When the data from the market in which a company operates is combined with the internal data (company’s financial and operations data) by using business intelligence tools, a complete picture is created which provides insights into forming goals and strategies.
The information created every day is unlabeled and cannot be used to train machine learning programs that depend on supervised learning. The process of labeling the information is time-consuming as well as expensive. Here, Deep Learning comes to the rescue as it excels in unsupervised learning and is able to pick up valuable information from the unstructured data.
Between the dawn of civilization through 2003, 5 exabytes of information was created but now that much information is created in every 2 days. To strategically manage this huge amount of data and reap benefits from it is the main idea behind Business Intelligence in media. For media and entertainment industry it is critical to target the right audience, understand its experiences, be competitive and deliver content that caters to the expectations of the viewers. Accessing, analyzing, and managing big data provides media an insight into their customers, suppliers, partners, and products.
Here is how embracing Business Intelligence and Deep Learning, Facebook, Netflix and Fox Studios played it intelligently:
Review Before Release
The Feedback audience gives after the release of any entertainment project or a piece of art is a major concern in the entertainment industry. The response can either soar the sales or make it the biggest flop.
Talking about the movie ‘The Revenant’ which finally got Leonardo DiCaprio an Academy Award. Before the release of the movie, Fox Studios partnered with a small bioanalytics software company ‘The Lightwave’ to predict the reaction which could come from the movie goers. It organized a pre-release version for 100 moviegoers and monitored them through a medical grade fitness tracker. It tracked their heart rate, body temperature, movements and Autonomic Nervous System. Which scene got what kind of reaction was being communicated wirelessly in real time with the company’s software.
By the time the credits were rolling, a huge amount of data was collected which helped the filmmakers to garner an unbiased review of their movie.
Common functions of BI like Predictive Analytics, Prescriptive Analytics, Data Mining and Benchmarking can help in understanding the expectations of the customers. Entertainment and Media Houses now purposely roll-out shows and movies which have huge chances to be appreciated. Today, the popularity of shows can be attributed to data analysis.
Netflix is one such example which used Data Mining to boost its Subscriber base. It utilized the data to serve the right content and marketing to the right person. 75% of its user activity is driven by recommendations. It tracks down what the user watches, searches for, rates, what time he watches along with the date and what device does he uses to access.
Not just this, the popular show ‘House of Cards’ was purposively designed to be a major hit. It analyzed the data on what the viewers like and came up with the concept of the show.
Social Networking sites are using Deep Learning for Textual Analysis, Facial Recognition, Targeted Advertising and Promotion and Designing AI applications.
Facebook uses DeepText to derive meaning out of words which are posted every second and study the context in which it is being used. The tool is used to used to direct the people to the products they want to purchase on the basis of conversations they are having.
Facebook also uses deep neural networks to decide which advertisements should be shown to which users.
It is evident that Business Intelligence and Deep Learning are changing the face of media. The tech-savvy companies are using big data to the fullest to dominate in the media world. To get the attention might be easier but to keep the people indulged and live up to their expectations is the main test today. So just do it right, just like Facebook, Fox Studios, and Netflix.
We at NewGenApps have an expertise in novel technologies like Big Data, Predictive Analytics, Machine Learning, Business Intelligence and Artificial Intelligence. To know how we can help you to augment your business using these technologies, Get in touch!