MUMBAI: Pandora, the American internet radio, announced on Tuesday, 19 May that it has agreed to acquire the online music analytics company- Next Big Sound, for an undisclosed sum. Through this acquisition, Pandora will gain access to a powerful analytics tool used by many music makers, labels and marketers, who are looking for data and insights about artists and their fans.

Brands that advertise with Pandora will also benefit through the acquisition by gaining access to these insights. This will help them identify artists to partner with, and measure the reach and impact they achieve through those partnerships.

Additionally, the New York-based analytics company will expand the various data-driven products Pandora offers music makers. The prime content of these products includes Pandora’s Artist Marketing Platform (AMP) that offers both Artist Insights as well as Artist Audio Messaging.

Pandora’s data on music preferences, patterns and trends will enhance Next Big Sound’s offering because data from the music service reflects insights from nearly 80 million monthly active users.

Speaking on the acquisition, Pandora CEO Brian McAndrews said, “The combination of Pandora’s listening data and Next Big Sound’s analytical capabilities will create a vital source of data. Next Big Sound shares our passion for music and respect for those who make it. I am incredibly excited to unleash the combined potential of our two companies and have the Next Big Sound team join us.”

Adding on that, Next Big Sound CEO Alex White said, “We are thrilled to be joining Pandora. In them, we have found a great partner who, like us, believes data has the power to transform the music industry.”

It also has been stated that the music industry counts on Next Big Sound, launched in 2009, for more than just its artist and consumer data. Next Big Sound quantifies the relationship between social media and revenue, while also deploying prediction algorithms to help identify high-potential artists at the earliest possible stage. The industry is also said to use the music analytical company to understand the impact of marketing and promotional events such as TV appearances, press interviews, and new releases. It also helps driving marketing decisions for artists, managers, agents, publishers, promoters, labels and brands across the global music industry.