Top 3 Ways Advanced Analytics Can Transform Media and Entertainment Industry
Art and science are often seen as two different entities, especially with art exploring what gives it meaning and science focused on explaining how the world works. But today, the trend in the media and entertainment industry to link the two and get better returns by using technologies like advanced analytics, the Internet of Things […]
Art and science are often seen as two different entities, especially with art exploring what gives it meaning and science focused on explaining how the world works. But today, the trend in the media and entertainment industry to link the two and get better returns by using technologies like advanced analytics, the Internet of Things (IoT), artificial intelligence (AI), and machine learning is growing. In this competitive era, companies in the media and entertainment industry are also facing the heat of increasingly competitive and uncertain markets. The growing focus on data-driven marketing and digitization has induced a revolution in the media and entertainment industry on how it uses advanced analytics. The future of the media and entertainment industry is dependent on the fusion of both digital and analytical solutions. Now, enterprises are eager to transform media platforms in order to provide more personalized content to its audiences. In this article, we have offered a detailed insight into how advanced analytics can revolutionize the media and entertainment industry and how it can be a palpable game-changer in the current circumstances and dynamics of the quickly changing world of media.
Advanced Analytics Transforming Media and Entertainment Industry
#1. By targeting ad better
Today, advertising undoubtedly plays one of the crucial roles in the media and entertainment industry and with the use of data like complete customer views and advanced segmentation, hyper-targeted ads are becoming the future. So harnessing the power of advanced analytics becomes very important as it leads to easy and fast targeting. It also helps in making a path for the ads to reach the right set of the people and clicking on them, which, in turn, leads to more return on investment (ROI).
#2. By optimizing media scheduling
Advanced analytics is all about taking data from many diverse sources to devise accurate predictions about the actions of users in the media and entertainment industry. To optimize media scheduling, even unexpected external data sources can be useful. Such scheduling can also help in deriving detailed predictions of who will be more likely to watch what, and this can help in fetching maximum views.
#3. By finding new sources of revenue
For enterprises in the media and entertainment industry, it can be difficult to understand how advanced analytics can help find new sources of revenue, but we have one good example, The Weather Channel, who were able to create a proprietary ad targeting platform (WEATHERfx) by realizing the potential of their data. In today’s competitive market, being able to determine innovative and additional sources of revenue aside from traditional partnerships and advertising is a hugely valuable asset.
Do you want to know more about the best companies in the media and entertainment industry are embracing advanced analytics to get ahead of the competition?