Media and entertainment has become an integrated part of the lives of people, meaning that people nowadays are very enthusiastic about trying new content in terms of watching it and choosing it.
Gone are the single-channel days of no choice and no integration and consultation to viewers. But now these dynamics are changing, there are millions of watching options to choose from and they are also available to be streamed across various devices and are really getting user friendly.
It will not be wrong to say that Big Data, which is a combination of real time data, network data, time series data etc, has played a crucial role in the evolution and successful outcome of such ideas and options in the media and entertainment sector.
Big data is helping from a very distant corner but its impact can be particularly seen and realized in the sector, this is the sole insight into the customer (who are viewers here) behaviour by analyzing various consumer data available across and as a product of various platforms.
Let’s have a look at what big data is and which form of it is used by the media and entertainment industry and how they get hold of it.
As data refers to the stored information and recorded operations which were performed by the computer in various forms, big data can be understood as the same data being present in huge amounts and numbers. This consists of information provided and both humans and the devices.
Big data is the collection of the data which is also growing exponentially with time. Big data is large and complex in its size and storage that it is unable to be deciphered and understood efficiently by the traditional data management tools.
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There are various crucial ways through which Big Data can be collected.
In the form of feedback and customer reviews the experiences and the purchase history of the people can be traced. Also this is done by conducting some surveys that are put forward to the customers in the form of a questionnaire asking them various questions based upon the purpose of data collection.
This enables the customers to collect points with every purchase and based on the specific criteria they can be reward generating. This helps the customer to keep its profile on the portal which consists of the preferences and habits, this kind of data is used by the companies. For eg, in retargeting.
There are certain kinds of social media applications which trace the data and activities of the profiles of the people involved in fact social media is one of the leading platforms for retargeting.
Apart from this there are other sources and techniques of data collection like email tracking, cookies and satellite imagery which are self explanatory and functions in the same way.
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The Media and Entertainment Industry also combines and collects the same kind of data from various sources to be able to understand the viewer behaviour and improve themselves in the way which will make them excel and be the favorite of the viewers amongst all of them.
This is a well known fact of marketing and profit making that the more you know your customer the more you can abide by what is liked by them and can set price, content and user interface accordingly.
Uses of Big Data in Media and Entertainment
Big Data analysis can provide the media houses and entertainment channels, especially which are online streaming based. Satisfying their customers' views is the most important thing to them, such channels wish to be equipped with the content and category to be able to harbour almost all kinds of viewers and work on the supremacy of the content variety.
Big Data provides such media and entertainment giants with a lot of categorized data. Search history, ratings to each of the genres, social media trends followed, age, language etc are the key factors of such a data which can help the companies predict the interest of the particular viewer, based on this they can not only personalize the viewer experience and generate realistic and most wanted program initiatives based on the interest of their audience.
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There are some media houses which can also monitor the screen time watching a particular video or a movie and how they react to it on other social media accounts. There is also a system of monitoring the trending hashtags and the participation of people in such a scenario makes it easier to regulate and take the content, say a movie, on and off the board. In some cases these can show the list of recommended content to the viewer to keep the viewer engaged on the platform.
Based on the recent trends and recent market releases the companies can choose to make a particular movie for example a part of their content list solely because its trending and the viewers might want to watch it.
This can generate the companies more revenue than their usual amount as they tend to monetize such off the board content keeping the viewers engaged as well as attract new users seeking the same content. They are more likely to resort to such entertainment boards.
Also there are content present in which the companies launch a show or a movie based on the reaction of the viewers on its trailers, they decide and choose to keep a certain movie or a show reserved to the members only group of the viewers and in most cases that membership is chargeable. Making the viewers buy the plan to be able to access these.
Such companies also try to generate user attention by making a certain portion of the series or movie free of cost to watch and afterwards they would be streamed only on members only accounts.
The withdrawal of a customer in any sector remains to be a bothersome issue for any company. The same is the case with such media and entertainment houses, they offer a membership for some content which is an integrated part of the consumer conversion.
The membership duration with respect to its the price is certainly a subjective matter of any company and they are regularly revised and updated. Big data also provides an insight into repeated customers and loyal fanbases. In some scenarios, there are members who do not renew their memberships despite multiple push-up notifications and calls for actions they choose to opt-out of the membership program.
That needs attention from the media and entertainment houses to be able to check for errors and obsolete unengaging materials. Big data helps in fetching the current insights into the customer behavior and can make the company modify the content based upon the mass requirement on the platform.
For eg. in a case where majority of the people refrained from repurchasing the membership due to language barrier of the content introduced in the form of the feedback generated the multilingual content can be introduced by the company to keep engaging the customers.
Advertisement remains to be the food and the main component which can make or break any company’s market value and revenue. Advertisers play a crucial role in asking for companies analysis of their viewer behavior. This can help in personalized and related advertising at the right place and in the right context. Big data applications also help in understanding the behavior of the users and what they would likely to purchase via targeted ads.
Advertisements are a common happening and something which seems to be an integrated part of any entertainment business. This helps the companies to become as retargeting agents of the businesses where if they are on any show or any movie which somehow relates to the products the advertisement will pop up, which will be of a more relative way.
If in the middle of any science fiction and technology based movie any 3Dimension glasses are advertised the viewer is more likely to purchase it. Same can be seen in a Fashion movie which will follow the websites and target the audience to buy products like fashion apparels and recently launched trends.
Big data not just enables the customers and companies to form the related to content ads but it at the same time enables the companies to make proper advertisement strategies based on weather, timing, second screen usage etc (as the online streaming platforms are multiple devices friendly)
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Big data provides for all the insights that are needed for any industry to attract its loyal customers. As the companies are able to fetch data based on various criteria like age, location, language etc. they can channelize and improvise the customer behavior to keep them engaged. The same algorithms can be helpful to the e-commerce businesses as these platforms can serve as one of the best retargeting and advertising platforms. This is obviously a background and a complex process but as aforementioned this plays a crucial role in formulation of the media and entertainment companies.
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