According to technical, the global entertainment and media sector is expected to grow by 4.4 percent compound annual growth until 2023. This will bring it to just below technical. The technical will drive this growth by diversifying its offerings, utilizing big data analytics platforms and increasing demand for new content.
The entertainment technical has been evolving at a rapid pace. These disruptive technologies, such as smartphones and digital media, allow consumers to access a whole new world of entertainment. The technology is changing the way entertainment is experienced. Data can be used by content creators to develop new methods and opportunities for creating better quality material and new material.
There are some notable beneficiaries within the entertainment sector when it comes to leveraging platforms for big data analytics. This results in increased profitability and better connections between producers and consumers. No longer is it enough to publish a newspaper every day or broadcast a TV programmer. Operators of today must strive to maximize the value of their assets throughout the entire data lifecycle.
Predicting customer preferences and needs
Deloitte says that the way people consume media has dramatically changed over the last decade. This has created both challenges and opportunities in the technical. Today, millennials spend more time streaming video content on the internet than they do watching television. More than 20% of them watch videos on their smartphones. Around 60% of consumers subscribe to streaming services such as Hulu and Netflix.
Media and entertainment companies want to change media platforms in light of the millions of digital users around the world. They want to offer more tailored content to their audience. They are therefore in a unique situation to use their big data analytics platform to increase customer engagement and profitability.
Data insights can be used to predict demand for certain genres of shows, movies, music and weekly shows based on age groups, as well as what each viewer may be interested in, based upon their prior interests.
Big data analytics can help you generate more revenue
Media and entertainment companies can also generate more revenue by using big data. Data can be used to generate more revenue by suggesting ways to encourage consumer behavior, revealing true market value of content, feeding new content creation and providing additional data for targeted marketing. The entertainment technical is a goldmine for targeted ads. Big data analytics is being used by channels to determine when and how to send ads to their consumers, along with additional information of value to them (to boost their bottom line). Knowing what their target demographic wants allows them to create sales strategies that are more effective and generate higher revenue.
Analyze factors that lead to churn and optimize media streams
Companies can use insights from big data analytics to understand when their customers are likely to consume content, and on what device. This information can be analysed down to the ZIP code level with big data because of its scalability.
The ability of big data technology to ingest and store different data sources, as well as process them in real time is an asset for companies that are willing to invest.
Entertainment companies can use big data to develop strategies that will attract and retain customers by understanding why people subscribe and unsubscribe. Unstructured data sources, such as email, social media sentiment and call detail records reveal factors that are often overlooked.
Big Data Analytics is the New Star in Hollywood
Media and entertainment companies are able to collect a staggering amount of data. However, what they do with that data is really important. Thanks to big data analytics platforms, the entertainment technical is rapidly transitioning towards a more personalized experience for consumers. The marketing and distribution industries are changing rapidly to provide a better experience for both content creators and consumers.