Big data analytics is an integral part of business management and marketing. Companies use data analytics to evaluate their products and marketing strategies to determine the areas that require changes.
In the last few years, Hollywood has started adopting the concept of data analytics, which has transformed its operations. The audience plays a big role in determining the success or failure of every film. Hence, Hollywood considers the views of the audience before picking and releasing new films in the market. Social media is the leading source of data for Hollywood and other key players in the film industry. Here are some of the ways in which big data has transformed the way Hollywood conducts its business.
1. Making Strategic Decisions
Hollywood is now relying on social media analytics and data from traditional sources such as box office to determine the films to support. Customer data enables the movie industry to determine or forecast how different audiences will react to different genres of movies. The industry analyzes past responses to specific genres to determine if future projects in the same genres will be successful or not. Data also enables filmmakers to determine their target audience and produce films that suit that audience.
Data analytics enables Hollywood to determine the aspects or features that attract various audiences to a movie. The presence or absence of these features will determine if the movie will be a major hit or another ordinary movie. The film industry is using data to evaluate the cast, fans, storyline, theme, and even choose a release date.
2. Designing Marketing Strategies
Marketing managers in all industries require training in data analytics to use customer data effectively. One major use of data analytics is evaluating the performance of past marketing strategies. In addition, data analytics enables managers to design effective marketing strategies in the future. Hollywood is using social media analytics to determine the right target for its marketing plans. The movie industry is also using big data to determine the right channels and messages to use to reach its target markets with new films.
3. Evaluating Performance of Various Projects
The movie industry has been relying on ratings and figures from movie channels to determine the performance of new films. Such data sometimes takes too long to collect and analyze. Social media has become a fast and reliable source of customer data. Filmmakers know that their target audience will comment about new projects on social media. They ask leading questions about their latest projects on their social media accounts and analyze responses from their followers. Hollywood is also using social media trends to determine the performance of movies that the industry supported in the past.
Data analytics is a critical part of marketing in all industries including the film industry. Hollywood is using data analytics in its decision-making processes, performance evaluation, and in designing effective marketing strategies. Managers require training in data analytics to determine the right strategies to implement in their companies and many studios are hiring analytics graduates to fill new positions. The good news is that many accredited online master of science in analytics programs are available and that more and more studios are considering online MSA degree holders to fill these positions.
If you have a degree in analytics, this is your chance to get into Hollywood!