The Media and Entertainment industry thrives on the profits produced through end-users, or more specifically, customers. With growing digitization and data-focused activities alongside an increasing number of smartphone users, media houses are advancing eagerly towards Big Data technology.
Why you may ask? This platform is a ladder for the industry to be one step closer to its customers. Undoubtedly, Big data is here to stay, and no entertainment or media company can afford to ignore it. Before going into depths, let’s first understand what is Big Data?
What is Big Data
The term “BIG DATA” came into existence in 2005 introduced by Roger Mougalas, but its applications have been practiced for a long time. This platform is a pool of huge data sets (unstructured, semi-structured and structured data) that are stored, analyzed and accordingly extracted for valuable information using specialized technology and analytical methods. It offers businesses a huge potential to improve their operations, make better faster decisions and accomplish business-oriented goals in time. All in all, it’s a trend that is revolutionizing how companies in different domains manage data for achieving their targets.
Not constricted to a specific domain, this technology is spanning across all the major domains such as finance, marketing, banking, stocks, agriculture, cloud computing, data mining, healthcare, media, etc.
BIG DATA is Too Big to Ignore
With every click and post tweeted, internet users get more comfortable in sharing their personal lives. Advances in the form of smartphones and computers make it easy for them to express their interests and views.
Different products and devices today are equipped with GPS technology to gather data automatically, and everyday transactions are being recorded. The amount of data and information available to any media associated business is enormous, and effective management and analytics can add real value to it.
Today, media companies are exploiting not only available data, but are also gathering it from newer sources, both inside and outside the organization. When used rightly, Big data in media and entertainment industry can be an invaluable asset to business growth.
Big Data in Media and Entertainment Industry
As organizations kick off their journey towards digital transformation, they have realized the importance of Big Data and how it can play a crucial role in their success. Here are 7 ways how this technology is transforming the media industry:
1. Improved Business Decision Making –
Big Data empowers media businesses to analyze relevant information to make critical business decisions.
Instead of traditional media environments, businesses today integrates the efficacious assets of Big Data with traditional practices to provide more individualized content to their users for productive engagements and experiences.
The real-time analysis combined with high-performance data mining, predictive analysis, forecasting, and optimization helps media businesses to reap wide-ranging benefits and attain a competitive edge in today’s modern digitized landscape.
2. Assembles Customer bits of Information–
With media methods such as on-demand, live streaming, subscription-based viewing apps, it has become quite hassle-free for media companies to gather customers’ insights.
Viewing history, reviews, searches, ratings, etc are some of the ways that Big Data analytics help this industry to predict and explore audiences’ interests. This ultimately helps them to syndicate content that closely matches viewers’ preference for better user experience.
3. Reduces Customer Churn –
With Big Data in the market, it is now possible for media companies to tackle customer churn by combining and making sense of all user data gathered through cross-platform campaigns.
It enables them to track down viewers preferences, their dislikes, why they cancel a subscription-based mailing list, unsubscribe an app, etc. This way they tap into the sources to reduce customer churn and increase the number of the potential audiences.
4. Boosts Customer Retention –
Reducing customer churn means engaging viewers with content that they find interesting and may like to watch substantially. These data gathered through their usage patterns help media houses to create attractive pricing and subscription model to retain customers for long profitable terms.
5. Scheduling of Optimized Data –
Big data enabled customer behavior analytics has today allowed companies to master business models like on-demand and scheduled viewing. With customers insights, this technology offers companies the opportunity to develop a better-optimized experience for their viewers.
Moreover, when it is likely viewers will view a content, on what device, etc are some primary factors that help media companies to make accurate predictions about the better scheduling of the right optimized content.
6. Content Monetization –
Big data can help businesses recognize trends and forecast future events based on the data collected. With insights such as what content, features or products a customer would likely want, media companies can generate new avenues for monetization.
Furthermore, it can help a business observe and understand user behaviors during a specific set of conditions for better revenue generation. This way, media companies can direct their attention to the right content based on each user’s preference.
7. Increased Conversions through Ads Targeting –
Programmatic advertising is no longer done in a random manner as Big Data has taken the guesswork out of the picture.
Media companies now know the exact consumption preferences of users across various platforms. This better understanding of what possible ads a specific user(s) will prospectively view, improves the accuracy of ads targeting. This subsequently leads to increased efficiency and higher conversion rates.
From the above-mentioned points, one can understand the benefits of Big data in media and entertainment industry.
Concluding The Thoughts…
It is evident that there is a massive potential of Big Data applications in the media sector in 2019.
Since this sector is totally customer-oriented, Big Data is the best platform for them to boosts their growth, productivity and performance.
This remarkable technology can be a game-changer in the truer sense if properly explored and managed.
Clavis Technologies holds expertise in Big Data Analytics and provides business intelligence consulting services. We help different companies and enterprises reap real benefits of this growing technology, improve customer engagements, create better products and enhance business intelligence insights using BIG DATA.