What Are The Top Data Challenges Faced by the Media, Entertainment & Events Industry?
The media and entertainment industry is one that never stops moving. The purpose of media and events bodies is, of course, to inform the masses.
In a day and age where information is continuously accessible worldwide, this does present more than a few challenges. Let’s consider a few of these challenges and why smarter data management in the entertainment industry is the way forward.
Thanks to the advances made in digital content and technology in recent years, the media industry changed overnight. Previously, media bodies were more confident in how people consumed their information. This made marketing, outreach, and planning extremely predictable.
However, the ‘mobile revolution,’ as well as digital advertising, crept in very quickly. By 2021, digital marketing will be an industry worth more than $330 billion in the US. That is significant growth, from $170 billion just five years ago.
There is an argument that media & events bodies are frustrated with consumer fragmentation. People are no longer sticking to the same broadcast channels. They are reading news on their smartphones, listening to podcasts, and streaming live video long after the event. Collating viewership and demographic spread is getting increasingly difficult.
Therefore, collating a smarter, more efficient data management system is key. Companies are failing to analyse which partners court which viewers and readers are at risk of falling behind. The fact is the global market is forecast to generate more than $2.1 trillion in 2021. That is big money, relying on big data and complex planning. A helping hand or two will likely be popular.
Data privacy is a huge cause for concern in the modern age. Facebook’s controversies perhaps exacerbate this in recent years. Many saw user data reportedly consumed and shared without consent in some cases. Social media, of course, is just as valid a events platform as any other.
However, following the Cambridge Analytica scandal, everyday people are warier than ever. The vast majority of Americans – 79% of adults – advise they worry about what happens to their information. Coupled with 59% of survey takers being unclear about how data is collected, we are in a concerning climate.
There is also a large wave of acceptance. That does not denote that people are necessarily happy that media platforms are collecting information. Instead, it suggests a willingness to ‘put up’ with data collation en masse. Around 62% of US adults believe modern life is impossible without companies holding their sensitive information.
This does not mean companies should grow complacent. Big data law such as the GDPR, in Europe, expect media & events firms to be clear and explicit on data policy. It is now commonplace for users to agree to cookie policies before accessing some platforms.
Proving data security, however, is still a challenge for some bodies. Data cleansing and explicit collation will help even the biggest of bodies keep information safe. Using a dedicated platform, they will be able to safeguard individual privacies. What’s more, in the event of an audit, they will be able to prove complete compliance.
In all industries, data leaks can be hugely detrimental. Not only does data leakage result in reputational damage, but it is also expensive.
A company that does not protect itself is at risk of adding to a worrying statistic. As of 2020, the average cost of breaches worldwide is $3.86 million.
As mentioned above, data obtained and handled in the media industry is splitting into fragments. It is getting harder to predict which platforms and channels users will head to. That is, of course, if you are handling and processing data incorrectly or inefficiently.
Media & events bodies struggle with data quality. For example, it is not necessarily easy for companies to identify areas for comparison or insight. Methodologies are growing more complex and, in some cases, larger and larger in terms of scale.
Therefore, it makes sense for media companies to look to streamlining their data collation. They could use a platform that not only consumes data from multiple sources but which also cleans and organizes it. Duplicate information and irrelevant data is easy to remove. This helps not only to keep digital desks clear but also to assist with planning clarity.
When working with multiple channels, it is tempting to use various software and programs to assist. However, for companies in this sphere, this can lead to greater confusion. At worst, it could lead to inappropriate assumptions and loss of revenue.
Data quality is crucial. More so, it seems, in a day and age where around 57% of American adults are reading news via smartphones. The age of paper news is not yet behind us; however, media firms need to start cleaning up their data.
Data quality is critical in the media industry. Media and entertainment revolve around consumer metrics. To continue generating revenue, they must pay attention to user statistics and feedback.
Data can help production companies, publishing houses, and even webmasters craft products that appeal better to their audiences. For example, a TV company may look at viewership data to see who is watching a specific show or personality. This data may help decide where to schedule a show, and even when it comes to renewal and cancellation.
Media data is also crucial for survival. We have access to a huge variety of news outlets and entertainment resources in the here and now. With so many resources and options, the fight to claim readers and viewers is exceptionally competitive.
Therefore, data is useful in helping media platforms understand how they can fine-tune their content. Is a news provider appealing to the best political or social demographic? Are humor website readers connecting and engaging well with blog content?
Clean and concise data will also help media bodies to plan pricing strategies more clearly. What do their readers and viewers expect to pay for such services? Data management in this industry is essential, as poor handling could lead to reputation loss and financial downturns.
As mentioned, digital marketing and media, in general, will be hugely profitable in the years to come. Video streaming in the US is already worth more than $16 billion. These figures stem from very big data. Therefore, it is common sense for providers to start cleaning up their figures.
Services such as WinPure can help. WinPure is a leading data management, cleaning, and collation platform. We are already assisting big industry names such as Bloomberg, DOW Jones and Mesmorize in keeping track of their digital records.
Data management covers several bases. For the media industry, data quality, as well as collation simplicity, are equally important. WinPure removes irrelevant and duplicate records. It also collates and processes information from multiple sources and partners.
The media industry is one of the most difficult to keep track of. Consumer tastes will always shift and evolve over the years to come. Therefore, implementing a clear and manageable data system is important sooner rather than later.
Data will grow in size in the years and decades to come. The statistics analysed in this article show that consumption will fragment further in years to come. Big companies are already investing in WinPure, for example, to make sure they are ready for a variety of challenges.
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Mesmerize is a media company dedicated to connecting people with valuable information, resources, and tools that empower them to proactively manage their health and improve their lives. Point of care media, transit media, and place-based, out-of-home media provide highly-targeted advertising campaigns across the U.S.
England Hockey is the national governing body for the sport of field hockey in England. It is responsible for the management and development of the sport from grassroots to elite activities. There are separate governing bodies for the sport in the other parts of the United Kingdom.
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