Media Companies Stand to Make Big Bucks on Big Data

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hocby Angela Guess

Charles Kim of Bain recently wrote for Forbes, “Executives in nearly every industry are looking for ways to reap value from analytics, but media companies may have better opportunities than most. Every song listened to, every minute of video viewed, every online page that is clicked contributes to the mountains of data that tell them what audiences want. So media companies don’t necessarily need more data, but they do need to get better at sifting through it and blending together the multiple streams of data—some from new digital sources, others from reliable analog ones—to understand what their audiences like so they can deliver more of it.”

Kim continues, “Unfortunately, our conversations with media executives and our analysis of the industry’s analytic skills suggest that most traditional media companies aren’t very good at understanding data. Their pure digital competitors—technology-based media companies like Facebook, Google and Netflix—are best of breed. But to keep up with these new medialeaders, the old guard must learn new skills and seize the opportunities presented by all this data. In media, value comes from understanding and predicting the shows, movies and music that audiences want. Data and analytical firepower can improve the odds of getting it right. Netflix understood this when it was bidding against HBO and AMC for the political drama House of Cards.”

Read more here.

photo credit: Netflix

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