Data Science Aiding Media and Entertainment Firms to Tackle Challenges of Digital Reality
Media Entertainment Tech Outlook | Thursday, August 01, 2019
Modern trends in the applications of data science require new rules and creative thinking from media and entertainment firms.
FREMONT, CA: With the rise of digitization, media and entertainment companies are handling enormous amounts of data like never before. Even leading players in the industry are facing new challenges of this digital reality as the sphere becomes more and more competitive. The most cutting edge companies are transforming and executing on predictive analytics and machine learning at scale, primarily in these areas.
• Better Ad Targeting
Advertising using ads on the search engine can be done more accurately with the help of big data. It will help understand the exact preferences of viewers and will make it easier for entertainment industries to suggest the specific type of content to different users. High efficiency in ad targeting leads to an increase in conversion rates. Leveraging advanced analytics means easy and fast targeting, which translates to more return on investment.
• Foreseeing Audience Interests
The influx of customer-centric media services in the form of pay per view, subscription-based viewing, live streaming has transformed the face of the media and entertainment sector. A large amount of data is tracked while utilizing content from any platform. The collected data includes user preferences that are crucial in offering a profound understanding of the genre of content and what kind of audience would prefer that genre.
• Improved Decision Making
Until data science arrived, media and entertainment companies found it challenging to analyze customer behavior. The data collected from customers' usage patterns or reviews can be processed with clarity with data science. How customers react to pricing models can also be determined with big data. All these, in turn, can help generate better pricing models and delivery modes of content.
The applications of data science in the media and entertainment are here to stay. As the entire industry is customer-driven, catering to customer preferences will be essential. And data plays a major role in this process for firms keen on riding the big data wave.