Big data is big news these days.

All of you should already have some understanding of what big data is and what it is able to do. Though few of you will have heard or read much about big data analytics in moviemaking, you will almost certainly have heard about how it is being used, and indeed, misused, in other industries.

The recent Facebook–Cambridge Analytica data scandal affected some 87 million people and brought to the world’s attention to the power of big data. However, this was in fact, one of many big data breaches over the years. On top of these, revelations by whistleblowers such as Edward Snowdon regarding governmental agencies secret and illegal collection of our data shocked people all over the world.

Despite the worrying dark side to misuse of our data by companies such as Facebook, the overwhelming trend in big data is a positive one. Big data and its interpretation is an enormously powerful tool that already has dramatically changed the world in which we live. And the big news is that this is only just the beginning.

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How Big Data Analytics Have Changed The World We Live In

Big data is everywhere.

Everything from your favorite apps and websites to how your local supermarket gets its products is made possible by the interpretation of big data.

Big data is exactly what it says on the tin. It is data that is collected in large quantities for the purpose of allowing a company to improve its service in some shape or form. A great example of a company that effectively uses big data is Amazon, which is also one of the world’s leading data analytics companies too.

Amazon collects data regarding everything its users do while using its site and products. A user who accesses their Amazon.com site to purchase a book or DVD, for example, will be unknowingly providing the company with all manner of data.

To start with, that user will enable tracking cookies that will allow the site to ascertain everything from their current location to what device they are using to access the site. Once the user logs into their Amazon account, the site will require personal data that includes their name, age, address and even credit card details.

As the user then uses the site to search for the products that they want, the site will record an entire history of past searches and products purchased.  With this information, Amazon is able to do everything from accurately predicting what products/services that an individual is likely to want in the future to when they are likely to want them.

All this data, and the ability to interpret it to identify specific trends such as shopping habits, has greatly improved customer satisfaction and lead to increased revenues for these companies. In fact, it is fair to say that big data has made companies like Amazon into the giants that they are today.

Big Data And The Movie Industry

Companies such as Amazon highlight how big data can revolutionize the way traditional industries do business.

However, it is interesting to note that the integration of big data analytics has not been an even one. Despite the obvious benefits in markets such as eCommerce and insurance, for example, industries such as the movie industry have been slow to jump on the bandwagon.

Given that the film industry stands to benefit from massively increased revenues, it is very surprising that it has not been quicker to develop and support big data analytics.

The collection and analysis of big data will revolutionize the movie industry. Everything from the smallest independent productions to massive Hollywood blockbusters will reap the benefits.

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Here’s how:

  • Tailor Made Movies. Whether we like it or not, tailor-made movies are coming to a screen near you in the near future. The use of big data to identify the viewing preferences of audiences will allow companies specializing in big data analytics to help filmmakers select everything from the film’s script to the actors on the basis of customer preferences.
  • Accurate Budget Prediction. In the near future, big data will allow movie producers to accurately budget their films. As more and more data is collected regarding costing, timeframes to completion, and production overruns etc., big data will be able to accurately price up how much a film will actually cost.
  • Raising Funds. Perhaps one of the most frustrating things about trying to create a film is raising the money to make it. In the past, this was extremely difficult and required extensive networking. Big data relating to this topic will give birth to specialist movie agencies that will match movie projects with the producers that will be interested in their projects.
  • Getting The Right People. While big data has the power to show what stars audiences will like in a movie, it also has the power to instantaneously connect movie producers with the people they need to make their movies. Everyone from the director to the editor could be selected based on past projects and success.
  • Target Audiences. Perhaps the biggest advantage that big data analytics will bring to the movie industry is allowing filmmakers to connect their films directly to the right audience. This has a number of key benefits. Firstly, it will allow filmmakers to dramatically reduce the marketing budget for their films. By ensuring that only the people who will actually like the film actually watch it, big data marketing will ensure a positive feedback loop too. Finally, understanding exactly how many people are likely to want to watch any given film, producers will be able to accurately budget the film to ensure that the production doesn’t lose money.

These are just some of the main ways that big data analytics is going to change the way the movie industry does business.

If you are a filmmaker and want to take advantage of the power of big data analytics, then contact Largo Films today and let our sophisticated data-driven moviemaking process turn your film into a success today!

 

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