There is a growing body of evidence that there is much work to do at research and policy levels to support the burgeoning ecosystem of diverse businesses engaged in analysing, enhancing, and delivering content and data. Methodology for deriving the media sector roadmap, Mapping requirements to research questions in the media sector. It is important to note that the widespread uptake of big data within the media industry is not solely dependent on successful implementation of specific technologies and solutions. Processing of large user-generated content datasets. for data journalism and product management. The requirements are distinguish between non-technical and technical requirements. One of the most significant big data challenges in the media industry is the lack of financial muscle for media start-ups and SMEs. At this point, personalized marketing algorithms come to rescue the big media empires. Big data in the media and entertainment industry can help in seeking an in-depth understanding of consumers behavior and preferences. But the big data mind-set, technical solutions, and strategies offer the ability to manage and disseminate data at speeds and scales that have never been seen before. (2014b), a survey was undertaken among European middle and senior managers from the media sector (and also the telecoms sector, where large players are increasingly moving into areas that were once considered purely the realm of broadcasters, publishers, etc.). Summary of six application big data scenarios for the media sector. Without big data applications, there will be a wasteful and random approach to finding the most interesting content. streaming video suppliers, Internet businesses, television broadcasters, and so on). Using predictive analytics to commission new services, Data mining to support development of new and enhanced products for the marketplace, – Offer innovative new products and services, – Enable development in a more quantitative way than is currently possible, Using data from multiple sources to build up a comprehensive 360° view of a customer, Extension of scenario “Product Development”—mining of data external to the organization for information about customer habits and preferences, – Reduce costs of customer retention and acquisition, – Use insights to aid commissioning of new products and services. Consumer profile details including customer service interactions. Big Data can open up the lane to fast success to businesses in the entertainment and media industry. Open Access This chapter is distributed under the terms of the Creative Commons Attribution-Noncommercial 2.5 License (http://creativecommons.org/licenses/by-nc/2.5/) which permits any noncommercial use, distribution, and reproduction in any medium, provided the original author(s) and source are credited. However it is having great success in the entertainment and media industry. Differences in penetration of high-speed broadband provision across member countries, in cities, and in rural areas. (2014b). This can then be enhanced and ultimately monetized by selling to customers. https://www.quantzig.com/contact-us, Quantzig has announced the completion of their new article on big data trends transforming the media and entertainment industry, https://www.quantzig.com/request-for-proposal. Big data can also help media and entertainment companies generate additional sources of revenue. Science and Art are two opposite spheres of … Spotify, the popular music streaming service, uses a Hadoop big data analytics platform to gather massive amounts of data … “Big data analytics can help media and entertainment companies to develop best promotional and product strategies to attract and retain customers,” says an analytics expert from Quantzig. The media and entertainment industries have frequently been at the forefront of … Failure to transform the culture and skillset of staff could impact companies who are profitable today but cannot adapt to data-driven business models . Therefore, big data holds the key to drive profitability for media and entertainment companies. Volume—Large amounts of data can be gathered. (. Organizations own data services to end users. How Big Data is Changing Media and Entertainment Industry. 14 Big Data in the Media and Entertainment Sectors 257 involved in media or data-driven storytelli ng; and finally, tools to better interp ret customer interactions with products and services. not just data scientists). Better integration between solutions along the data value chain will be essential in order to convince decision-makers to invest in innovation, especially in times of economic uncertainty. Developing recommendation engines using multiple data sources. Consumer awareness is growing and technical improvements continue to reduce the cost of storage and analytics tools among other things. The media and entertainment industry is all about art and employing Big Data in it, is a fine art. Marketing Manager Big data in the media and entertainment industry has helped in combining and making sense of all the user data from multiple sources, including social media. wearables), Drill down into consumer behaviour in more granular detail, Foster a more engaged relationship with audiences and customers through unstructured social data analysis, Clear policy direction on use of personal data within the EU. The media sector has always generated data, whether from research, sales, customer databases, log files , and so on. Abstract: Media and entertainment industries are advancing at an unprecedented speed every day, governed by dual requirements to minimize costs while at the same time generating more revenues from a highly competitive and uncertain market. Big data analytics helps the media and entertainment industry to aid businesses gain hidden insights into customer behavior and facilitates the delivery of personalized content through analytical tools and … Understanding why subscribers unsubscribe to your mailing list has … Exploiting big data step changes in the ability to ingest and process raw data , so as to minimize risks in bringing new data-driven offerings to market. UK: +44 208 629 1455 Increased consumer awareness and concern about how personal data is being used. Getting Close To The Audience Than Ever. Not affiliated In Zillner et al. http://www.deloitte.co.uk/tmtpredictions/assets/downloads/Deloitte-TMT-Predictions-2014.pdf, http://www.ibmbigdatahub.com/enlarge-infographic/1642, http://www.ibmbigdatahub.com/blog/measuring-business-value-big-data, http://www.pwc.com/gx/en/global-entertainment-media-outlook/insights-and-analysis.jhtml, http://creativecommons.org/licenses/by-nc/2.5/, https://doi.org/10.1007/978-3-319-21569-3_14, Analysis of Industrial Needs in the Media and Entertainment Sectors, Potential Big Data Applications for the Media and Entertainment Sectors, Drivers and Constraints for Big Data in Media and Entertainment Sectors, Available Media and Entertainment Data Resources, Media and Entertainment Sector Requirements, Technology Roadmap for Big Data in the Media and Entertainment Sectors, Conclusion and Recommendations for the Media and Entertainment Sectors. Siri and Cortana , are underpinned by “artificial