Posted on Monday, November 19, 2018
Information tech is taking off in Hollywood. Along with a myriad of other industries, big data analytics and information technologies are changing Tinseltown. To hit the right consumers and communicate well, today's producers must make more use of evolving big data technologies. The innovation can aid in production as well as ethical decision-making.
Big data technologies help today's filmmakers figure out the best ways to share their ideas and deliver brand messages. It also helps them develop movies and content that encompass ethical and societal issues.
Ethical information frameworks can help socially conscious filmmakers make key decisions, which helps them protect the intellectual integrity of narratives and deliver stories from an unbiased perspective. Researchers from diverse fields are working diligently to empower business leaders with this capability and shape an ethical landscape for enterprises of the future.
Elsewhere in entertainment, there's an emerging shift in storytelling and content generation. Hollywood is still all about storytelling. However, there's recent demand for telling compelling stories and sharing content that inspires people across a spectrum of different mediums. Additionally, today's filmmakers must energize and inspire audiences while connecting and engaging with viewers more directly.
Big Data Is Changing the Production Game
Today's big data technology can help filmmakers better connect with consumers. To accomplish this, cinema producers must understand intricate details about their audience and behaviors as well as have the ability to use social intelligence to engage directly with consumers using a multitude of channels such as social media, mobile devices and traditional advertising outlets. Using big data systems in this way, tech-savvy producers can develop promotional content that reaches the right audiences at the right times.
The filmmaking industry is in the midst of an indisputable shift. It’s evolved from analog content and limited distribution to digitally empowered consumers who have control over where, when and how they consume new media.
This digital era is marked by a new breed of connected and informed consumers. Now, it's not enough to maintain a presence on the Internet. Today's filmmakers must develop strategies that deliver value, quality production and viewing capabilities through multiple distribution channels.
To do this, modern filmmakers leverage big data technology to aid a level of engagement made possible by social media that was inconceivable just a short time ago. This engagement is essential because today's consumers not only view media, but publish information about it as well. Using platforms such as Facebook, Twitter and LinkedIn, a barrage of bloggers are providing feedback that can make or break a production.
Technology Is Expanding How Movies Get Produced
As in all other industries, financing and budgeting are a mission-critical part of filmmaking. Big data, the Internet and technology are changing how producers finance movies. For instance, some ambitious filmmakers are investing in cryptocurrency to fund filmmaking ventures. As a matter of fact, the digital currency has attracted the attention of many entertainment industry leaders. It’s evolved from the tender of choice for the dark side of the Internet, to a possibly lucrative -- but extremely volatile -- financial instrument. Even startup production houses are using cryptocurrency to generate financing for film projects.
Digital currencies gained credibility in late 2017 when the price of Bitcoins skyrocketed to $19,000 -- creating overnight millionaires. The coin’s value did eventually retreat to under $10,000, but that remarkable rally caught the attention of many influential Hollywood players.
Big Data Helps Filmmakers Reach Consumers Easier
While the filmmaking industry is still ruled by instinct and experience, big data analyses are changing the landscape of the industry. However, information technology (IT) advocates argue that there is massive room for big data expansion in filmmaking. There’s a growing group of vendors promoting the potential of big data technology in the filmmaking arena, and some industry insiders suggest that it's time to move beyond standard audience profiling and on to predictive models that can forecast audience behaviors.
In today's digital marketplace, leveraging the monsoon of data created by consumers is an extraordinary opportunity. With an abundance of online data available via social media and other digital channels, information that Hollywood filmmakers need to do this is overwhelmingly abundant.
Using big data technology, savvy Hollywood executives can determine the optimal date to release a film. Furthermore, data experts are advocating for the sharing of information to arm the film industry against outside competitors such as streaming on-demand video and other potential opposition. The experts believe that if Hollywood production houses band together to share information, the move will benefit the entire filmmaking industry.
Information can help producers shift their marketing initiatives toward the right direction early in the release stage. While big data technology will not, and cannot, solve every production issue, the innovation can help filmmakers streamline operations and transform their production houses into intelligent enterprises. The timely and actionable reports made possible by big data systems can help filmmakers run agile organizations.
Hollywood has a reputation for complexity. Still, every film needs an audience. If the successes that business leaders have enjoyed in other industries is any indication of future results, it's highly possible the big data systems will make filmmaking easier to navigate and provide a solution the long-term sustainability of film production houses.
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