It’s prediction market news week here on Music Ally, apparently – to catch up, try listening to The Price of Music from a couple of days ago – and in that episode, we wondered how the music business might best engage with prediction markets – which, remember, is a market that’s worth over half-billion dollars already this year.
Here’s an example of how: B2B music cloud platform Tuned Global has signed a deal to provide the licensed music layer for a new music prediction market by FanLabel. FanLabel has run a fantasy sports-like game for a while and now also has a music predictions market game called SongPicks.
It’s a “paid-entry, skill-based music contest app” which allows fans to compete for cash prizes by taking part in skill-based contests where they rank songs, predict performance, and compete on leaderboards. Tuned Global’s licensing and metadata allows the platform to offer predictions and benchmark the choices of users against real world data.
Tuned Global founder Con Raso is happy that music data can be used in new ways, calling it “a great example of how music technology can power a new category of interactive fan experience.”
If you’re still not sure whether people are interested in staking money on outcomes of music data, please know that over $1.5m is riding on the question “Who will have a #1 song on Spotify USA in June?” right now on Kalshi.
