Gone are the days when the media and entertainment industry had to read into the TV ratings and blockbuster charts to check their success rate. Competent data analytics capabilities are used to get the best results.
The media and entertainment industry thrives on the profits produced through end-users, or more specifically, customers. With growing digitization and data-focused activities alongside increasing smartphone users, media houses are advancing eagerly towards Big Data technology.
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Why, you may ask? This platform is a ladder for the industry to be one step closer to its customers. Undoubtedly, Big data is here to stay, and no media or entertainment company can afford to ignore it. Before going into depths, let’s first understand what Big Data is?
What is Big Data
The term ‘Big Data’ came into existence in 2005 and was introduced by Roger Mougalas, but its applications have been practiced for a long time. This platform is a pool of enormous data sets (unstructured, semi-structured, and structured data) stored, analyzed, and extracted for valuable information using specialized technology and analytical methods.
It offers businesses a huge potential to improve their operations, make better, faster decisions and accomplish business-oriented goals in time. All in all, it’s a trend that is revolutionizing how companies in different domains manage data for achieving their targets.
This technology is not limited to a specific domain spanning all the major fields such as finance, marketing, banking, stocks, agriculture, cloud computing, data mining, healthcare, media, etc.
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Data Analytics impact on Media & Entertainment Industry
The media and entertainment industry uses data to make crucial investment decisions. Data analytics not only helps you to know your audience but also to be aware of their likes and dislikes. It helps creative teams gain insight into the emotions and desires of their target audience, ensuring better retention in the minds of the consumer. Businesses in the media industry use data analytics to overcome their challenges and achieve higher business outcomes.
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Data Analytics helps companies personalize the content according to the preferences of the people. Film studios and production houses take advantage of concept testing, film pre-test, campaign tracking, box office forecast, ad evaluation, and music pre-test. This saves a lot of time and money.
Data is used in the film industry and by television and radio houses to develop content and communicate plans. It also provides the industry with research solutions to meet their needs.
There is a massive potential for Big Data applications in the media sector.
Since this sector is customer-oriented, Big Data is the best platform for boosting their growth, productivity, and performance. This remarkable technology can be a game-changer in the absolute sense if properly explored and managed.
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