Technology has changed significantly over the last few years, and it is expected to evolve further in a shorter time span. Additionally, media consumption has experienced a drastic disruption with the advent of the pandemic. Consumers have various options to pick from because of a decentralized media industry. Big data has helped such companies perceive market trends and make effective decisions. In his article for Data Science Central, Ryan Williamson shares how big data is impacting media consumption in the modern world.
How Media Consumption Has Changed
Online streaming has become a crucial aspect of media consumption, and it has transformed the visual experience for consumers. Media organizations are looking for better tools and techniques to understand their consumer demands better. They are also facing cutthroat competition. So, market research is one of the most impactful measures these companies can take to understand consumer preferences. Big data allows media and entertainment agencies to enhance customer engagement.
How Big Data Has Helped the M&E Industry
Williamson shares how big data has helped the media and entertainment industry understand customer preferences better:
- Big data allows media firms to incorporate customer insights to develop specific content. Media companies focus on data patterns and assess the data to align their content accordingly. They make a list of questions, such as the age of their target audience and what type of content they should expand on to better their market.
- Big data helps entertainment corporations predict content demand giving them time to expand their archive. Online streaming has various genres that viewers can choose from. Additionally, big data enables media companies to accumulate enough information to predict future market demands.
- Data optimization and analysis have bolstered media revenue and allowed viewers to watch content at their convenience. With advanced marketing strategies, companies can use data to extend their business functions and customer engagement.
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