The world of entertainment has come closer and closer to what people want, what they desire. From drama, comedy, and action movies to the endless abundance of animated films, producers seem to have captured the consumer’s taste. But what could be doing them good? What makes great movies aside from good stars and perfect timing? The answer: predictive analytics.
Predictive analytics in movies is not new, but it has become more prevalent and powerful now. Due to data availability, as well as technologies and applications to treat data (e.g., artificial intelligence), filmmakers are constantly improving the decision-making process of producing movies.
Working with data
There are countless sources of data for film studios to pick from. They can be sourced from their enterprise (e.g., sales figures) or online (e.g., social media). Through these data, one can predict if a movie will profit.
You can choose a genre, the budget, release date, release location, talents, or the marketing approach as those factors that affect sales. Or you can select a star, and then look for the variables or related data about that star that may predict sales. By identifying patterns in previous data or information, predictive analytics guarantees better filmmaking and marketing decisions.
Mining social media for gold
Social media data can also be harnessed to determine what viewers want. In fact, it is a treasure trove for film studios in identifying sales-generating consumer attributes. The audience is the key element that decides the success of a film. By tracking their behavior and their sentiments in social media, you would know what would make them buy a movie ticket.
Through the gathered and analyzed data, one can capture the prevailing trend among moviegoers so they can target specific demographics or, maybe, refine trailers, so they appear more enticing.
Data can now be mined almost anywhere. And for the movie industry, employing analytics to provide business insights equates to another blockbuster ahead.
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