Every industry in the world is moving towards data-driven decision making, then one of the most popular and highest grossing industries definitely has employed analytics and d... We are talking about the media and entertainment (M&E) industry. If you are associated with the industry in any way and your question is how to use analytics to maximize the potential in this industry across all domains, you are at the right place!
The increased technological and digital revolutions have caused a data-enabled revolution within the media and entertainment industry. You can see a perfect convergence of digital and analytical solutions in this industry.
Before we move on to how data analytics can be employed in a Video Production Company, let us understand its needs and priorities. The trends of media and entertainment industry are primarily driven by the changing needs of the digitally savvy audiences and their preferences. Most of us now want to use entertainment means not only to recreate and relax but also to stay on top of advancements, world events and our respective interest areas- all this while on the move!
Our fast-paced lives have pushed the entertainment industry to alter their content and the war of delivering it to us rapidly. While the primary intent of the industry lies in developing the best content for the audience, the media industry also tries to diversify into various channels for broadcasting information and entertainment content. Analytics can in fact steer media and entertainment towards burgeoning growth rates.
If we just look at some facts and numbers, we can see a staggering amount of data from social media and online media being pulled and processed. As of 2017, Facebook is reported to collect and process over 500 TB of data on a daily basis. The search business market leader, Google handles 3.5 Billion requests every day. Amazon is another member of the big data league that receives around 152 Million customers’ purchase data daily. Having said that, big data is definitely an essential tool for the entertainment and media industry.
There are three main areas where big data has the potential to disrupt the status quo and stimulate economic growth within the media and entertainment sectors:
Some critical applications of data analytics in the media and entertainment industry are:
Most of the data being spoken about in the analysis above is customer-centric or can be pulled from various media platforms. All this can be done using one tool- Web Data Scraping! Firms like Datahut can scrape data from multiple sources and store them in a structured file format. Social Media crawling, social listening, data scraping and web aggregators are not just jargons thrown around in the technical data-driven community. These are some of the tools and techniques used to scrape data from media platforms and websites.
To make it further accessible for you, we can assure that learning the basics of data gathering and analytics is not difficult! You have a lot of resources that can help you understand the technological asp....