intelligence” and semantic analysis technology. According to PWC (2014), this forges the trust of consumers, creates the confidence to innovate with speed and agility, and empowers innovation. We help media companies to improve ad … Therefore, the best way forward for Europe is to build on its strengths of creativity and free movement of people and services, in order to bring together communities of industrial players, researchers, and government to tackle the following priorities: Zillner, S., Neurerer, S., MunnÕ, R., Lippell, H., Vilela, L., Prieto, E. et al. Also, the solutions market is dominated by US, and, increasingly, Asian firms. It is no longer sufficient merely to publish a daily newspaper or broadcast a television programme. Volume, variety, velocity, and veracity —Media companies must prioritize processing based on expected use cases. Free structured and/or linked data , e.g., Wikidata/DBpedia. Infrastructure and Process: While start-ups and SMEs can operate efficiently with open source and cloud infrastructure, for larger, older players, updating legacy IT infrastructure is a challenge. Devising strategies to deal with the risk of customer churn is one of the critical challenges facing the media and entertainment industry today. cross-selling based on viewing habits), Increase conversions from offline marketing activities (e.g. Media companies are in many respects an early adopter of big data technologies because it enables them to drive digital transformation, exploiting more fully not only data which was already available, but also new sources of data from both inside and outside the organization. Big data has helped companies in combining and making sense of all the user data from multiple sources, including social media. Operate in crowded sub-sectors such as digital marketing or book publishing, where very few players have dominance, and consumer preferences and fashions can change very rapidly. Part of Springer Nature. … Nevertheless, the key headings shown in the figures in this section are strongly predicted to remain highly relevant to the sector for the following reasons. Commercial data feeds, e.g., sports data, press agency newswires. Insights into Customer Churn. Customers and Suppliers: Ambitious media companies will use big data to find out more about their customers—their preferences, profile, attitudes—and they will use that information to build more engaged relationships. Characteristic(s) will depend on business objective of the data, e.g., a news agency will prioritize speed of delivery to customers, a broadcaster will be focused on streaming content in multiple formats to multiple types of device. Major media applications such as “intelligent personal assistants”, e.g. Case studies of successful big data projects in media have tended to come from the left-hand end of the data value chain (i.e. However, this does not mean that organizations are deriving the fullest possible financial benefit or cost efficiencies from both their existing data and new sources of data. The media and entertainment industries are evolving at an unprecedented rate, driven by the twin needs to reduce operating costs and simultaneously generate more revenue from increasingly competitive and uncertain markets. One amongst the major advantages of the insights that any business gets via Big Data … Equally, the vast majority of publishers and broadcasters have always faced the need to compete right from the earliest days of newspapers in the eighteenth century. Big Data in Media Use Cases. Velocity will become pertinent where the service needs to be responsive to user action, e.g., online gaming networks which upsell extra features to players. streaming movies, as it reduces the potential customer base. With the advent of Big Data in the media and entertainment … Anirban Choudhury When quick and impressive online experience became very familiar for many people, it is even more challenging to retain the attention of the customer gained. direct mail) by analysing online data, Predictive analytics solutions that can identify trends, segments, and patterns without these explicitly being modelled, Return more relevant search results in consumer-facing applications using semantic analysis, Database solutions that can be set-up more quickly than with traditional applications, Capability to use crowdsourced data curation to complement internal subject matter expertise, Manage large-scale data in graph databases, Translate unstructured data (e.g. Insufficient access to finance for media start-ups and SMEs . For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal, Quantzig A few examples of media companies that have successfully leveraged big data to enhance the consumer experience are: Spotify. Big data technology roadmap for the media sector, Large media firms with resources create and publish open ontologies, Common ontologies for specific use cases in media and entertainment industries, Ontology management and manipulation tools available for a wide range of commercial uses, Relation extraction technology available at scale and affordability, Semantic inference to support predictive analysis of data, e.g., user behaviour, tracking news stories, Limited open data available to companies looking to generate new business models, Open data published in machine-readable formats by more public and private sector bodies, Natural language processing tools scalable to large volumes of data (including speech), Standardization of data acquisition protocols, Data-agnostic architectures enable diverse data streams to be analysed simultaneously and in real-time, Curation platforms to enhance value-add of data products, Scalable recommendation tools for non-technical users, Machine learning frameworks embedded into decision-making tools, Real-time aggregation of streams generated by networks, sensors, body-worn devices, Product development platforms for rapid iteration of data-driven services, More detailed segmentation of customers based on subjective factors, Intuitive data visualization tools for interactive applications, Convergence of business intelligence and product analytics applications, Actionable predictive analytics of events or trends across large, dispersed data streams, Combinable analytics approaches enable deep insights into patterns based on context. Legacy products and standards still need to be supported in the transition to big data ways of thinking and working. The Media Sector is in many respects an early adopter of big data technologies, but much more evolution has to happen for the full potential to be realized. Velocity—Being first to use data such as sports or news events builds competitive advantage. Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. pp 245-259 | Get in touch with our experts to know more. LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm that offers customer analytics solutions, has announced the completion of their new article on big data trends transforming the media and entertainment industry. Taking Care of Customers. Applications that exploit collaborative filtering, content-based filtering, and hybrids of both approaches. 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