Big Data in Media & Entertainment
“ Data are just summaries of thousands of stories,” – By Chip & Dan Heath, Authors.
Today, the Media and Entertainment industries are advancing at an unprecedented rate. You will be glad to know that Media companies are among the first to adopt Big Data technology. It helps them to increase the digital transformation, which ultimately keeps their customers happy.
Big Data and Art together are proving that they are complementary to each other. The media and entertainment show a huge transformation after its linking with Big Data analytics.
The key business problem driving media companies to look at Big data analytics is the need to reduce operating costs in an increasingly competitive landscape. And at the same time it also looks after the need to generate revenue from delivering content and data through diverse platforms and products.
“ According to CloudTweaks,” Facebook collects and processes 500 TB of data daily. Google processes 3.5 Billion requests daily. Amazon receives 152 Million customer purchase data daily.
How Big data help the Media and Entertainment Industry to connect with the customers ???
I hope you all remember the days when we had to stick in one position to have access to our favorite shows, movies, or music. Only a few forms of media access were known to us. But today, the picture is entirely different. We have access to our favorite shows and movies anytime. This anytime and anywhere is done by using Big data analytics like live streaming, pay-per-view, and much more. We now have access to everything at our fingertips.
Big data helps the Media to get more connected with their customers and competitors than ever before. Better integration between solutions along the data value chain convinces the decision-makers to invest in innovation, especially in times of economic uncertainty.
Media and Entertainment platforms have a global reach; many companies in other sectors are still lagging behind in terms of good global reach.
Now, Let’s discuss the Use Cases of Big data in Media and Entertainment Industry:
- Predicts Audience Interests
- Insights into Customer Churn
- Content Monetization
- Optimized Scheduling of Media Streams
- Effective Ad Targeting
1. Predicts Audience Interests
“ 80% of people have switched to online streaming platforms.”
Earlier media content was served only in limited forms. But they are replaced by media services like pay per view, pay on-demand, live streaming, etc.
In the process of content delivery across all these forms, broadcasters also collect a vast amount of user data. This user data is capable of giving an in-depth understanding of behavior and preferences.
How does Big data help YouTube?
Big Data Analytics helps YouTube to have deep insights into its audience behavior, and it also helps to syndicate content that is closely aligned to viewer preferences.
YouTube has also analyzed several interesting statistics about its users like what kind of videos viewers watch the most, what devices are used for streaming video, how many times a video is being watched, etc.
2. Insights into Customer Churn
According to a study, 30% of customers share their reviews through social media. Until Big data arrived, combining and making sense of all the data collected from social media and other multiple sources was next to impossible.
Only after the integration of Big data with Media, it is possible to know why customers subscribe and unsubscribe. It is now possible to know what viewers like and dislike. Deeper insights in response to the pricing and subscription models can also be done.
Big data analytics helps in content pricing, media content, and even in delivery modes, which helps to reduce customer churn.
3. Content Monetization
“ Around 55% of Netflix users personally pay for their subscription.”
Big data is continuously helping media companies to create new revenue sources.
Let’s examine the case study of profit in revenue through the story of The Weather Channel (TWC).
TWC is a privately owned weather business co-owned by the IT industry IBM. TWC generally uses Big data to observe and understand customer behavior in specific weather conditions.
Big data helped TWC to fabricate a weatherFX marketplace where sellers can advertise their products. Sellers advertise those products which have higher chances of selling in a given weather scenario.
“TWC has estimated to earn at least half of its advertising revenue with the help of Big Data Analytics.”
With the help of Big data, it is possible to reach out to more and more digitally connected audiences for content monetization.
4. Optimized Scheduling of Media Streams
The barrier between the end-users and distributors has literally torn down by the rapid growth of digital media distribution platforms. Reaching the end-users directly without any intermediary is not possible before.
Connecting with the audience directly through the scheduled media streaming has maximized the revenues for media companies.
Big Data mastered the business models like on-demand and scheduled viewing, which helps in customer behavior analytics. Big data analytics helps to identify the exact content which customers want to view frequently.
5. Effective Ad Targeting
The revenue of media and entertainment is highly dependent on programmatic advertising. Earlier programming advertising has been done in a random manner, with the hope that customers will like what is shown to them. But Big data works in a different manner. It helps advertisers and businesses to exact preferences of customers. It also gives a better understanding of what customers exactly want to watch.
Giving preferences to customer’s priority helps to improve the efficiency of ad targeting. This results in higher conversion rates or TRP. Big Data also helps to do real-time broadcasting to deliver an enriched and personalized media experience.
Conclusion
Undoubtedly, Big data has opened up the lane to achieve fast success in the entertainment and media industry. Big data helps to reduce customer churn, helps in the analysis of customer preference. It also creates alternate revenue channels, and through data intelligence, it also boosts customer acquisition and retention.
Big data creates a kind of ecosystem where customers can have the best experiences. In a very short time period, Big data has gained much limelight in the industry.