Big Data in Media and Entertainment – The New Hero in Industry
The media and entertainment industry is all about art and employing Big Data in it, is a fine art. Science and Art are two opposite spheres of the world. But as it is proved in science that opposite attracts, the same is the case for both these fields as well. Big Data and Art together are proving that they complement each other quite well. The media and entertainment industry has seen a huge transformation through its linking with Big Data analytics.
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Big Data in Media and Entertainment Industry
Recalling the days when we had to stick to one position to have access to our favorite shows, movies or music. We were just limited to only a few forms of media access. Today, we can have access to our favorite shows and movies anytime, anywhere with the advancements of services by using Big Data analytics like live streaming, pay per view and much more. We now have access to everything at our fingertips and Big Data has been the backbone of this amazing transformation.
Let’s discuss the applications of Big Data in Media and Entertainment industry
These are the applications of Big Data in Media and Entertainment industry:
- Taking care of customers
- See-through the customer’s eyes – optimize
- Making people mad with ad
- Content is the king
Have a look at the detail explanation of these applications
1. Taking Care of Customers
For a media and entertainment company, nobody is more important for them than its users and keeping its users happy is their toughest task. Companies need to ensure that they fulfill each of their customer’s wishes. To attain the same, they must be aware of what their customers need.
And to ensure stress-free access to their content, media and entertainment companies collect a huge amount of user data to gain insights about their users’ choices and interests. The best part is the use of recommendation systems that is a result of Big Data analytics. They are used to recommend users shows or movies according to their preferences.
Find out how Netflix used Data Science to improve its recommendation system
Additionally, companies can even gain in-depth details about the other important things such as viewing history, ratings, reviews, data from social media, etc. This is empowering them to closely evaluate every customer’s demands. Once they are aware of their customer’s preferences they can efficiently predict what service they need to provide in the near future.
2. See-through the Customer’s Eyes – Optimize
Since the advent of Big Data in media and entertainment industry, it has eradicated all the barriers between the users and the distributors. Big Data analytics is helping companies to connect with their customers in a much better way than they ever did.
Through analyzing the various parameters of its customer’s data such as the most viewed content, the average time a user spends streaming their content, and the device used by the viewer’s, companies are now able to provide its customers with a more personalized experience. And this is a fruitful source of building a loyal customer base. Additionally, this helps them in maximizing their revenues as well. The other services such as on-demand and scheduled viewing are made possible only after the advent of Big Data analytics.
Explore how Big Data is helping Flipkart to increase its customer base.
3. Making People Mad with Ad
Here is the third application of Big Data in Media and Entertainment industry – Making people mad with an ad. Let’s start
“Running a Media and Entertainment Company without Advertising is like winking at a person in the dark. You know what you are doing, but nobody else does.”
Advertising to media and entertainment companies is what food is to soul. These companies literally cannot think of surviving without advertising. A media company’s success heavily depends on their advertising strategies. The better is their advertising policy the more it attracts new customers. Previously these ads were made randomly in a hope that customers will like.
But now Big Data analysis helps companies to develop more personalized ads and provides insights about the best time to stream those ads to seek the attention of the maximum number of customers. Advertising on different platforms such as social media can be carried out more effectively. As Big Data has made it possible for the media houses to understand their customer’s exact preferences its quite easy for them to engross the customers.
4. Content is the King
Big Data is providing more and more earning hands to the media and entertainment companies. It is continuously generating new revenue sources for them. With Big Data helping them in understanding what all their customers require, the product updates have become more and more cost-effective. It is the power of Big Data that the companies are furnished with such amazing insights. It brings them a lot of advantages such as an increase in revenues, brand loyalty and ultimately gaining a competitive edge over others.
“Content is the King, but Engagement is Queen and Big Data is Ruling the House.”
Big Data Case Study – The Weather Channel
Here’s a real-life example of Big Data’s endeavors in the media and entertainment industry
The Weather Channel (TWC), an American paid television channel co-owned by IBM. IBM, one of the pioneers in the Big Data world, empowers TWC with Big Data analysis to understand customers’ behavior in a specific weather condition. Once they were able to gain these insights, they developed a marketplace named WetherFX which emerged as a platform for sellers to advertise their products that has a higher priority of selling in that particular weather condition. This was a huge success for TWC as presently around 50% of its advertising revenues are generated with the help of Big Data analytics.
Look into more interesting Big Data Case Studies by DataFlair
Big Data is now the real hero for the media and entertainment industry. It has now all the limelight of the industry. It plays a major role in the advancements taking place in the industry, though from behind the curtains. For the media and entertainment industry, their customers are the real kings and Big Data is helping them to treat their customers like a one. The industry is now able to understand their customers in a much better way and is now acting accordingly. Big Data is the perfect director for the media and entertainment industry.
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