A Closer Look at Predictive Analytics and How It Shapes the Entertainment Industry

Team discussing analytics displayed on laptopCompanies have long used the science of data analysis in different industries. They do this to be able to come up with informed decisions on how to run the business or what direction they should take. The data gathered can give a bird’s eye view of where the company is and where it is going.

One form of data analysis is predictive analytics. In the entertainment industry, it can mean the difference between a box-office hit and a flop. Tech expert StoryFit tells us more.

What is predictive analytics?

Predictive analytics is basically getting insights from several groups of information gathered from past events to see if there’s a pattern that can predict future outcomes and trends.

It uses different techniques, such as data mining, modeling, and even artificial intelligence to search for those patterns in the data to tell projections. It does not, however, predict the future. Additionally, reliable and effective predictive analytics uses a lot of data.

How can predictive analytics help the entertainment industry?

Given the long history of Hollywood, there is so much data that can be mined and become the basis for writing a script, which viewer demographics will best appreciate it, and from what region, and even what actors should appear in that film.

Predictive analytics help movie producers make sense of audiences’ viewing histories, what they search for online, and content that make them stay longer in a particular website. The information will help them what works and what doesn’t.

Predictive analytics may not be the be-all end-all in ensuring a movie’s success at the box office or high ratings for television shows. However, it can provide valuable insight on where film could and should go. It gives power back to the audience rather than creators in terms of the evolution of the entertainment industry.

Spread the love
Scroll to Top