Blog Series: Big trends in Media and TV - part 3
The immensity of available information
Who’s afraid of the big bad data?
Wow. That’s a lot of data. Not sure what you’re going to do with it? You’re not alone. Better figure it out soon though because that mountain of information is going to determine your business strategy. Ouch.
Massive amounts of data are being generated by users everyday through social networks, participation in games and other online activities. Recent figures indicate that the number of daily tweets has grown to over 250 million. In March 2012, Facebook was accessed by 526 million users daily. And that’s just the beginning. Users engaging in online games and other social networks and platforms are also contributing large amounts of data every single day.
For the past few years the rise in the data exhaust has left many TV and Media companies with heaps of information and no means to properly capture, explore and exploit it. Companies are looking to shift from monitoring this information (ex. How many likes and tweets does my show get?) to mining the data in order to create business value (ex. Who are the users talking about my show? What are they saying?). They have understood the untapped potential that the data exhaust represents and how unlocking it can support them in spotting emerging trends, being proactive, boosting viewership and increasing revenue.
Targeted insights can be a powerful tool for attracting ad dollars and creating new online revenue streams that will complement traditional TV income. The ability to extract value from the huge pool of data being generated is no longer an option for companies; it is a requirement. Detailed knowledge of viewer demographics not only opens interesting opportunities for advertising but can also be used to shape production and tailor programs to align with the identified preferences and desires of engaged viewers. Going forward there will be additional pressure on digital media teams to have a better command of metrics and KPIs tied to business objectives.
How can I capitalize on this trend?
Come take a look at CloudTV our cloud-based platform that enables Media and TV companies to harness the power of social media and generate business value through monetization and analytics. And don’t hesitate to contact us if you want more information, we could talk about CloudTV all day.
Up next: The increasing pressure on Chief Marketing Officers.