With the rise in digitization, media and entertainment companies are handling enormous amounts of data like never before. It has been estimated that Facebook alone gathers and processes more than 500 TB of data. While the largest search engine in the world, Google handles 3.5 billion requests every day wherein over 1000 computers are employed to tackle a single user query! Netflix, the most popular online media service provides almost 500 events (like video viewing and troubleshooting) that consume 1.3 PB/day and 8 million events that consume 24 GB/Second during peak time. All of these organizations have leveraged big data applications in media and entertainment in a massive way.
Companies in the entertainment industry that have foresight have already incorporated Big Data in their business plans as the key to all future possibilities.
Following Are The Most Popular Big Data Applications In Media And Entertainment Industry:
1. Predictive Analytics Can Foresee Audience Interests
Conventional entertainment methods gave TV viewers the option to just change the channel or switch the television set off. However, the influx of customer-centric media services in the form of pay per view, subscription-based viewing, live streaming has transformed the face of entertainment.
While utilizing content from any media and entertainment platform, a large amount of user data is tracked. This includes user preferences that play a major role in providing an in-depth understanding of the genres of content and what kind of user would prefer a particular genre.
YouTube claims that a majority of viewers are within the age range of 18-34 years. It has even streamlined statistics on the type of videos a particular user would watch, how much time was spent watching videos and whether it has a recurrent pattern.
2. Better Decision-Making Based On Customer Insights
Until Big Data arrived, entertainment companies found it challenging to analyze why some customers subscribe and unsubscribe. If they unfollowed or followed a particular show or celebrity, the data collected from their usage patterns or reviews on social media can be processed with clarity.
Moreover, how customers react to pricing and subscription models can also be determined with Big Data. This can, in turn, help generate better pricing models and delivery modes of content.
3. Optimized Scheduling Of Media Streams
Big data gave more power to the customer by easing the complexities of on-demand and scheduled viewing. Advanced analytics can be used to derive accurate predictions about users’ actions from multiple sources. This knowledge can be beneficial in identifying the right type of content for a particular user.
4. Content Monetization
Media and entertainment companies are creating new revenue sources thanks to insights derived from Big Data.
5. Improves Accuracy Of Ad Targeting
Advertising using Ads on the search engine and social media can be done more accurately with the help of Big Data. Since it has made it possible to understand the exact preferences of viewers, it’s 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.
Therefore, the applications of Big Data in the media and entertainment are here to stay. As the entire industry is customer-driven, catering to customer preferences will be essential in its longevity. Big data plays a major role in this process. If you are keen on riding the Big Data Wave, register for Acadgild’s Big Data course.