Using Movie Industry Analytics to Predict Box Office Hits
Hollywood would never be successful if it were not for the great actors and production teams behind every film. It would never be a potent driving force of popular culture if they made wrong decisions in entertaining the global audience. The factors of its success remain, but with competition everywhere, the difference may now lie on how to predict success. This is where movie industry analytics enters.
To guarantee producers to profit from every project, experts use analytics. They use current technologies like statistical software and artificial intelligence to crunch data of all sizes. These may come from sales and profit figures, social media data, and internal information.
Collected data are analyzed and evaluated to determine the types of content that moviegoers enjoy. Experts may try to compare the actors or the genre types that sell well, or they may scrutinize the best time of the year when films are most profitable.
Optimizing content delivery
Analytics improve content delivery. By knowing what audiences prefer, producers will be able to streamline their content. After analyzing the data, the experts will forward them to producers or film studios with recommendations on how to capture the desired audience demand. Results of their analysis will guide decisions made in the production team, from scriptwriters to actors to designers. Through this process, producers minimize investment and resource risks.
To gain insight on how to make moviegoers come back repeatedly, experts look into a mix of company figures and social media data. For example, data on movie subscriptions can show changes in the popularity of films.
This can be tracked using social media posts and product reviews about same products. If certain events or product features are found to have caused the dip in subscription, they will be avoided or improved to cover lost subscriptions.
Analytics is a powerful tool, which not only searches for clues to box office success but also ensures overall customer satisfaction.