Big data is a term used for the huge unstructured data available over the cloud or offline storage. And the data is growing by leaps and bounds with time. The increase of digitisation brought revolution in the media and entertainment industry.
According to the survey done by cloudtweaks, around 500 TB of data is collected every day by Facebook and Amazon collects 152 TB data on a daily basis from customer purchase.
The growth of data-driven marketing is entirely dependent on the collaboration of analytics with a digital solution. The effects can be seen almost on every media industry. The only problem faced by the industries is to accomplish new projects. It is because the demand for the flexibility and availability by the millennial consumer is high. Consumers are not constrained to the television rather they want to get access to content from any platform anytime. In short, media industries are more dependent on data analytics.
Do you know why industries are bound to the data analytics?
Prediction: The time was gone when consumer/audience were bounded to only one platform, i.e. television. Today’s consumer is getting a number of choices such as live-streaming, pay per view and based on subscription. So, what’s the industries need? To collect the data from the user’s viewed history, searches, ratings, reviews etc. and then analysing and interpreting the data with effectively with more accuracy. There is no count limit of information and the content which media industries receives on a daily basis.
For example- Netflix is the topmost media service provider which has gained publicity among youngsters in past years. But, this does not happen in a day. To reach there, Netflix has collected heaps of information about its viewers. On the race of competition, it left behind HBO in the category of political fiction dramas. Hence, it got the secured broadcast of most popular drama “House of Cards”.
This interpretation helped them to gather information about the most viewed, and most liked shows, device used, time duration and many more.
Optimisation: Today, the digital platforms with the help of big data can directly reach to their patent viewers. It helps the distributor to create personal connections with the audience. And the connections help the media industries to generate profit. For example- In cases of movies, the movie-tweets generates prior amount before release. For instance in the case of Chennai Express, during the campaign, it generates 1 billion expression on tweets and 750 thousand expressions on tweets with the hashtag. It helps the movie to set a new record of INR 1 billion in very less time.
Concerning Big data, the company evaluate the most likeable content and device. Data analysis help them to target the audience in a particular location for distribution.
Increasing Confinement: The increase in customer confinement is the biggest concern of media industries. Most of the audience are now relying on the reviews available on social media even before watching the movies, shows, web series and programs. Big data helped the companies to form new strategies to attract the audience such as through trailers, video clips, ads, campaign etc. Through different sources of data, companies can easily interpret the like and dislike of consumers and form an attractive package.
Monetisation: Big data is also capable of generating new resources for extra revenues. With the help of data, the company can judge the behaviour of the consumer and predict the true market value of product/content. For example, data analysis is best used by the weather channels. Data analysis is utilised by the companies to predict the customer’s behaviour while buying the content. It helps the company to present a marketplace where the retailer can easily promote their products. Nowadays, half of the TWC earning is based on the analysis of Big Data.
Big Data Success Story:
Netflix, Warner Bros, Bollywood and Music industry are some of the media and entertainment industries who set milestones. According to the Forbes article, telco Telstra is also using Big data to find the network issues through predictive analytics system even before the occurrence. There are many such stories which are going to occur and are hidden behind future.
From all these years, media and entertainment industry were based on assumptions, but the arrival of Big data helped them to gain, predict and refine from the data analysis. Big data helped them to understand the choices of audiences without wasting time on any other things. Introduction to Big data helps in an in-depth insight into the benefits, concepts, and applications of Big data which help the audience to learn more about Big data and set a benchmark into various fields. Various tools are leveraged to perform big data analytics on collected data. Hadoop is one such framework with hadoop distributed file system for analysing large information. One can join this league by participating in the Hadoop Training accessible over internet.
Big data can help in the proper utilisation of resources, improving customer service, risk identification, and operational efficiency. Through Big data media and entertainment industry are able to identify the need of customer at a particular time. The visibility of data helped them to position their content such precisely that their profit is definite.
Analytics and predictions helped them to overcome many complex situations such as time of broadcasting, channels which will draw consumers more and generate more revenues. Because of all the preceding benefits, Big data is bringing the attention of many industries. The media and entertainment industry utilise the system created by the Big data and become one of the giant business worldwide. Also helped the customer to be in centre stage and pillar of success behind industries.