Quantzig expects ‘groundbreaking transformation’ in media industry courtesy of Big Data analytics
Global analytics and advisory firm Quantzig projects big changes in media and entertainment as companies leverage Big Data to enhance relationships with customers, make business processes more efficient, and enhance security.
The Lowdown: The rapid proliferation of smart devices and the data they generate has made it increasingly difficult for media companies to keep up with customer demands and desires, and to do so efficiently and securely.
Enter Big Data analytics. According to Quantzig, more media companies are relying on the technology to gauge customer interest in particular services and analyze customer reactions to pricing and subscription-model changes. The ultimate goal: to increase customer retention by delivering top-notch customer experiences.
The Details: Specifically, analytics can help media and entertainment outlets do three things:
• Predict what audiences want: The vast data sets held by media firms present an opportunity to use Big Data analytics to understand customer demand for specific show, music, and content genres.
• Gain insights on customer churn: Analytics platforms can help media companies pull together and study user-generated information from multiple sources, including the Internet and social media. With that data in hand, companies can analyze customer behavior and devise strategies to enhance customer loyalty.
• Develop targeted campaigns: With Big Data, media companies can gain a better understanding of users’ media consumption and behavioral patterns across a variety of platforms. In addition, companies can use demographic data to personalize advertisements and address the needs of specific customer segments.
Background: Businesses in almost every vertical have begun to leverage Big Data and analytics to make better decisions and streamline their business processes. Analyst firm IDC forecasts that worldwide revenue from Big Data and analytics (BDA) solutions will reach $260 billion in 2022 – an annual growth rate of nearly 12 percent since 2017. According to IDC, the industries making the biggest investment in BDA are banking, manufacturing, and the federal government.