Why Media and Entertainment Industry Needs Audience Analysis to Create Content that People Love?
As the world of marketing is moving towards customization and personalization, so is the media and entertainment industry. This industry is discarding the traditional method of creating content for the masses. The advent of network TV, DTH, and online streaming has revolutionized the media and entertainment industry as the content creators can figure out how […]READ MORE >>
As the world of marketing is moving towards customization and personalization, so is the media and entertainment industry. This industry is discarding the traditional method of creating content for the masses. The advent of network TV, DTH, and online streaming has revolutionized the media and entertainment industry as the content creators can figure out how many people and what kind of people are watching their content. Audience analytics is the prime reason why companies are eager to shift their media delivery platforms to gain audience insights and provide personalized content.
Importance of audience analytics in media and entertainment industry to gain audience insights
Understand Content Performance
Companies are using audience analytics to evaluate their content performance and create content that will be loved by the audience – and there is no better example of companies using audience insights than Netflix. Netflix performed audience analysis by processing massive data sets to determine whether their audience preferred the work of the director David Fincher. Additionally, it was also evident that movies featuring Kevin Spacey had always done well along with the British version of ‘House of Cards.’ Combining these three data sets, Netflix came up with the American version of ‘House of Cards’ directed by David Fincher, starring Kevin Spacey, which is already the most streamed content in the US and 40 other countries.
The companies in the media and entertainment industry can identify consumption patterns of the audience to gain valuable audience insight regarding viewership, preferences, social media platforms used, and watching habits. Extensive knowledge on which audience is watching the content in what device along with the factors that motivate them to click or watch can prove to be valuable in marketing and programming strategies. Consequently, such data can be used to enhance and personalize their experience.
Advertising and Marketing Efficiency
The revenue model of the media and entertainment industry is largely dependent on highly targeted ads. The further the customer moves along the sales funnel, the higher the revenues from advertisements. Audience insights help companies to pinpoint customer preferences on what content people prefer during specific a time and duration. Such data dramatically improves the efficiency of advertising and marketing programs, resulting in higher conversion rates.
To know more about audience insights and audience analytics in the media and entertainment industry along with targeted advertisement, content personalization, and big data analytics:
- Big Data Analytics Accelerates Growth in the Healthcare Industry
- Top Challenges for the Healthcare Industry In 2018
- Top Five Uses of Data Analytics in Hospitals