Predictive Analysis: Taking Lead in the Entertainment Sector
With the advent of technology comes the supreme convenience of getting entertainment wherever one may be, whether right at the comfort of one’s home or even on the go. For many consumers, these are a much-welcome addition to their sources of entertainment. Media and entertainment companies, on the other hand, suffer.
Not only do these organizations have to compete with the ever-growing ways of consumer content delivery; they also face the continued rise in competition. This said, smarter, more efficient operations are in order, lest they want to lose the battle in an industry as widely evolving and large as entertainment.
Where making predictions and analytics come into play
Today, innovative predictive analytics in the entertainment industry shows promise in boosting the success rate of movie and TV projects. Although this sector has always relied on data, particularly figures like ratings, predictions based on relevant data sources entered in real-time settings is a fairly new practice.
There are some ways to use real-time data and transform them into opportunities for project success, including improved advertisement targeting and enhanced media scheduling.
Adjusting the schedule based on external factors
Media scheduling isn’t just about setting a specific time and date on which to launch and continue showing your ads. To even have the chance to compete in the extremely tight entertainment market, you have to consider external factors that can impact consumer behaviors and actions, which in turn affect your revenues. A perfect example is the weather – analysis of such variable gives you time to adjust the schedule – which can reduce or increase viewers.
Targeting the right crowd
Advertising has and will always be the number one marketing medium for TV and film. However, pair this with predictive analytics, and you can have a much clearer picture of what consumers do and how they behave. From this analysis, you can then see which crowd has the greatest likelihood of turning their attention to your ads.
Essentially, advanced analytics allows you to spread the news much faster – and to the people, the project is actually for.