Digital transformation is now evident in all aspects of daily living. It affects food, health, education, transportation, and entertainment. Today’s audience wants entertainment at their fingertips: music, movies, videos, and series episodes they can stream or download from their mobile devices. Their attention spans and interests are also varied and fleeting.
To keep producers from losing money on a project that doesn’t sell, experts use movie industry analytics. The process uses big data and crunches the numbers to see where the audience would love the content. The tool has been helpful in content delivery, audience retention rate, and optimizing release of media products.
Predicting Audience Preference
A few decades ago, media was limited to radio, television, and print. Today, there’s pay per view, live streaming, subscription-based services, and other forms widely available in mobile format. The availability of various media means companies need to sift through huge amounts of user data to understand their audience’s behavior and preferences.
The data is analyzed and forwarded to companies, so they can generate more content that is in line with what their audience wants. By doing this, they are minimizing the risk of investing time and resources on a project that will not make money. This is especially important in the movie industry where millions of dollars are invested and the preparation for a single film can take years.
Media companies also face the problem of audience retention. Subscription-based products and services can suddenly experience a drop in popularity for no reason. Big data helps companies understand this phenomenon and track down reviews and posts made by customers on social media. That is why they ended their subscription, as well as identified clearly which programs they had liked. It also analyzes pricing, quality of service, and other factors that contribute to overall customer satisfaction.
In terms of movies, it gets the audience’s pulse on why they aren’t happy with a film. There have been countless instances when a movie that was expected to be a blockbuster hit performs dismally on actual screening.
At the end of the day, the customer has the power to choose the movie he wants to see and the programs he wants to subscribe to. Big data is here to help steer companies and investors in the right direction, as well as assist them in crafting more and better movies or shows to keep them happy.