Seeing the Big (Data) Picture

What’s the common denominator between the creative destruction that has remixed the media and entertainment industry in the last decade and the compelling transformation opportunities on the immediate-term horizon? They are all fundamentally data-driven. 

Digital media distribution models drive immense new volumes of complex and dynamic – but hugely valuable –data. Social media and geo-location data offer high-value audience signals as to the next big thing, overnight sensation or breakout hit. Multiple screens and mobile viewing have forever changed how consumers learn about, find and consume all kinds of content ­ – from movies and TV shows, to music and games, to books, magazines and newspapers.

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Effective analytics is essential to track audiences as they bounce from screen to screen. No wonder mass marketing in media and entertainment has gone the way of the VCR. It’s been replaced by data-driven and analytics-enabled targeting and personalization. And it’s not just marketing and distribution that have changed; data and analytics are shaping the content that gets created. 

There is a clear opportunity to be more responsive to media and entertainment consumers and deliver the content they want – when, where and through the channels they want. Of course, the need to manage intellectual property rights, digital rights management and royalty agreements is just as urgent.

For media and entertainment firms seeking an advantage from Big Data, the critical questions to ask include:

  • Which are the optimal channels for engaging media and entertainment consumers and distributing content?
  • How do we track audience members across channels and content formats?
  • What is the right release window for new content to maximize profitability?
  • What’s the data strategy for second and third screens?
  • How do we track social signals more effectively, predict consumer preferences more accurately and take action more quickly?
  • Are licensing and royalty agreements being applied properly across channels?
  • What offers can we make to boost long-tail revenue from the back catalog?
  • Is there an optimal data model to suit our unique needs and provide decision support?

Big Data in Action in the Media and Entertainment Industry

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Best First Steps to Chart-Topping Big Data Performance

How do media and entertainment companies deliver blockbuster performance with Big Data? Among the best first steps:   

  1. Create the Right Big Data Strategy: holistic strategies in media and entertainment must incorporate factors ranging from digital and physical supply chains to online and mobile advertising – all with a bias toward maximizing content profitability.
  2. Find out How Big Data Works: diverse data sets – from social signals to distribution and access data – must be integrated in well-designed analytics ecosystem that reflect the multi-channel world in media and entertainment.
  3. Build a Data-Driven Culture: Data-driven decision making and broad-based analytics thinking can lead to real creative intelligence and, ultimately, better-performing content.