Twitter Music = New business from Twitter's infrastructure and CRM strategy?
Twitter has just launched Twitter Music today. It is available in US, Canada, the UK, Ireland, Australia and New Zealand on iOS app. It will soon be available on Android and on Web (http://music.twitter.com).
- users are constantly searching for new music all the time so they like to receive broadcasted announcement and Twitter is a broadcasting system.
- yet users are picky about what they like to listen so they like to tune in to specific channel or screen and pick the right music - Twitter can certain build specific channels different kinds of music.
- users are interested to follow the trend so they needs lots of market consumption info and follow the trend - Twitter can track search, download and playing behavior.
- music can be delivered electronically so there is much lesser issue about logistic either on the selling side or supplies side.
And I bet that #music is probably one of the most tweeted and retweeted matter on Twitter. Those guys in Twitter must know this.
While you may not own a big communication channel like Twitter to start their music business, you still need to ensure that you have excellent communication channel with your customers so you can get insight from them so you can source the right new products to them! If there is one long term investment you need to invest in your business, it's building a good communication channel (good meaning that you can learn something from your customers feedback and usage behavior) and seriously learn your customers' behavior. With today's social media technology, you can so so easily and cost effectively.