WFIC 2017: Could Spotify Shape Data Consumption?
Panelists say current market data licensing practices are stuck in the past, and should evolve along similar lines to the music industry, which has dealt with similar intellectual property challenges.
Before Spotify took off around five years ago, musicians and record labels who owned the intellectual property were faced with huge challenges, caused by a shift in way people were consuming music. Piracy was rife across the internet, leading to millions of dollars in lost revenues. Streaming sites such as Spotify, which give subscribers unlimited access to a catalogue of music, have reinvented the way we view intellectual property. Panelists on Monday agreed that music streaming platforms have to a degree broken the separation between the record providers and the consumer, giving them the ability to control content, and consume what they want, when they want it. With market data users wanting to consume data in this way, and with providers and aggregators constantly on the lookout for new pricing models, mirroring a model like Spotify could bridge the gap between the two.
One vice president of market data at a buy-side firm described the hope for Spotify-type model as an “I have a dream” topic, but said they hope the industry will be able to create a marketplace where all available data is available and easy to access from one place—or “a world where we don’t have to have individual connections to individual suppliers to access every data-byte that we need.” The marketplace would enable consumers to “access the elements of data that are actually required, and pay for what is used, no more, in an efficient and streamlined way,” the VP said.
A global head of market data at a bank said the “attractive thing about looking at the characteristics of Spotify is the ability for end-consumers to be able to curate what they want, how they want, and when…. It’s not about reducing the value of data to just a commodity; this is more about access. There is a shared responsibility—not only from a provider perspective, but I would hold all the consumers responsible for better articulating what our requirements are… there needs to be a collaborative relationship,” they said.
A head of market data for EMEA at a bank urged data vendors to also think about the positives of this model over the three-day WFIC event. “Data vendors are always concerned about realizing the full value of their data. This approach is not about devaluing data, but about making information easier to get to, and using technology to achieve efficiency,” the bank exec said.
Attendees will be able to contribute their support or thoughts on ‘the dream’ during roundtables on Tuesday. Vendors and exchanges will debate the subject during panels on Wednesday.
Click here to return to our WFIC hub for all the latest stories from the event
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Emerging Technologies
Nasdaq reshuffles tech divisions post-Adenza
Adenza is now fully integrated into the exchange operator’s ecosystem, bringing opportunities for new business and a fresh perspective on how fintech fits into its strategy.
Liquidnet sees electronic future for gray bond trading
TP Icap’s gray market bond trading unit has more than doubled transactions in the first quarter of 2024.
Verafin launches genAI copilot for fincrime investigators
Features include document summarization and improved research tools.
Waters Wrap: Open source and storm clouds on the horizon
Regulators and politicians in America and Europe are increasingly concerned about AI—and, by extension, open-source development. Anthony says there are real reasons for concern.
Waters Wavelength Podcast: Broadridge’s Joseph Lo on GPTs
Joseph Lo, head of enterprise platforms at Broadridge, joins the podcast to discuss AI tools.
Man Group CTO eyes ‘significant impact’ for genAI across the fund
Man Group’s Gary Collier discussed the potential merits of and use cases for generative AI across the business at an event in London hosted by Bloomberg.
BNY Mellon deploys Nvidia DGX SuperPOD, identifies hundreds of AI use cases
BNY Mellon says it is the first bank to deploy Nvidia’s AI datacenter infrastructure, as it joins an increasing number of Wall Street firms that are embracing AI technologies.
This Week: Linedata acquires DreamQuark, Tradeweb, Rimes, Genesis, and more
A summary of some of the latest financial technology news.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Deutsche Börse democratizes data with Marketplace offering
- Waters Wavelength Podcast: Broadridge’s Joseph Lo on GPTs