With data and analytics gaining importance, digitization and data-driven marketing has gained impetus; and the ever-evolving media industry is no exception to this. Like all super colossal industries, the media industry depends heavily on the fusion of digital and analytical solutions. With a view to provide audiences with more personalized content, organizations are intent on transforming the media platforms. With the sole motive to meet industry priorities, newer capabilities like master data management for digital assets and customer analytics for better customer engagement are being developed.
With the expeditiously increasing number of digital users, media and entertainment organizations have a great scope to clout their big data assets for better public involvement. The advent of social media, smartphones and digital advertising has resulted in the dawn of an era where the customer is ‘always online,’ wanting to connect directly with the brand and the customers on the same platform. This enterprise leads a digital trail; in common terms ‘big data,’ which can now be gouged for insights around brand usage, patterns of consumption and effectiveness of commercials.
A video file, for instance, grasps huge quantities of disorganized data knitted in its fabric and it requires close human attention to understand and untangle. Before a video is made ready for distribution, human effort is required for conducting the most elemental jobs like management, processing, interpretation, quality check, etc. Interestingly, artificial intelligence and machine learning algorithms, especially deep learning, are now reaching a point where large parts of these tasks can be performed while creating a balance with human precision. Artificial intelligence is well disposed to mechanize enterprise activities to generate humungous perceptivity from the hidden data. In return, the media industry is perceiving considerable success in the realm of natural language processing, facial recognition, anomaly detection, etc. Artificial intelligence has disbursed tremendous automation with unequaled potency.
For decades, artificial intelligence and machine learning have been subjects of research and development, but the actual amalgamation in the industry has recently begun. AI introduces technology to imbrute tasks which have been majorly human accelerated and offers benefits from ductility, speed of computation and repeatability. It has a magnitude of potential to bring major cost savings by barbarizing current tasks in content management, media operations and also remodeling customer engagement and experience. For instance, artificial intelligence can automate a convolute task of audio/video sync, saving the exhilarating amount of human endeavor as well as reduce human errors.
The use of analytics is escalating quickly from fashion to media and entertainment. Consumers are now getting accustomed to selecting a movie on Netflix with predictive analytics running in the background. If one selects the movie ‘Wonder Woman’ the first title that shows up in the suggested feeds would probably be ‘Justice League.’ This is the potential of an invisible array of algorithms functioning on various websites that offer recommendations. And, the pattern changes as per the changed preferences of the viewer.
Data analytics holds a compelling future for the media and entertainment industry. It is taking the shape of a pivotal part of an organization’s growth formula, helping them gain insights into their customers’ choices. These insights can help organizations to enhance their marketing efforts and deliver a better product.
Organizations are able to discern when viewers are most likely to view content by using the valuable insights from the big data. With the ductility of big data, this information can be scrutinized at the grass root level for effective local distribution. By engaging big data in understanding the frequency of subscriptions, media organizations can design the most effective promotional and product strategies to bring and maintain the audiences. Viewer data received from social media user behavior often suggests ignored factors that can potentially drive consumer interest.
The evolution of the new technology and the advent of the ‘big data era’ has enabled the media and entertainment industry, an unconventional sector to reap the maximum benefits of analytics. In addition, the latest trends substantiated by this industry have introduced a bounty of platforms to engage with the viewers; a conation that calls for a more disciplined approach to increase the efficiency and adequacy of breakthrough to each platform. This will enable to achieve maximum profits from minimum investments.