22 Apr 2020
How Data Analytics Has Changed the Media and Entertainment Industry
Data analytics is more diverse than most people think. More and more industries around the world are relying on data analytics to improve efficiency and deliver exactly what their customers are looking for. As such, those who have undergone data analytics training are in high-demand throughout the world. Even taking a course on data analytics for beginners allows you to enter a wide range of industries. One such industry is the media and entertainment sector.
You’d be surprised by how reliant the media and entertainment industry is on data analytics. In fact, many of the forms of entertainment you’ve become accustomed to have been a result of the industry’s use of data analytics. Here are a few notable examples of how data science has changed this industry for the better:
Watching Habits Influence Show Recommendations
The best example of this would definitely have to be Netflix’s recommendation algorithm. This algorithm was coded to use a complex set of criteria to deliver suggestions that closely mirror what viewers have already watched.According to insider statistics, viewers discovered roughly 80 percent of all television shows and movies watched through Netflix’s recommendation system. It sounds so simple, yet this has revolutionized the way many people around the world watch movies and tv shows.
Feedback Now Factors in When Creating New Shows
It seems like many television studios and film companies have been producing a lot of shows and movies that have been up your alley in recent years, hasn’t it? That’s no coincidence. These companies are using analytical models to help them gain insights on the tastes of their audience. As a result, media companies are able to predict interest levels and marketability of various ideas, allowing them to focus on the ones that are likely to generate the most interest and profit.
Real-time Data Has Made Studios More Competitive
When competition thrives, consumers tend to benefit the most. Data analytics has made it possible for studio executives to access large amounts of data in real-time. This allows them to make quick and decisive business decisions in relation to what they are doing versus what competitor studios are doing. In other words, real-time analytics allows a company more chances to “win the race” against their competitors.
If you’ve been interested in media and entertainment for a while now, know that data analytics can definitely present a variety of career opportunities in that industry. This is especially true if your background includes holding a Microsoft Certification for Data Analytics.