Although there are many complicated and confusing definitions out there, big data is simply the discovery and analysis of data gleaned from inside, as well as outside an enterprise from digital and traditional sources. Advertisers and retail marketers have utilized big data for years, so it makes sense that the entertainment industry has embraced it successfully, too.
Once the entertainment industry started analyzing big data, they discovered what they didn’t know. Industry bigwigs took the steps to fully understand big data by determining what it meant to them and what it could do for them. Entertainment industry giants, like Lady Gaga, Netflix and Amazon, for example, have embraced the money-making potential of data-driven marketing.
So, what’s the big deal with big data? Before a production company decides to greenlight a movie project, they measure the social media buzz swirling around it. Based on the trending of a television series or a movie, they can predict if it will be a success – or not. Timing is everything in the dicey movie industry, so executives use the data they extract from their analysis to create strategies to position the release of a movie in the most favorable way.
In the film and television industries, to greenlight a movie pitch is to formally approve the financing of the production. It also means making a major commitment to the funding in terms of approving the movement of the project from the development phase to pre-production. Such huge decisions are the responsibility of whoever is in the financial management role within a company or organization – and this is risky business, so having concrete, usable data makes all the difference between success and failure.