It’s a Friday night and you decide to pick up takeout and binge-watch something in your queue. What does business intelligence software have to do with your weekend plans? Everything. The ability to collect and analyze large amounts of data is what makes streaming services like Netflix, Prime or YouTube possible.
Collecting the Data
Every time you click, you participate in data collection by business intelligence software. You choose what movies or television series to stream online. You rate the programs after you are finished watching. You like, comment and share posts about your favorites on social media. All of this data is collected and used by algorithms to offer you selections tailored to your tastes in the future.
Crunching the Numbers
Business intelligence software not only makes data collection easier, but it is also what makes using that data possible in the first place. Today’s analytical tools allow companies to discover and follow trends, as well as make predictions for the future. In the entertainment industry, this information is used to decide what movies and television series to offer and also what original shows to develop. With millions of dollars at stake, data analysis has become crucial in making these decisions.
Making Recommendations
As you choose what to watch and rate your choices, this creates data for the algorithms to use to make recommendations. This data is analyzed to enable entertainment companies like Netflix and Amazon to make suggestions as to what else you might enjoy watching. These recommendations appear the next time you log in to your account and the more you use a streaming service, the more data you provide, which is used to tailor your viewing experience to your preferences.
Planning for the Future
Data analytics and business intelligence is crucial for the entertainment industry, and especially in today’s online streaming services. Platforms like Netflix and Amazon have begun to create their own original shows based on what their users are already watching. They also respond to messages from fans of particular shows and have begun to make new episodes of some shows that were taken off the air, like Arrested Development and Full House. The services also use data to decide what movies and television programs to discontinue or to let expire from streaming.
The ability to analyze large amounts of data easily, accurately and quickly is important to many of today’s businesses but is crucial to the entertainment industry. So the next time you make a cup of tea and sit down to watch The Great British Baking Show, you will know that your choice counts.
Be the first to comment on "How Netflix and Chill Drives the Entertainment Industry"