The New Hero in Media Industry
The media industry is all about art and employing big data in it is a fine art. Science and art are two opposite spheres of the world. But as it is proved in science that opposite attracts, the same is the case for this field as well. Big data and art together are proving that they complement each other quite well. The media industry has seen a huge transformation through its linking with big data analytics.
As data refers to the stored information and recorded operations which were performed by the computer in various forms, big data can be understood as the same data being present in huge amounts and numbers. This consists of information provided by both humans and the devices.
Big data is the collection of the data which is also growing exponentially with time. Big data is large and complex in its size and storage that it is unable to be deciphered and understood efficiently by the traditional data management tools.
The media industry also combines and collects the same kind of data from various sources to be able to understand the viewer behaviour and improve themselves in the way which will make them excel and be the favorite of the viewers amongst all of them.
Taking care of customers
For a media company, nobody is more important for them than its users and keeping its users happy is their toughest task. Companies need to ensure that they fulfill each of their customer’s wishes. To attain the same, they must be aware of what their customers need. And to ensure stress-free access to their content, media companies collect a huge amount of user data to gain insights about their users’ choices and interests. The best part is the use of recommendation systems that is a result of big data analytics. They are used to recommend users shows or movies according to their preferences.
Additionally, companies can even gain in-depth details about the other important things such as viewing history, ratings, reviews, data from social media, etc. This is empowering them to closely evaluate every customer’s demands. Once they are aware of their customer’s preferences they can efficiently predict what service they need to provide in the near future.
See through the customer’s eyes — optimize
Since the advent of big data in media industry, it has eradicated all the barriers between the users and the distributors. Big data analytics is helping companies to connect with their customers in a much better way than they ever did.
Through analyzing the various parameters of its customer’s data such as the most viewed content, the average time a user spends streaming their content, and the device used by the viewers, companies are now able to provide its customers with a more personalized experience. And this is a fruitful source of building a loyal customer base.
Additionally, this helps them in maximizing their revenues as well. The other services such as on-demand and scheduled viewing are made possible only after the advent of big data analytics.
Making people mad with ad
Running a media company without advertising is like winking at a person in the dark. You know what you are doing, but nobody else does. Advertising to media companies is what food is to soul. These companies literally cannot think of surviving without advertising. A media company’s success heavily depends on their advertising strategies.
The better is their advertising policy the more it attracts new customers. Previously these ads were made randomly in a hope that customers will like. But now big data analysis helps companies to develop more personalized ads and provides insights about the best time to stream those ads to seek the attention of the maximum number of customers.
Advertising on different platforms such as social media can be carried out more effectively. As big data has made it possible for the media houses to understand their customer’s exact preferences, it’s quite easy for them to engross the customers.
Content is the king
Big Data is providing more and more earning hands to the media companies. It is continuously generating new revenue sources for them. With big data helping them in understanding what all their customers require, the product updates have become more and more cost-effective.
It is the power of big data that the companies are furnished with such amazing insights. It brings them a lot of advantages such as an increase in revenues, brand loyalty and ultimately gaining a competitive edge over others.
Content is the king, but engagement is queen and big data is ruling the house.
Here’s a real-life example of big data’s endeavors in the media industry, the Weather Channel (TWC), an American paid television channel co-owned by IBM. IBM, one of the pioneers in the Big Data world, empowers TWC with Big Data analysis to understand customers’ behavior in a specific weather condition.
Once they were able to gain these insights, they developed a marketplace named WetherFX which emerged as a platform for sellers to advertise their products that has a higher priority of selling in that particular weather condition. This was a huge success for TWC as presently around 50% of its advertising revenues are generated with the help of Big Data analytics.
Big data is now the real hero for the media industry. It has now all the limelight of the industry. It plays a major role in the advancements taking place in the industry, though from behind the curtains.
For the media industry, their customers are the real kings and big data is helping them to treat their customers like a one. The industry is now able to understand their customers in a much better way and is now acting accordingly. Big data is the perfect director for the media industry.
Words & Expressions
complement：补充
exponentially：以指数方式
parameter：参数
eradicate：根除
literally：字面上