The film industry is the behemoth of the entertainment world, generating a global box office revenue of 38 billion U.S. dollars in 2016. Thanks to movie data analytics, the market is projected to grow and earn the industry $50 billion more when 2020 arrives. This concept, which is popularly known as the big data, refines entertainment by considering consumer viewing habits, cultural interests, and personal preferences.
As more people publish information online and provide a continuous stream of feedback on Facebook, Google Plus, Twitter, and blogs, studios gain valuable insights on what genres will prosper, how films are marketed, which actors are favored, and where advertisements should appear.
Marketing and Release
Studios can now monitor the performance of their movies and advertising campaigns and customize them based on individual geographic locations. Research suggests that there is a direct link between the likelihood of selling out at a cinema showing and the number of ‘likes’ the campaign gets on Facebook. With the help of data analytics, studios can work harder on word-of-mouth promotion and marketing drives for movies that have the least receptive reactions.
A good example of consumer-driven data is that of the ‘Internet Movie Database’ (IMDb). The platform boasts a database of over 50 million users and 2.5 million films, allowing anybody to edit existing entries, contribute new content, and most importantly, rate any movie. This information is then extrapolated into tables, charts, and graphs that give insight to the most favored and the least popular genres and storylines.
These datasets help studios predict which of their films are going to perform well; they can show how an idea can crash at the bottom of the movie scrapheap or top the box office charts. Big data is rapidly changing the world of cinema, and studios who can manage information given by consumers have a strong foothold in the industry.