Big data analytics has become an invincible tool to stay competitive in any business. In fact, there is hardly any sector that has been left unaffected by big data. The media industry, known to be hungry for innovative content and technology, has been one of the early adopters of big data analytics. Media companies may have better opportunities than most, as the very act of consuming content provides incredible amounts of data that can inform every aspect of content generation, packaging, and distribution. With smartphones and associated digital media becoming the major source of entertainment, creators and distributors in the media industry must embrace advanced analytics capabilities to strike a chord with the customers. It is crucial for media companies to seize the opportunities this data presents—or watch their pure digital competitors extend their lead in consumer intimacy. Here are some of the key use cases of big data analytics in the media industry and why it should not be ignored:
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Predicting Audience Demand
The entertainment and media industry gathers a large amount of data on an everyday basis. This data collected can be used by companies in the media industry to understand the demand of the genre of shows, music, content for a given age group on different given channels. When customers feel that the companies understand their needs and show them exactly what they want to see, they become more loyal to your brand. There is nothing that is as valuable as creating a loyal customer base.
Customer Acquisition and Retention
With the help of big data analytics, companies in the media industry can decipher exactly what customers subscribe to and what they unsubscribe from. Based on this data, players and media creators can alter their content accordingly to suit the likes and dislikes of viewers. This will also help them in developing the best promotional and product strategies to attract and retain the audience.
Big data analytics provides media companies with a better idea of the digital content and the consumption trends of users across various digital platforms. Companies can leverage the traditional demographic data to personalize advertising for users. By offering micro-segmentation of customers to their advertising networks and exchanges, players in the media industry can also increase digital conversion rates.
Big data analytics provides insights to companies in the media industry about when customers are most likely to view content and what devices will be used for the same. With big data analytics’ scalability, this information can be analyzed at a granular ZIP code level for localized distribution.
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Additional revenue generation is one of the main advantages that big data analytics provides for media and entertainment companies. Media companies can incentivize consumer behavior and reveal the true market value of the generated content using accurate data. If companies find any gap in the existing content and the popular consumer demand, they can use this data in the development of new content.