Influence of Data Analytics in the Media Industry
As the most significant tool for businesses, data analytics has helped them to maintain a competitive advantage in their respective verticals. Reports from Gartner survey says that more than 70 percent of enterprises have already invested or are planning to put in their money in data analytics due to the impact of big data worldwide. The media and entertainment industry stands out to be prompt in adopting big data analytics, as a huge volume of data is generated digitally in this vertical and enables change in the consumer research programs. Although collecting data is not very problematic for the media sector, analyzing the data to improve strategizing, decision-making and business performance are more challenging to the industry.
Data analytics has the power to bring a massive change in the format of the media industry by organizing campaigns and minimizing costs. Insights, contents, and stories can easily be derived by analyzing the huge volume of unstructured data available in media houses. Such content can be sold to customers, which is a way to increase the revenue for the industry. By using predictive models, IBM once forecasted almost 73 percent of success for a movie by selecting appropriate cities for its screening and promotion. In the media industry, social media has slowly but gradually built a strong position today due to the constant increase in the number of social media users. This generates a huge volume of data, and analyzing such data by text mining the social media contents in regards to sentiment, topic, and other related theories are required to get an idea on the on-going trends and the human behavior towards it.