Media companies, in many respects, are early adopters of big data technologies as it enables them to drive digital transformation better.
FREMONT, CA: With the influx in digitalization media and entertainment industry is efficiently handling enormous amounts of data like never before. All the leading players in the industry that have foresight are already incorporated data in their business plans as a key to all future possibilities. Below are the most popular big data application in the media and entertainment industry.
• Foreseeing Audience Interests
The influx of customer-centric media services has transformed the face of the entertainment industry by providing pay per view, subscription-based viewing, and live streaming. Utilizing content from these various platforms, a large amount of user data is collected which includes preferences that play a crucial role in providing an in-depth understanding of the genres of content and which kind of user would prefer a particular type.
• On-Demand and Scheduled Viewing
Big data gives more power to the customer by reducing the complexities of on-demand and scheduled viewing. Analytics can be used to derive optimum predictions about users’ actions from various sources which can be utilized in identifying the right type of content for a particular user.
• Additional Source of Revenue
Big data can help media and entertainment companies generate other sources of revenues by suggesting ways to incentivize consumer behavior, revealing the actual market value for content, or identifying a new product or service opportunity.
• Ad Targeting
Advertising using Ads on social media can be done accurately with the help of big data. Data has made it possible to understand the exact choices of viewers, and it becomes easier for organizations to suggest personalized to different users. This high efficiency in ad targeting translates to an increase in conversion rates.
Data analytics is quickly turning into a competitive edge for media and entertainment industry winners. Media and entertainment companies must respond to this advent of advanced analytics by adopting a pragmatic approach, that will enable them to reap maximum value from their data.