Netflix is able to predict and suggest what you should watch next. If you have searched for a bag online, be ready for a slew of bag-related ads on Facebook. Bought a ticket to the Maldives on Cleartrip? You can be sure to see information on this destination throughout your online experience for the next few days. These are just a handful of examples where data and analysis intersect media and entertainment. In every industry, big data applications are changing the present and the future.
In the last decade, the media and entertainment industry has made great progress on how content is created, marketed and distributed. Let’s deep dive into different trends, challenges and opportunities of using data and analysis in the industry.
Table of Contents
- Introduction
- Trends
- 1. Predicting what the customer wants
- 2. Scheduling and optimisation
- 3. Customer acquisition and churn
- 4. Ad targeting
- 5. Content monetisation
- Challenges
- 1. Change of mindset
- 2. Low penetration of high-speed Internet
- 3. Lack of consolidation
- 4. Urgency for result-oriented metrics
- 5. Data privacy concerns
- Opportunities
Introduction
The Internet-savvy consumers of today search and access content anywhere, anytime – on the desktop, phone, tablets and the TV. As a result, brands, publishers, broadcasters, news channels and even gaming companies are under extreme pressure to execute new digital production, multi-channel advertising and distribution strategies to reach the right customer at the right time.
They need to have a detailed understanding of consumers’ media consumption preferences and related behaviours to find a way to differentiate themselves from the clutter. There is also a change in the media landscape, with a massive shift towards digital content from analogue, offering opportunities to monetise content and identify new products and services. This is the best time for media and entertainment companies to leverage their big data assets for a more accurate and profitable customer engagement than ever before.
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