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 It’s been replaced by data-driven and analytics-enabled targeting and personalization.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?