience.
“The world is changing dramatically and the challenge now will surround knowledge and engagement, and improving customer experiences without disenfranchising [customers].”
The defining characteristic of these conversations is that information is key.
Where there are users sending out information to social media profiles and various platforms, so there are brands and groups actively looking to receive information, eventually using data intelligence and predictive analysis to forecast upcoming trends.
It’s just another way companies are attempting to further their relationship with their customers, according to Fisher.
“…everything they do will have to be add value or be accretive to the relationship with their customers, which, although hard to achieve at scale, is possible if companies really think about why customers engage, why they trust and how can we build upon that without abusing that trust.”