Typically, the media and entertainment industry consists of film, radio, print, and television. These segments include movies, radio shows, news, TV shows, music, newspapers, books, and magazines.
Over the past few years, the global media and entertainment industry has undergone a digital revolution. Mergers and acquisitions have been the key factors for the growth of the media and entertainment industry, and the amalgamation of the industry has led to the globalization of media conglomerates. Additionally, firms have started facing pressures when it comes to improving their process efficiency owing to the ever-increasing customer expectations and relentless pricing pressure. As a result, leading media and entertainment industry players are looking to promote and offer their product and service offerings on the global marketplace.
However, several other factors are influencing the growth of the media and entertainment industry. These factors include:
- Staying Relevant in a New Digital Landscape: Players within the media and entertainment industry must increase their focus on shifting to a more of an audience-based approach driven by data inputs to stay relevant in today’s competitive landscape. Additionally, big data, storage, and the ability to deliver real-time communications or offers are expected to evolve the relationship between consumer and marketer.
- Mobile Compatibility: Today, due to the rise in mobile technology, media portals need to have a strong mobile presence to keep pace with the changing lifestyle. As a result, developing a responsive web design is crucial for companies.
These factors are compelling firms across the media and entertainment industry to leverage the use of big data analytics. Big data analytics solutions help companies gain actionable insights into ways of improving overall customer experience. These solutions also assist companies to increase the use of sophisticated analytics software to boost sales.
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A global media and entertainment industry major with business operations spread across the globe.
The Business Challenge
Video-on-demand is ruling the media and entertainment industry. This is prompting distributors to come up with different ways to bundle and circulate content, create new revenue models, and open all kinds of opportunities to push the envelope on content creation.
The client wanted to gain actionable insights into the metrics to improve customer loyalty and satisfaction and reduce churn rates although they had flourished through aggressive pricing and promotion and customer acquisitions. Additionally, they wanted to increase their focus on building stronger bonds with their most profitable customers.
The Solution and the Business Impact
Strategies that we recommended based on our analysis to help the client become more data-driven in their decision-making process.
Quantzig’s big data analytics solutions helped the media and entertainment industry client analyze their customers, needs, and study the buying behavior patterns. This, in turn, helped the client offer personalized product and service offerings to their customers and efficiently calculate risks. These solutions also assisted the client in anticipating the future behavior of the customers and segment them accordingly in order of their importance. Furthermore, the client was also able to efficiently calculate risks, improve customer engagements, and establish long-term relationships.
Speak with our analytics experts to know how you can leverage big data analytics to empower your organization with deeper insights that enhance data-driven decisions.
Big Data Analytics Predictive Insights
Media and entertainment industry players can make use of big data analytics to make adjustments to premium rates, premium strategies, and underwriting limits. Leading companies can also leverage data to enhance customer experience, innovative products, and devise robust risk management strategies consequently helping them in making strategic and informed business decisions.