Data Analytics: Founding Newer Ways to Drive Hyper-Segmentation in Media and Entertainment
By Media Entertainment Tech Outlook | Tuesday, August 20, 2019
With applied data science and analytics, opportunities for the media and entertainment arena are ceaseless.
FREMONT, CA: The need to stay ahead necessitates fresh perspectives, which demand to be selective, reliable, and trending. Data analytics, thus, is crucial to the media and entertainment industry to create and stream content. Previously, the investment decisions in a media firm depended on discernible or apparent factors. Now, the scenario is different: media firms employ technologies like artificial intelligence and machine learning are effectively utilizing them to derive optimized business data models.
The expectations and tastes of viewers keep changing with time. In the age of modernization and digitalization, the audiences have matured enough to understand the kind of content in demand precisely. This has lead to the development of niche genres. There are microscopic divisions in the audience base, depending upon several factors. Each division has different ideas about entertainment. Hyper-segmentation is now an evident phenomenon in every industry, including the media and entertainment industry. To deliver quality content, content creators and producers have to be very particular about their target audience.
There are many broad areas to which data analytics can be applied in the media and entertainment industry. With intuitive user interfaces and faster customer services, companies are enabling better customer engagement, and thus better data accumulation. The data is used to gauge customer sentiment. Sentiments are a key pointer towards how well a particular content or strategy is working. Through simple rating methods, customers give inputs on various channels. The marketing aspects also benefit big time with accurate data analytics. The best approach to marketing is through a strategy of personalization. Technologies now enable tracking of customers across entertainment channels and obtaining crucial info which lets marketers customize texts, emails, and advertisements.
A big chunk of the population has drifted towards investing all their time on entertainment through personal devices like smartphones and tablets. This creates demands for large amounts of content. Although fast content creation is a useful tactic, helping the audience discover relevant content that is already available is more critical. Data analytics tools have a significant role to play in driving personalized recommendations as well.
Realizing which one is the target audience might seem challenging. However, that is the foremost step in today’s time. Data analytics is the best way to sift through the various categories of data and arrive at the best business decisions. Data analysis equips firms with insightful and actionable information that can be leveraged to understand the behavior of the audience. The various categories of data that media and entertainment firms collect are generally from social media, the geographical location given by GPS, customer support inputs, marketing outcomes, and audience reviews. A few years back, the whole process used to be linear and oriented to a few factors related to viewership. Now, dynamic and multi-dimensional metrics are tapped and tracked. These metrics are not easy to capture, but advancement in technological abilities make them easier to access.
Ownership of multiple devices has led to the proliferation of channels of entertainment. Entertainment providers need to maintain a high level of consistency across various platforms to ensure customer satisfaction. Thus integration of entertainment channel becomes essential. Data analytics takes key identification markers of viewers and classifies them to create unique identities that are recognizable across platforms. This gives media companies the ability to track viewers and deliver the same experience across devices efficiently.
The strategic use of customer information to formulate justifiable business strategies in the media and entertainment industry can happen only through data analytics. Many firms have already realized the benefits while many others are about to transform.