By the end of 2022, 97 zettabytes of data have been produced worldwide. This gigantic number is projected to almost double in three years. With the growth of devices and the emergence of new technologies, the size of the data economy is growing exponentially. Along with it, new opportunities that big data opens up appear.
Smartphones and digital media are becoming the primary source of entertainment, thus content creators must use big data analytics to connect with customers. It will show hidden aspects of audience behavior and make it much easier to deliver personalized content. That’s why it’s essential to understand the role big data plays in the entertainment and media industries.
Who Benefits from Big Data Entertainment Solutions
Almost any media-related business can use big data to its advantage. First of all, this will benefit:
Independent or private video creators who publish content containing video, audio, text, and images.
Companies holding the right to sell content that is distributed through retail or mass media outlets.
Any video game creator that may record user reactions to improve the product.
TV channels that broadcast their own or purchased video content.
Script doctors analyze data from both box office successes and failures, weighing the investment risks of new scenarios.
Any sports team can identify the position of their players on the field and their pulse, as well as analyze the data of the videos and sensors of both their players and rival teams.
7 Ways Big Data Advances Media And Entertainment Sector
Still, the main question remains – how can big data technologies help entertainment and media companies understand the huge data flows coming from multiple sources? Let’s dig deeper.
1. Forecasting Audience Preferences
Using a wide range of media formats (pay-per-view, live streaming, etc.), broadcasters collect enormous amounts of user data that will allow understanding of user behavior and preferences. Thanks to it, they analyze audience behavior and select personalized content for each user.
This is achieved through audience and content segmentation and analysis that make it possible to suit the individual tastes of each user.
2. Customer Churn Reduction
Losing customers is one of the biggest fears of many media companies. Now you can identify why users subscribe and unsubscribe, as well as find out which programs they like and which they don’t. In this way, big data can help reduce customer churn.
3. Optimized Live Broadcast Schedules
The digital platform boom has facilitated reaching the end user without the help of an intermediary. Direct contact with the audience via scheduled live broadcasts can dramatically increase the profits of media companies. What’s more, this technology can also be applied to the “video on demand” business model by determining what content and when the viewer prefers to watch.
4. Content Monetization
Big data helps media companies create new sources of income and open up new opportunities to earn money on what interests users. With the right big data monetization model, you can receive up to 50% of advertising revenue using more data.
In addition, the penetration and acceleration of mobile communication make it possible to use such monetization models on a larger number of devices and, thereby, reach a wider audience.
5. Targeted Advertising
The revenue in the media and entertainment sector revenue depends largely on advertising. Over the years, it has been demonstrated by guesswork, and users might haven’t always liked what they saw.
However, today marketers can accurately determine customers’ preferences and understand what content and when viewers watch most often. Additionally, marketers can now respond in real-time to provide more meaningful and personalized advertising to audiences.
6. Production Optimization
Big data is widely used for proper workflow. Each product requires a meticulous analysis phase before its launch, which presupposes thorough research into market trends, competitors, customer preferences and other factors. AI-based analysis offered by InData Labs of this information simplifies planning and increases the speed of launching new projects.
7. Advanced Customer Experience
Media companies and other entertainment sector representatives can send weekly emails with recommendations selected specifically for a particular customer. These recommendations are based on the history of previous purchases or views and product searches. Ultimately, it helps you keep in touch with your customers all the time and remind of yourself by providing customized offers.
In this way, organizations in the media and entertainment sector simultaneously analyze customer and their behavior data to create detailed customer profiles that can be used in:
- content creation for different target audiences;
- producing and improving personal recommendations;
- content performance measurement.
The benefits mentioned above prove that entertainment and media service providers should use big data technology as a powerful tool for growth and development. Big data makes it easy to quickly and easily detect changes in user behavior and preferences. This will eventually help retain audiences, create alternative income channels and increase the flow of users.