We already know how Big Data can provide insights into massive datasets, and interpret them to yield valuable information. Nevertheless, can the usage of Big Data shape the future of the entertainment industry? In such a turbulent and unpredictable sector like that of movies, can systematic data aggregation and interpretation lead to effective results?
Usage of Big Data in Hollywood
Legendary Entertainment is one of the top film producing companies based in Boston, USA. Their portfolio consists of films like Inception, The Dark Knight trilogy and many more. The company uses analytics to gather valuable information, which in turn helps them to decide on several important topics such as casting, trailer content, etc. The practice is quite similar for Netflix as well. The online video content creators rely on Big Data to customise shows available on their website. They use analytics to figure out audience choice, and provide tailor-made content for consumption.
Nevertheless, how Big Data is helping these companies to execute their strategy and get better results in such a competitive industry? Let us find out.
A better definition of target audience
Social media has proved its importance as a modern marketing tool. However, a promotional event succeeds only when it is conducted around the specific consumers. Big Data gathers huge data from numerous social media sites, news sites and other websites, eventually conducting analysis of them to figure out the different audience groups. A producer, therefore, can focus on reaching to their target audience in a more specific manner.
Reduction of marketing expenses
Big Data cuts down marketing expenses largely by providing quality leads. Having an accurate audience data allows the entertainment companies to plan clear-cut marketing campaigns, which in turn brings down the expenses.
Special tailor-made content
Different groups of audience prefer different types of content. Big Data takes into account their preferences to decide on the type of content they would distribute. Many companies create different trailers for the same movie, only to distribute and publish them in different demographics depending on the target audience’s interests.
Its influence on release dates
Release dates often dictate how well a movie will perform at the box office. For example, when a film starring Bollywood superstar Salman Khan, releases in Eid, no other moviemaker tends to compete with his film. The same thing happens when Shah Rukh Khan releases his films on Diwali. Data suggests that their films consistently break Box Office records on these respective dates. As a result, competitors feel insecure to release films on these weekends.
Unlike other industries, the entertainment sector is a fan-driven one, with word of mouth publicity being one of the most important factors for the success of a film or music album. Buying cassettes is a habit of the past and so is the habit of watching movies in the theatre. However, theatres still exist and prove to be one of the major revenue collectors for the movies. Now that everyone has access to multiple screens at a time, including their desktops and smart phones, new windows of opportunities have opened up for the entertainment companies. In such a scenario, Big Data is turning out to be the biggest best friend for the entertainment producers.
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