On the origin of Beatchain, Mendoza said, “It started when I met Steve Jones, a successful musician with a marketing background, who believed data could help artists build fan bases and sell out shows even without a record label or promoter. With my analytics background, I knew together we could create a platform that would disrupt the music industry.”
He continued, “We put together a team of behavioral economists, PhD data scientists, AI and machine learning experts and senior music industry professionals and created technology that allows users to discover emerging artists, build up their fan bases across social media, improve fan engagement, identify the most engaged fans, and promote only to those most likely to respond. The platform offers a version for artists and a B2B version for major and independent record labels, artist managers, and promoters.”
His experience with major global tech enterprises has helped him in his new role as founder of Beatchain. “It has helped me understand the importance of finding ways to turn data into actionable insights. We live in a world of data, but the key is not only accessing it, but it’s interpreting and using it to help achieve our goals,” he said.
Mendoza continued, “In the music industry, huge quantities of data are created every day from online purchases to streams to social media. By bringing all these data points together and using the latest in artificial intelligence, automation, and dynamic data science techniques, we are able to help musicians and industry pros drive informed decisions in multiple areas of their artistry.”
When asked what makes Beatchain unique, he responded, “The key differentiator for the Beatchain platform is automated fan growth. Artists can manage their entire digital footprint on a single robust platform. With Beatchain’s fan builder tool, artists can seamlessly identify who likes them, discover where those fans are, and where to find more of them.”
The founder elaborated, “This is made possible with self-optimizing ad campaigns, which means if an artist is running multiple ads in several different markets, but finds that two markets aren’t as receptive as the others, Beatchain automatically pauses those ads and optimizes the ads running in higher performing markets. Now the artist has a better idea of where fans are engaged, and ultimately the artist might decide where to market a new album or where to schedule shows. Better yet, artists and their teams won’t have to see ad dollars go to waste.”
Digital transformation of the music industry
On the impact of technology on the music and entertainment business, he said, “We are definitely seeing trends as technology evolves into a digital world. Artists have more control over their own destinies than ever before. Therefore the role of music promoters will significantly change into a more logistical and scientific process.”
He continued, “If artists know the location of their fans, how engaged they are, and have the ability to reach them, the promoters will need to capitalize on this data rather than spend time trying to discover the unknown. That’s what Beatchain is helping to accomplish. We also see shifts in traditional music advertising.”
Mendoza noted that “Shiny music videos are no longer as impactful in building up emerging artists.” “Low budget content, like behind-the-scenes photos and videos that artists post on their own channels, are proving to be much more effective when it comes to engaging fans,” he said.
He shared that streaming and subscription-based libraries have changed artist discovery as well. “Today, listeners want more personalized experiences. They are choosing what they want to hear, or they’re streaming stations that are algorithmically designed to play songs that the will enjoy. With all of this considered, now is a pivotal time for artists and music pros to make the most of their data and deliver the best experiences possible to the right audience,” he said.
On his use of technology in his daily routine as the founder of Beatchain, he said, “One of the things I use technology most for is measurement. I’m always reviewing efforts and results to make sure I’m heading in the right direction and to make the necessary adjustments.”
Mendoza continued, “I am in the business of analyzing data to look for indicators and trends and also apply this to my routine. I use CRM tools, some databases we have built internally and other analysis tools. I also need to be in touch with everyone in the Beatchain team, so community collaboration tools like Slack are indispensable to me and of course, I need to be connected to the outside world via business and social media channels.”
For aspiring entrepreneurs, he said, “Surround yourselves with people cleverer than you and praise them regularly as they make you more successful. Build teams with leaders that like to freely share their knowledge. Avoid relying on super talented individuals that feel their skill is ‘just their IP’ and therefore don’t want to share it, because they become a single point of failure and what you need more than anything else is scalability. Believe in what you do. You never give up – you just keep failing until you don’t.”
He concluded, “Beatchain is certainly going to disrupt the music industry from the artist’s viewpoint, but we also have new tools for the rather old-fashioned music industry, based on real data science, not gut feel, designed to bring a fresh view to traditional music company decision makers. Which is why we have two websites, one for our artists’ platform, and one for our B2B version for major and independent record labels, artist managers, and promoters, which may be seen by clicking here.”
To learn more about Beatchain, check out its official website.
