The media and entertainment industry is driven by the fundamental need of reducing the operating cost and to simultaneously generate more revenue from the existing competitive market. With the growing competition and introduction of advanced technologies, media companies are now connected to their customers and competitors more than ever before. Big data analytics will further help the media and entertainment companies to utilize useful customer information to deliver personalized content to customers and get an edge over their competitors in the market.
How are Media and Entertainment Companies Leveraging Big Data Analytics to Break Down Complex Customer Data?
Media and entertainment companies have a massive database related to various customer attributes, and big data analytics helps them categorize these data into meaningful categories and assists in multiple decision-making processes.
Forecast Audience Interest
Today media content is served in various forms such as live streaming, on-demand, pay per view, etc. to name a few. Big data analytics helps media and entertainment companies to understand the audience’s interests/behavior on each platform and create content accordingly.
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Deeper Understanding on Customer Churn
Until the arrival of big data, it was difficult for media and entertainment companies to understand the behavior of their customers on various social media platforms by giving more in-depth insights into the responses towards pricing and subscriptions.
Scheduling Customized Media Streams
Social media has helped media and entertainment companies to reach out to their customers in a much easier way. Using big data analytics, which helps to identify the exact content that the audience wants to engage with, it has become easier to determine the audience’s preference and schedule media accordingly.
Generate New Revenue Sources
Big data analytics is helping media entertainment companies in content monetization by arming them with new avenues to capitalize on the media interest of customers. Now, it has become easier for media and entertainment companies to zero in on the right content for a selected set of audience.
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Facilitates Ad Targeting
Based on the viewing behavior of the audience, media and entertainment companies can now target an ad at the right set of the audience using the big data available. It also helps advertisers to tweak their ads in real-time to deliver a more personalized and enriched media experience for the audience.