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Applications Of Statistics In The Medical Field
Unlimited access to digital media via smartphones and other connected devices has increased the availability of entertainment to masses. This has created a need for media creators and distributors to embrace Big Data Analytics to create a connection with their customers.
Businesses in the entertainment and media industry have learnt the importance of data and how they can use it to leverage growth for their companies. A number of educational institutes are offering focussed specialisations in analytics and operation research in statistics owing to the rising demand for professionals who are experts in this field.
Video publishers, media owners, TV channels, and gaming companies are all adopting data mining and data analytics. Any business related to media deals with large amounts and data and will profit from using big data analytics.
Let us look at some ways big data is used in the media and entertainment industry:
1. Predicts Audience Interests
Initially media content had limited availability and could be served to only limited platforms. With the number of options available to consumers today, such as live streaming, pay per view, and on demand content, the market trends have changed dramatically. To understand and tap into these changes in a meaningful way and to improve content delivery across all these forms, broadcasters need to collect vast amounts of user data to help them gain an in depth understanding of behaviour and preferences.
For example, using big data and analytics data, giant video streaming platform, YouTube has unearthed several interesting statistics about its users including what kind of videos they watch the most, what devices are used for video streaming, and how long each video was watched etc. Big data has helped Youtube obtain deep insights into its audience’s changing behaviour and help it curate content that is closely aligned with preferences of viewers.
2. Optimized Scheduling of Media Streams
With the exponential growth that has been seen in the platforms for digital media distribution the barrier that existed between end users and distributors has almost completely vanished. Today it is much faster and easier for content to reach the end-users directly without any intermediary. The connectivity that social media networks offer have amplified this effect. The option of scheduling media streaming and connecting with audiences more closely has positively impacted the revenue generation for media companies.
3. Effective Ad Targeting
Revenue models for media and advertising companies depend heavily on programmatic advertising. Till before the advent of big data analytics, programmatic advertising was carried out in a random manner, with a hit and error approach. Employing big data allows to remove the guesswork out of programmatic advertising. Advertisers and businesses can narrow down exactly what the preferences of customers are. With the information they will also know better what type of content viewers watch at what time and duration. This kind of minute visibility of customer preference enable improvement of ad efficiency targeting leading to higher conversion rates or TRPs.
To conclude, big data plays a significant role in negating the biggest risk in the entertainment industry- changing customer choices and tastes. The demand for professionals who have pursued big data and analytics courses is very high owing to this.
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