Publishers, broadcasters, news organizations, cable companies, and gaming companies in the media and entertainment industry are facing new business models for the way they create, market, and distribute their content. This is happening because today’s consumers search and access content anywhere, at any time, and on any device. As a result, there’s increased pressure to execute new digital production and multi-channel advertising and distribution strategies that rely on a detailed understanding of consumers’ media consumption preferences and behaviors. And, as consumer interests shift from analog to digital media, there are substantial opportunities to monetize content and to identify new products and services.
With thousands or millions of digital consumers, media and entertainment companies are in a unique position to leverage their big data assets for more profitable customer engagement. Here are just a few examples of how media and entertainment companies can benefit from big data applications.
The scope of big data collected by the media and entertainment industry and the potential to mine it to understand what content, shows, movies, and music consumers want is huge. Viewing history, searches, reviews, ratings, location and device data, clickstreams, log files, and social media sentiment are just a few data sources that help take the guesswork out of identifying audience interest.
Using insights from big data, media and entertainment companies are able to understand when customers are most likely to view content and what device they’ll be using when they view it. With big data’s scalability, this information can be analyzed at a granular ZIP code level for localized distribution.
By using big data to understand why consumers subscribe and unsubscribe, media and entertainment companies can develop the best promotional and product strategies to attract and retain customers. Unstructured big data sources best handled by big data applications such as call detail records, email, and social media sentiment reveal often overlooked factors driving customer interest and churn.
Big data makes it possible to understand digital media and entertainment consumption and behavior that can be used along with traditional demographic data to provide personalized advertising in the right context, at the right time, and in the right place. Big data applications help improve ad targeting amid increasingly complex content consumption behavior. For instance, since consumers access media and entertainment on multiple devices at the same time, it’s helpful to use big data insights to understand when consumers use a second screen so that campaigns can be optimized across devices. Media and entertainment companies can also increase digital conversion rates by offering micro-segmentation of customers to their advertising networks and exchanges
Big data can also help media and entertainment companies generate additional sources of revenue…suggesting new ways to incentivize consumer behavior, revealing the true market value for content, or identifying a new product or service opportunity. For instance, the Weather Company, owner of the Weather Channel network, has created a new WeatherFX marketplace service that allows advertisers to correlate their display ads with weather events based on which products are most likely to sell under different weather conditions.
Qubole’s platform for self-service big data analytics is used by more than 80 customers, including these leading media and entertainment companies:
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