Although virtually everyone agrees that the media & entertainment industry is undergoing a digital transformation, a challenge lies in determining the specific technical areas to address during the process.
From the music industry to film and publishing, digital disruption is everywhere. These profound changes must be met with a comprehensive strategy that will not only allow these sectors to remain competitive in the current landscape but will also prepare companies for the continued evolution of consumer expectations and business practices.
Several major technical areas should be thoroughly considered when planning the digital transformation of all businesses in the media & entertainment industry.
Big Data Analytics
The explosive rise of smartphones has radically altered the manner in which people consume content. As the associated digital media becomes a major source of entertainment, creators and distributors can derive massive gains in connecting to customers through the use of Big Data Analytics. A report from CloudTweaks indicates that Facebook collects and processes 500 TB of data daily, while each day Google handles 3.5 billion requests and Amazon receives 152 million instances of customer purchase data. Clearly, insightful information about customers has never been so readily available as it is now. Effectively harnessing this data is the key to unlocking hidden insights about consumer behavior, leading to an increased ability to deliver finely-tuned personalized content.
AI and Machine Learning
Artificial Intelligence (AI) is already being applied in the media industry to great effect. Natural Language Processing (NLP) allows companies to create articles rapidly, such as an NLP automated database called Wordsmith, which is being used by both the Associated Press and BBC. A subset of NLP, Sentiment Analysis, allows companies to identify opinions in social media and blogs by sorting through comments and analyzing the positive and negative words used by consumers to determine overall public opinions. Predictive Analytics is another form of AI that provides the ability to predict trends and behaviors based on a subset of data. And Machine Learning allows computers to become able to make decisions, thereby creating algorithms that can be used to make predictions about consumer usage patterns and personal preferences.
The digital world of media & entertainment requires a massive amount of bandwidth and other significant data management resources. Another challenge exists in the fact that it can be extremely difficult to predict traffic in every circumstance. For example, when a video goes viral, the number of hits can reach millions in just minutes. If the content isn’t responsive and dynamic, today’s consumers will move on to something else right away. To seamlessly handle these situations, media companies must be able to scale up resources quickly to avoid losing their audience at these critical moments. Cloud Computing may provide the solution, through highly scalable networks, advanced analytics, and enormous data storage capabilities.
As is the case with everything on the internet, tight security is essential. The media & entertainment world is no stranger to cybersecurity threats, such as the infamous 2014 hack of Sony Pictures, when confidential information about employees was exploited, along with hackers using malware to erase Sony’s computer infrastructure. In order to avoid attacks, advanced security measures must be taken in every aspect of a business, with consistent updates and reevaluations to ensure the utmost care in protecting information.
The digital transformation of the media & entertainment industry provides a new arsenal of tools to improve all facets of this sector. From streamlining business processes to enhancing personalization and improving content delivery, digitalization creates a robust landscape for companies and consumers alike.
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