TV must pioneer new avenues for the entertainment industry. Young viewers are watching less TV and have been flocking to online video services by the millions. Behind those, powerful next-generation data technologies generate deeper understanding by cross-referencing terabytes of consumption data in real-time.
But finding new avenues is a potentially complex process. Here are four key approaches to make data work for you:
1. Comprehensive data collection: Every minute gone is another minute you could have learnt something important about your content and what your customers truly think. Every video stream, every “like” shared across social networks, every upload to Youtube – these are all data points worth knowing. Add to this the tracking of more traditional influences such as the competitors, news and the weather. Quantity does matter.
In TV, data volumes are massive. The BBC iPlayer commands 7m online requests every day.
Youtube and Netflix together dominate nearly 40% of UK internet traffic during prime time. Each video viewed contains hundreds of different data attributes that may uncover monetisable insights later, so the structure and capability to collect should not be a hindrance in harnessing this abundant data.
2. Mining richer behavioural insights: Analysing data in the right context is not trivial. Organisations often face analysis paralysis not knowing how best to leverage the data. Ultimately, we are asking the same old question about “who is watching and why?”, but with more precision. Having “attributed” data services will be crucial during this step if anything is to become actionable. Too often you end up with unattributed data that just states a fact.