How Data Analytics can Optimize Segmentation in M&E?

Opportunities for the media and entertainment industry are unending when data science and analytics are applied to it. 

FERMONT, CA: The need to stay ahead requires fresh perspectives that necessitate selectivity, reliability, and understanding of trends. Therefore, data analytics is essential for producing and delivering content in the media and entertainment industry. Previously, a media company's investment decisions relied on discernible or apparent factors. Today, the situation is different: media companies are actively using technologies like artificial intelligence and machine learning to extract optimized business data models. 

The viewers' expectations and tastes continue to change over time. The audiences have matured enough in the age of modernization and digitalization to understand the type of content in demand accurately. This has led to the growth of niche content. Based on several variables, there are certain differences in the fan base. Each division has different ideas about how they want to be entertained. In every field, including the media and entertainment sector, hyper-segmentation is now a requirement. Content creators and distributors need to be very clear about their target audience to deliver quality content.

In the media and entertainment sector, there are many segments to which data analytics can be applied. Businesses enable better customer engagement with responsive user interfaces and quicker customer service, and thus better data accumulation. The information is used to understand the customer experience. Feelings are a key indicator of how well a specific content or technique performs. Customers provide feedback on different channels through simple rating methods. With accurate data analytics, the marketing aspects also benefits. The best marketing approach is through a personalization strategy. Technologies allow consumers to be monitored through media platforms, and thus, crucial information can be accessed, enabling advertisers to customize messages, emails, and advertising.

A large section of the population has shifted to personal devices such as smartphones and tablets. Thus, entertainment has also diversified into multiple channels. This generates demands for large volumes of content. Although the rapid development of content is a useful tactic, it is more important to help the viewer discover relevant content already available. Data analytics tools also play an important role in making personalized recommendations. 

It may seem challenging to know which audience group to target. That's the most important step in today's time. Data analytics is the best way to consider the options and reach the best business decisions. Data analysis provides companies with useful and actionable data that can be used to interpret the audience's behavior. The different categories of data collected by media and entertainment companies usually come from social media, GPS geographic location, customer support reports, marketing performance, and viewer feedback. A couple of years ago, the entire process used to be linear and based on a few viewership-related factors. Dynamic and multi-dimensional metrics are now being tapped and tracked. Such parameters are not easy to capture, but they are becoming easier to reach with enhanced technological capabilities.

Multiple device ownership has contributed to the explosion of media networks. To ensure customer satisfaction, entertainment providers need to maintain a high level of consistency across different platforms. Thus it becomes essential to integrate the entertainment channels. Data analytics takes viewers' identity markers and classifies them to create unique identities that can be accessed across platforms. This allows media companies to monitor audiences accurately and provide the same experience across platforms.

The tactical use of customer information in the media and entertainment sector to formulate justifiable business strategies can only be done by data analytics. Many companies have already realized the advantages, while many others are about to adopt them.

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