Media companies thrive on data made available from focus group discussions, TV ratings as well as chart rankings to make informed and practical decisions. While this data was difficult to avail in the past, today the media companies are oversupplied with the necessary data. Information/data overflow has caused difficulty in finding the accurate data that would help in enable the right strategies for businesses in the media industry. In the media industry, the combination of right message, time and medium plays a vital role in maximizing your reach and audience base.
Want to know the challenges for media industry? Read on
The real challenge for media industry lies in integrating the multiple data flows and synchronizing the operations for new data as well as traditional data. Media and entertainment industry is on the lookout for newer possibilities to serve their audiences with better content, and enrich their experience.
If companies cash in on Big Data, they will be able to offer incredible value to the end customers. At present, only a select few are ready to take on Big Data in the media industry. It doesn’t matter if you are a small or large business you can avail, track and monitor the data across numerous platforms owing to the Big Data analytics’. For businesses in the media industry, achieving the right data and being able to analyze the data that fits their need is highly crucial. With Big Data analytics, you get real-time insights on content consumption and usage, which helps create better opportunities for content generation, packaging, and distribution.
Let’s see how Big Data analytics can really impact the media industry, and help offer value to the end users.
New Content Based on Insights
Each year you will see information overload, which tends to create more data available for the media and entertainment companies. This data helps understand the customers and their preferences in a better way, which in turn helps media companies, create compelling products and services for the end consumer. The goal is to revamp the existing products to create new and interesting content, in line with the goals of the company as well as the interests displayed by the consumer. You can add value only when you understand and predict the content that your audience may be interested in.
Here’s an illustration that explicates this point
For a while, House of Cards was looking out for distributors. It was Netflix that completely understood the love for political drama displayed by the audience, and they took over the distribution rights. Netflix was able to make this decision owing to the insights they received on viewing habits displayed by their end audience.
Disney and other such companies have also worked with Big Data analytics to offer good and innovative content to the viewers, which can result in profits for the company. With Big Data insights, companies can generate new products or services that can benefit the end users, and improve consumption of content.
Better Ad Targeting
When it comes to advertisements, demographics and context play an important role. You will need to personalize your ad content to match the media consumed in the particular sector, and know what the right time is and place to improve your ad’s reach. This information is readily available with Big Data, as it offers real-time insights into content consumption behavior showcased by the end consumer. It also offers insight into whether the consumer uses a second screen or not, so that you can optimize your ad for the different devices. The digital conversion rate enhances because of the real-time insights made available which helps personalize the ads for the defined audience.
Focus on Business Outcomes
Having information or data does not tell you what you should be doing with it. It is important to analyze and understand every piece of data, and align the insights available to your business goal for better results. If you want to make quick decisions with better accuracy, real-time insights are essential. This gives you a competitive edge, and allows you to get a faster turnaround time with your content. Of course, you need to align your insights with your business outcome to realize the best results.
Media companies are slowly incorporating data-drive analytics to gather better insights into how content is being consumed by the users. The companies will need some time to improve their operational capabilities so that they can achieve maximum with this data.
Silver Touch Technologies has offered diverse Media IT solutions that have helped companies improve their audience base, and increase their profits. We have created numerous opportunities, which in turn have helped build right content that helped the companies achieve their goals. Write to us at firstname.lastname@example.org or contact us to know more about our media & entertainment software solutions.