With sky-rocketing digitization, smartphones becoming a major source of media entertainment, there has been a revolution in the entertainment industry on the usage of data analytics. Media sector has always generated data, be it in its customer databases, log files or so. Media data analytics can prove real business if captured and put to good use.
Media data analytics in Analyzing Viewership Preferences
Big Data and analytics throws insights on audiences’ interests and helps in providing content to help increase viewership.Say for example Netflix. They have been able to utilize media data analytics by understanding the attributes that make a particular show popular. They also analyze millions of episodes a day, including when a show is either paused, rewind or fast forwarded.Insights help companies understand what devices their customers use to view content or at what time of the day do they view it. This helps in inferencing which type of contents are suitable for a particular age group and the optimum time to view it. Thus, scheduling content optimization.
Media Data Analytics in Ad Targeting & Content Monetization
Media data analytics also helps in ad targeting. By using demographic data, companies can fine-tune the preference of customers. Efficiency in ad targeting results in higher conversion rates or TRPs. Due to bandwidth expansion, it is now possible to reach out to people with smart devices for content monetization. With media data analytics, it is possible for companies to create new revenue sources. This analytics engine can track trending artists in a region, location of fans, viewership details and churn out the best combination by an artist in an evening in a certain place.
Media Data Analytics in Music Festivals
Analytics is needed when there are over 30 million people turning up for a music festival. Thus, media data analytics is obvious to track sponsorship, merchandise, amount of food and drinks required and so on. Organizers try to figure out from data exactly what festival goers did during their stay. Insights even help organizers and event managers to deal with logistic issues, i.e. catering to food and drinks required at the concerned venue.
Big Data and media data analytics can open up a new ecosystem in the media and entertainment industry. Since it thrives on customer behavior, accurate analysis may help in reducing the biggest risk – user experience. It will help to track total likes, shares, viewing and consumption trends and provide similar content and recommendations. In the end, it is the customers who are catered to.
