“Data Analytics” – by now most of us are aware of what it is and what role it is playing in revolutionizing the digital landscape.
Big data has grown too big to be ignored today. Even now as you are reading this article, businesses are discussing how to implement data analytics to harness this big data to improve business value and revenue. Media and Entertainment industry is no exception to this.
Engagement is an actual challenge not only for retail but also for media. Recall those movies, where the trailer was just mind-blowing, but the movie was just a mess? There’s a lot of sweat in creating content that engages, entertains, and educates the audience. After all the toil, if the movie doesn’t reach out or perform well, it is an impasse for the media company. With data analytics, such scenarios can be avoided hereafter.
How Data Analytics is reshaping the media and entertainment landscape
In present times, people have started sharing their views on a show, or movie or content across various social platforms like Facebook, twitter, movie review sites etc. There are dedicated YouTube channels that talk about a movie’s performance making it less hard for the industry to specially organize teams to monitor a show or movie’s performance. As media companies have learned how much they can achieve with data analytics on board, the industry is all eager to experiment with the behemoth data.
Predict audience needs
The media and entertainment industry contributes greatly to the rapid growth of data. Big data analytics can help media companies segment shows or content according to the customer’s age group, channels, and geography to understand the preferences and demands of the audience. This will enable media and entertainment companies to produce appropriate content or show as per costumer’s interest.
Targeted and Personalized Ads
Big data analytics can provide a big picture of a user’s consumption and behavior across various digital media. Using this demographic data, companies can interpret the user’s persona and embark on personalized and targeted ads and marketing campaigns big-time. This will help boost digital conversion rates apart from a clear understanding of digital media.
Technology has made it possible for people to watch their favorite shows from anywhere and anytime. But understanding your customer’s mood – if they are likely to watch a show or content is what, really, matters. Using big data analytics companies can streamline the timing of shows or content at a granular level.
Improve acquisition and retention
Last but not the least, insights from big data analytics will arm media and entertainment companies to build proper product and promotional strategies to attract as well as retain customers. Data analytics plus social media listening can enable glean customer behavior in real-time and identify unnoticed factors that can potentially influence consumer interest.
Below are some well-known media providers who have leveraged analytics in real-time
Remember those notifications about unfinished shows from Netflix?
You actually get those because Netflix keeps a record of your watched shows, and analyzes your preferences based on time and genre. Thus Netflix’s sophisticated algorithm reminds you of an unfinished show or related show that may be interested in.
Warner Bros engaged Accenture’s Datamart team to map customer spend decisions and deployed these insights to improve invoice collection efficiencies and movie marketing campaigns.
On the whole
Data Analytics has certainly marked its value across businesses irrespective of industry. Media and entertainment are just a small piece of the whole pie. Employing big data analytics is definitely an advantage to media companies to reach out to them at the right time and deliver work as per the audience’s need.