The relationship between analytics and movies is growing ever closer.
In the last decade, the technology of big data analytics has come on leaps and bounds.
Big data companies such as Largo Films have developed increasingly sophisticated algorithms that are now capable of accurately extrapolating even the smallest trends in massive data pools.
All this means that these companies are now able to offer more accurate than ever predictions of how movies will fair at the box office.
To celebrate Largo Films’ impressive record in this area, we are going to look at how our sophisticated AI analytics tool can accurately predict movie gross.
How Does Predictive Data Analytics Work?
Computers have been collecting data since they were invented.
In fact, data is the key to how computers function. The amount of data being handled by computers has grown massively since the mass adoption of the personal computer back in the 1980s.
These days, computers underwrite just about every part of our daily lives. Not only that, but we have come to rely on computers to store massive amounts of personal data that tells just about everything about our lives.
From our banking transactions to how long we spend talking to specific friends on social media, all this information is now being trusted to online companies.
These companies collect as much data as they can regarding our behavior online.
The reason for this is simple, data has been called the new gold.
Companies such as Netflix realized that they could use all this data to identify patterns or trends in our behavior, which they could then profit from.
Netflix, for example, realized that by using user search behavior, it could create an accurate movie suggestion feature that was tailored to each individual Netflix member. So successful was this search feature that many industry experts attribute it as the main reason for the platform’s success.
Thus, by creating predictive software that was able to analyze large pools of data, big data analytics was born.
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For the Benefit of The Many Not Just The Few
The problem with big data analytics is that very few companies wish to offer their analytics software to other companies. Far more money can be gained by using the power of big data to give their own companies the edge.
One exception was Largo Films.
Staffed by a group of passionate filmmakers and software developers, Largo Films set out on a mission to revolutionize the short movie industry.
With the assistance of the Swiss Federal Institute of Technology Lausanne, one of the world’s leading research and development institutions, Largo Films developed a unique analytics program called LargoAI.
Comprised of 7,845 lines of code, LargoAI is an exciting new piece of technology that is able to analyze a wide variety of data sources. Even more spectacular is the fact that these sources also include the components or ‘ingredients’ a movie including video, audio, and text.
This means that LargoAI is literally able to pull an entire movie apart in order to see exactly what it is made of.
Believe it or not, it doesn’t stop there.
LargoAI is actually able to do the same to a movie script, meaning that production companies and scriptwriters can actually have their movies analyzed BEFORE costly production even begins.
Amongst other things, the program is able to identify and track emotions, genres, age suitability, etc. of every single scene that makes up a movie.
The next step was to turn LargoAI loose on past films to build up an accurate understanding of how movies are constructed and what score well with audiences.
To date, LargoAI has analyzed over 12,000 movies.
This has made it an incredibly accurate and powerful data analytics tool for moviemakers.
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How Largo Films Accurately Predicts Movie Gross
LargoAI can accurately predict “an interval for the expected Box Office revenue of a movie with very high accuracy”.
By analyzing a movie’s unique emotion ingredients and comparing it to past movies and their performance at the box office, LargoAI can make an accurate prediction of how much the film will gross.
This analysis can be done from the script, rough cut, or from the final cut, depending on the filmmaker’s preference.
LargoAI has analyses the performance of movies from across the world. Consequently, it is able to provide accurate box office predictions anywhere in the world.
From the United States to India, Largo AI will provide accurate predictions for both 3 and 9 revenue groups.
3 Revenue Group Predictions
With LargoAI splits the possible movie gross into three intervals, it has achieved a cross-validated accuracy of an impressive 86%.
This approach was recently applied to Italian box office success “D”omani e Un Altro Giorno”, directed by Simone Spada and starring Marco Giallini, and Valerio Mastandrea.
Despite a surprise downturn in the Italian movie market in early 2019, LargoAI’s 3 group revenue prediction proved accurate. It predicted results of between €1.6 million and €3.9 million, with the actual gross being €1.96 million.
9 Revenue Group Predictions
After Sony Entertainment turned to Largo Films to analyze its upcoming release “Venom”, LargoAI predicted a total gross of $201 million.
The movie went on to gross $213 million globally, something that brought LargoAI’s prediction within a hair’s width of getting 100% right.
If you wish to learn more about Largo Film’s process and to see a demo, contact Largo Films today.
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