Big Data Trends: Driving the Future of Media and Entertainment Industry
With the media and entertainment industry evolving at an unprecedented rate, there are twin needs that are driving the industry today. These twin needs are to reduce operating costs and generate more revenue from increasingly competitive, diverse and uncertain markets. Today smartphones and digital media have become a major source of entertainment for the population [...]
With the media and entertainment industry evolving at an unprecedented rate, there are twin needs that are driving the industry today. These twin needs are to reduce operating costs and generate more revenue from increasingly competitive, diverse and uncertain markets. Today smartphones and digital media have become a major source of entertainment for the population around the globe. As a result, media distributors and broadcasters are embracing big data analytics to establish a connection with their customers. Big data in media and entertainment industry is not only helping businesses to gain hidden insights into customer behavior but is also facilitating the delivery of personalized content. Additionally, big data in the media industry is helping to drive digital transformation and exploit not only available data but also new sources of data from both inside and outside the organization. Therefore, for companies in the media and entertainment industry, big data holds the key to drive profitability. In this article, our experts from the media and entertainment industry have discussed in detail about how big data is changing the media and entertainment landscape.
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How Big Data is Changing the Media and Entertainment Landscape
Predicts audience interests
Traditionally media content was developed only in limited forms. But today they have got replaced by myriad media services like live streaming, pay per view, and much more. In the process of content delivery across these forms, media distributors also collect a vast amount of user data. Big data in the media and entertainment landscape can offer an in-depth understanding of the behavior and preferences of consumers. For example, big data analytics has helped a major media channel to unearth several interesting statistics about its users including insights on the kind of videos viewers watch and the device they use for video streaming. Big data in media and entertainment industry can be leveraged to understand audience behavior and syndicate content that is closely aligned to their viewer preferences.
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Provides insights into customer churn
The most critical challenge for media and entertainment companies today is to devise strategies to deal with the risk of customer churn. Big data in media and entertainment industry has helped in combining and making sense of all the user data from multiple sources, including social media. With the advent of Big Data in media and entertainment landscape, it is now possible to uncover reasons that drive customers to subscribe and unsubscribe any particular channel or platform. Actionable insights into responses towards pricing and subscription models can also be drawn with big data in media and entertainment industry. By leveraging big data in media and entertainment, content pricing, media content and even delivery modes can be tailor-made to reduced customer churn.
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Optimizes scheduling of media streams
The increasing growth of digital media distribution platforms has literally reduced the barrier that existed between end-users and distributors. With big data in media and entertainment reaching the end-users directly without any intermediary has become feasible. Moreover, big data analytics has helped media companies to connect with the audience directly through scheduled media streaming and maximize profits. Additionally, big data in media and entertainment industry has helped in identifying the exact content which customers would want to engage with on a scheduled basis.
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