How Advanced Analytics extends the paradigms of Media and Entertainment
For the modern customer, entertainment means to relax at home watching a movie, staying with their family, play some sports, or visit the nearest mall. However, the majority of users enjoy their weekends and vacations by watching media and entertainment. On the same grounds, Netflix has made a big bet, and invests billions of dollars every year to create original production shows and has been running the campaign of ‘Netflix and Chill’ to capture the customer’s mind. Even when you are with your friends sharing and spending time together, you can always Netflix and Chill that is where the original tagline originated from.
Media streaming companies have become omnipresent and have made their services available on various devices, browsers and platforms. From computers, laptops, consoles, smartphones, smartwatches, computer systems and even refrigerators now are equipped with screens on which people can stream a range of services.
Analytics in Media and Entertainment
Through embedding Advanced Analytics in media and entertainment products, companies can understand user behaviour, and improve current systems to leverage on the current trends. By Advanced analytics, organisations can create personalized recommendations for viewers, which leads to more watch time and enhance the average revenue per user.
Audience Analytics
Audience Analytics caters to social listening, social media analytics and reactions on various online forums and communities like Facebook, Reddit, Twitter, Tumblr and more. Users generally show a range of sentiments and feelings on their social media channels, express emotions regarding the content, and communicate with other users with the same like-mindedness. This provides a range of touchpoints and analytics which companies can track and monitor for growth.
Predictive Analytics To Foresee Audience Interests
The last century was dominated by the television network, which is Above the Line (ATL) media and entertainment. The TV is equipped with a remote and has a range of channels which consumers can subscribe to and watch over the satellite. The experience was not customer-centric, and private entertainment houses used to create shows for different audience segments. The introduction of the internet and the influx of smartphones and desktops all around the globe has led to the death of TV. Media and entertainment experiences are pivoting towards subscription-based viewing, which includes live streaming, monthly subscription and is transforming the entire industry by leaps and bounds.
The new generation media tools enable organisations to monitor extensive user data and apply Big Data and Advanced Analytics to achieve an in-depth understanding of the behaviour, genres preferences, and content utilization in various geographical locations. For example, YouTube, owned by Google, claims that the majority of the viewers of their platform range from the age 18 to 34. Youtube has seen various patterns of content consumed by this audience and has iterated its UX and content guidelines according to this audience persona.
Informed Decision-Making
Big data enables companies to understand user behaviour and are making informed decisions in operations and content strategy. Users subscribe, unsubscribe, follow, unfollow, login, post, edit content regularly and create various data touchpoints. Users interact with friends, family, acquaintances, brands, influencers on the digital words and leave traces of user’s tastes and preferences. Moreover, by applying Advanced Analytics on these social media patterns can help companies to generate better pricing models and delivery modes of content.
Strategy Optimization
Big data has provided a win-win situation for the customer and media & entertainment companies. Technology has empowered us to understand the peak hours and seasons to help companies to optimize the storage and bandwidth accordingly. By applying Advanced Analytics, accurate predictions can be derived from users behaviour and can be beneficial to identify the right strategy.
Improvised Ad Targeting
Various entertainment companies are opting for the advertisement-led business model in which advertisers and companies can target posts according to the user’s interests, influence, engagement and various other metrics. With the help of Big data, advertising platforms can target efficiently to a broad audience and make sure to achieve high rates of engagement, better ROI and enhanced accuracy, leading to increased conversion rates.
Way Forward
With the evolving landscape of technology and advanced Analytics becoming an integral part of modern enterprises, media and entertainment companies are set to make lots of money with the power of data. From moviemakers to production houses, companies looking to enter into media and entertainment are at the forefront of a revolution. Digital platforms are enabling organizations to track audience sentiment and understand various tastes, behaviour and preferences of the global audience. The industry is highly customer-driven, and customer preferences and personalisation will lead to brand loyalty, increased revenue and will help to carve out the company’s overall success.
