According to PwC, the worldwide entertainment and media business is expected to increase at a CAGR of 4.4 percent through 2021, reaching just under $2 trillion this year. This expansion will be fueled by the industry’s diversification of offerings, the use of big data analytics platforms, and increased demand for fresh content.
The entertainment sector is advancing at a breakneck pace. Consumers can connect to a new entertainment universe enabled by disruptive technologies such as smartphones and digital media through new technologies such as smartphones and digital media. Entertainment is becoming increasingly data-driven as a result of technological advancements. Data can be used by content makers to generate new methods and inventive chances for producing higher-quality content and new material for customers.
As a result, when it comes to exploiting big data analytics platforms, there are some important winners in the entertainment business, resulting in higher profitability and a closer relationship between producers and customers. Publishing a daily newspaper or broadcasting a television program is no longer adequate. At every stage of the data lifecycle, modern operators must seek for ways to extract value from their assets.
To gain a deeper understanding of the entertainment industry’s transition as it adopts big data analytics technologies.
To stay ahead in the ever-changing world of customer preference, it’s important to know what your customers want and need.
The way consumers consume media has evolved considerably in the last decade, according to Deloitte, posing both difficulties and possibilities for the business. Millennials today spend more time streaming content than watching it on television, and more than 20% of them watch videos on their mobile devices on a regular basis. Streaming services such as Hulu and Netflix continue to grow in popularity, with over 60% of customers subscribing to them. By 2021, there will be 209 million users of video-on-demand services, up from 181 million in 2015.
Media and entertainment firms are eager to redefine media platforms because there are millions of digital consumers throughout the world. They want to give their audiences more personalized material. In this way, they are in a unique position to boost client engagement and revenue by leveraging their big data analytics systems.
Reducing churn is one of the most important metrics in any business.
The more people leave, the less money you make and it’s difficult to grow when your customer base shrinks every year with no growth at all! We can help by optimizing media streams so that we’re providing our customers with exactly what they want — which means reducing buffering times for streaming videos or music as well increased bandwidth capacity because there won’t be anything left over after this process has taken place (that’ll just give them even greater opportunities).
Companies may use insights obtained from big data analytics to figure out when customers are most likely to see content and on what device they’ll be viewing it. Because of the scalability of big data, this information may be analyzed down to the ZIP code level for localized distribution.
This means that big data technology’s ability to acquire, store, and interpret many data sources in real time is a valuable asset to firms willing to invest in it.
Entertainment firms can build the best promotional and content strategies to attract and retain customers by leveraging big data to understand why people subscribe and unsubscribe. Unstructured big data sources including call detail records, email, and social media sentiment show frequently missed variables that drive client interest.
The quantity of data that media and entertainment firms can collect on a regular basis is staggering; nevertheless, it is what they do with that data that makes all the difference. Thanks to big data analytics systems, the entertainment sector is rapidly transitioning to a more personalized experience for consumers. Marketing and distribution, in particular, are experiencing a fast change in order to provide a better experience for both customers and content creators.
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