May 30, 2014
Why big data is important for entertainment, and how it drives change, according to 60 digital media VIPs
Taking place at MIPTV, the Digital Minds Summit is a closed-door think tank gathering 60 influential digital media leaders. This year, the focus was on how to create actionable intelligence with your data. We partnered with Accenture to offer you this exclusive report.
Eric Scherer, director of future media at France Télévisions, states it clearly: “50% of consumption of media will be on demand, which will lead to a new economic paradigm. We’re moving from mass media to precision media – from a few markets of millions of viewers, to millions of markets with a few viewers. The challenge is to stand out among the increasing levels of noise.”
“Big Data” provides media companies with the means to:
– Measure consumers’ perception of a brand by identifying what people are saying;
– Aid in marketing strategies by determining content effectiveness and influences;
– Pinpoint where and how revenue is generated by making ‘fuzzy’ connections with social media and disparate data sources; create new sources of revenue;
– Assess operational efficiency; in turn, detect, address and sometimes avoid issues;
– Improve the customer experience by using Big Data in real-time;
– Drive ‘successful’ innovation and decision making.
An Accenture study conducted across 23 markets revealed that the digital consumers are not completely unaware of content’s value, nor are they opposed to paying for it. Furthermore, 70% of respondents went as far as to say that they were willing to share personal data in exchange for more personalised services.
The question posed today is no longer whether Big Data should be exploited, but how. Media companies have to take many factors into consideration to ensure they adopt the right strategy.
Accenture is one of the world’s leading organisations providing management consulting, technology and outsourcing services, with approximately 289,000 employees, and offices and operations in more than 200 cities in 56 countries.
Thanks to Digital Minds Summit participant MediaCity’s Simon Staffans for his help in elaborating this document.