Media and Entertainment - How Analytics and BI are Shaping this Sector

With the influx of OTT apps and services, there has been plenty of focus on the media and entertainment industry, especially how it intends to navigate the admittedly complicated market.

The increase in digital content consumption has led to the media and entertainment industry with tremendous access to user and content information. Rather it is posing as the challenge to leverage the data while harnessing its full potential. And, since organizations’ data collection is enormous, there is also the need to have artificial intelligence-based systems in place. They enable the processing and delivery of insights into user behavior, hyper-relevant advertisement, content personalization & more to diversify business growth.

Predictive analytics (part of artificial intelligence transformation) often refers to insights into users’ interests that enable organizations to design personalized content and advertise to increase user engagement. Further, it can also forecast future events, including an increase in content consumption for a certain type of content and even users moving away from the platform. Such type of information enables the organizations in the media and entertainment industry to quickly act and serve users accordingly while avoiding potential business loss.

But how? Allow us to tell you exactly how BI and analytics have proven to be crucial for M&E companies.
1. Personalization: Anyone who has operated any business in the modern market knows that personalization is the leading way to woo one’s customers. This would be a tad challenging in the context of the media and entertainment sector if it were not for BI and analytics which allow companies to get a line on exactly what users want.
2. Scheduling: The whole spectrum of products and services offered in the media and entertainment industry is highly reliant on business intelligence and analytics. The reasons for such reliance are plenty, of course, including scheduling content: yep, when content is aired or posted may seem haphazard or random to viewers, but the truth is content providers must time this right to ensure the best possible viewership. Of course, BI and analytics are more than able to help media and entertainment companies ace this aspect of the business as well.
3. Understand users’ behavior: The ability to understand users, especially their behavior, is critical to the success of any media and entertainment company. With analytics and BI, companies can do exactly that and so much more, including identifying patterns and foretelling future actions and demands by customers. This predictive ability to model user behavior allows media and entertainment companies to understand when users may feel inclined to abandon your service, or perhaps switch to another service provider. Such insights can then be used to kick off preventive initiatives to enable better customer retention, etc.
4. Better ad targeting: Ad targeting has always been a tricky thing to get right, especially before companies had tools and technologies such as BI, analytics, AI, ML, etc. at their disposal. However, now that these solutions exist, companies across the broad spectrum of industries, including the entertainment and media sector have been successfully able to take their marketing endeavors, including ad targeting, to the next level. What that means is businesses are now able to better understand what their customers need, want, and like. These insights, in turn, allow companies to fine-tune their marketing strategies.
Unlike what folks outside the industry may be inclined to believe, the media and entertainment industry is not an easy place in which one can do business. In addition to the inherent challenges associated with the industry, there are also the challenges posed by the evolving nature of the market as well as customers’ demands and expectations. In the face of such a difficult market, companies operating in this sector have found considerable assistance from analytics and business intelligence — two of the most advanced tools currently available in the market.

As you too can see from the above discussion, analytics and BI can do wonders for all entities operating in this space; so, if you too want to put them to work for your business, it would be a good idea to look for a trusted provider of media and entertainment software solutions and get started on taking your business to the next level.