The millennials have seen the time where if one would have said you can get almost every audio-visual treat on your demand in your respective pocket, you would have exchanged the look of ultimate disbelief. But now the cataloging of streaming services has changed the scenario with pathbreaking performance and even shows a promising future as well with significant developments.
Looking behind the curtains, it was observed that the streaming is funded by subscriptions of users and is directed by big data analytics technology. These services scale the choices of the user and what they are willing to pay for.
Following all such advents, it is difficult to predict the future of these streaming services in definite words but a blurred guess can be drawn depending upon the information economics frameworks. Big data can improve the streaming services, user experience, security and pricing in the next decade, for sure.
Individual Thumbnails Customization
Customization of individual thumbnails by Netflix ensured how big data will continue to engage customers in the future. Netflix uses an algorithm to source high-quality images for the content rather than employing a film or original content of the film. Further, it does a few more testing to ensure what a particular subscriber is most likely to click on.
Using that data, Netflix serves with different homepage to different users. These ideas encourage the user to stay on Netflix for a longer time. The data also shows users who binge-watch and how long they visit on the website. This information is quite also crucial when it comes to processing investment plans.
The marvels of big data suggest users as per their need even before they figure out what they want. The technology also keeps the track of several times people played and paused while tracking how long they watched. These streaming services increased their level of personalization when they started making different trailers and filtered their distribution as per watchers’ preferences.
Hence the preferences and tendencies showcased by big data are quite reliable. Following this, the technology informs companies what the customers want which significantly carves the fund distribution according to the genres.
Big Data Analytics Tightens Security
The flourishment of technology also implies greater and tighter security nexus for accounts which would forbid the usage of one account by 4 people while pooling their money. The problem of free-rider creates a huge loss for streaming companies. Therefore, the companies are now planning on using AI to restrict account-moochers.
Shortly, big data will also transform the pricing of streaming services as the companies are competing for a higher share of users’ e-wallet. The data based on how much the user is willing to pay will surely transform the way services are priced.
To recall, in July, Netflix rolled out a mobile-only plan for those who lie under the price-sensitive market. This fresh idea will make Netflix compete with Prime Video, JioTV and Hotstar in India to provide cheaper service.
While concluding we can say that customer-experience, security, and services pricing are the peculiar and significant areas big data could transform for the entertainment industry.
With novel advancements, new applications to extract detailed insights will come into the light and interestingly, the enabler of the present will also take the charge to be driving-force of the future. For the people who are well aware of the data engineering and digital ethics and environment, futuristic developments are not too far in their imagination-turning-reality.