LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their new article on the applications of big data in the media and entertainment industry. Big data analytics is bringing about groundbreaking transformations across industries and the media industry is no exception. One of the main reasons for this is its ability to enhance customer experience and improve the efficiency of business processes. Also, recent data breach incidents across industries have necessitated enhanced security as an important goal for big data analytics to accomplish.
The media industry is on the verge of a major transformation that is powered by the need to incorporate a content-centric business model. Media companies are now focusing on enhancing customer satisfaction and reducing customer churn by delivering top-notch customer experiences. Owing to the ongoing technological developments and the rise in the use of smart devices, media companies are forced to leverage big data analytics to enhance customer relationships. However, many lack the ability to analyze how customers react to changes in pricing and subscription models. This is where big data analytics steps in to help companies to precisely interpret datasets and improve customer satisfaction.
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Big data applications in the media industry:
Predict what audiences want
One of the key application areas of big data in the media industry revolves around the identification of the preferences of end-users. The vast datasets possessed by media firms offers a great opportunity to leverage big data analytics to understand the demand for specific genres of shows, music, and content.
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Gain insights on customer churn
A major challenge that continues to haunt media companies revolves around effectively tackling customer churn. Until the advent of big data analytics, combining and making sense of all the user-generated information from multiple sources, including social media was next to impossible. But with the advent of big data analytics, it is now possible to analyze customer behavior and devise strategies to enhance customer loyalty.
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Develop targeted campaigns
Big data analytics empowers media companies to gain a better understanding of the media consumption and behavioral patterns of users across various platforms. Also, through the use of demographic data, companies can personalize advertisements to suit the needs of specific customer segments.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal