Companies like Amazon and Netflix have made billions of dollars from big data analytics.
Because of this, companies all over the world are clamoring to take advantage of this powerful technology in order to open up new markets and get the edge on their competitors.
Big data analytics can be implemented into almost any aspect of the business process. Everything from helping companies to improve product recommendations to collecting data in order to establish individual employee performance can be improved.
The effect of big data implementation on the global economy has already been huge and is set to become enormous.
Already, many aspects of your day to day life are dictated by big data analytics. Everything from the ads you see on your phone to how the software that runs your particular application was developed has been influenced by big data analytics.
One industry that has yet to take full advantage of big data analytics is the film industry. Even though Hollywood is already using predictive analytics to green light scripts, make the right costing decisions, and to facilitate direct marketing etc., there is still an enormous amount of potential that is yet to be unlocked in regards to data-driven movie making.
What Is Data-driven Moviemaking?
The best way to understand big data analytics Is to consider how Netflix uses this technology to create personalized versions of its site for each of its 33,000,000 subscribers.
The way Netflix does this is to use the data that is being collected whenever a user is on its site. Everything from the time of day that a particular user logs in to the choices that they make is being recorded by Netflix.
What results is a huge pool of data Netflix can then apply sophisticated data analytic software to in order to identify specific trends or patterns that give them insight into a particular user’s behavior.
With this information, Netflix is then able to recommend specific movies and TV shows that it knows will appeal to a particular user.
This is an immensely powerful tool that allows Netflix to create a far more personalized user experience and therefore boost user satisfaction and customer retention.
This is a win-win situation for companies such as Netflix as a means that not only are they able to retain more customers but will also be able to attract an increasing amount of people to the site compared to those sites not already using data analytics.
In essence, data-driven movie making involves the use of big data analytics to identify trends and patterns from large data pools that relate to the movie and the movie industry.
It allows moviemakers to make a more appealing product and to reach the target audience that will likely want to watch it.
After creating its award-winning platform Sofy.tv, Largo Films set out on a mission to bring the power of big data analytics to moviemakers everywhere.
While Hollywood studios have the cash to outlay to get help get their films improved with data analytics, low budget filmmakers have had a hard time accessing this technology that could potentially massively boost the gross revenue of their movies.
Partnering with EPFL, one of the worlds leading technology universities, Largo Films set about developing sophisticated computer analytics software that would be able to troll masses of data in order to identify specific audience trends preferences and dislikes.
Largo Films Announces The Launch Of Largo AI
Today, Largo AI has analyzed more than 20,000 films and has successfully predicted, with a very high degree of accuracy, predicted grosses as well as suggested changes that could be made in order to make them more commercially appealing.
Largo AI recently successfully predicted the gross of an Italian independent feature “Domani e Un Altro Giorno”, despite an unpredicted downturn in the Italian film market in early 2019.
More recently, the company was asked by Sony Entertainment to make predictions for its new movie “Venom”. It predicted that the total gross would be $201 million. This prediction was incredibly accurate given that the film actually grossed $213 million globally.
The company has made its services available to productions of all sizes in keeping with its mission to empower filmmakers to make better movies.
The wonderful film thing about the Largo Films model is that it’s a win-win situation for movie makers.
Given that even the smallest productions can expect a significant boost in revenue as well as being able to plan budgets around predicted grosses, the relatively small cost of employing Largo Films to analyze movies is negligible when considering the overall picture.
How Can Data-driven Moviemaking Help?
The current technology relating to big data analytics has enormous potential to improve your movie.
Amazingly, big data analytics can be applied even at the script phase in order to identify the strengths and weaknesses and potential gross.
This gives movie makers and production companies enormous power to see into the future before they have spent much in the way of the production budget.
Specific scenes and characters, for example, can be analyzed to determine their appeal.
So, for example, if your production has several action sequences that are likely to cost large sums of money to produce, after applying big data analytics, it is possible to determine how appealing each scene is and whether they are necessary for the target audience.
If an action scene is determined to be unnecessary or unappealing, it can be removed from the script and therefore save huge sums of production costs.
And the process does not stop there.
Largo Films offers a comprehensive data-driven movie-making process that will scrutinize every aspect of the production.
Every step of the way from selecting the appropriate cost, scrutinizing rough cuts, to helping films reach the target audience are helped by Largo Films.
While Largo firms cannot force movie makers to make changes, the platforms’ specialists will recommend suggested changes in order to make films more appealing.
In almost every instance, data-driven movie making will pay for itself and provide production companies and filmmakers which significant returns on investment.
It is for this reason that productions of all sizes need access to data-driven will be making.
If you are a filmmaker that is looking to improve the commercial viability of your movie then contact Largo films today for a free demo.
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