People have always talked about the TV shows they love. Ten years ago, they chatted about last night’s TV over a cup of coffee with their coworkers. Now, that conversation takes place on Twitter, as the show is broadcast. Millions of Tweets – opinions, reactions and perspectives – represent an opportunity to understand and engage with the audience.
Indian television industry is at an inflection point today; after experiencing growth and wider outreach, it has made a bold decision to digitize the broadcasting content. Digitization is the way forward to achieve quality viewing and transparency in revenue earning and sharing. With the changing revenue models, increasing channels and localization of content, the challenges for major television companies is to know ‘what the actionable insights’ are to drive productivity and profitability. Today media and entertainment companies are embracing the power of analytics and social media to get the insights about their advertising revenues, programming content and know their viewers preferences. TV gets the highest advertising spends amongst all the advertising mediums. Hence broadcast media companies are embracing analytics in various departments to optimize cost of production and maximize revenue streams.
In the present context, three factors are going to determine the use of analytics, lowest ARPU (average revenue per user), increasing localization of content, changing psychographics. Companies are already embracing social media like twitter, face book to know their likes/dislikes and content preferences.
Harnessing social networks and analytics have transformed traditional broadcasting norms. New technology and increasingly powerful analytics like recommendations engine will play a greater role in delivering customer preferences on their mobile phones, tablets, email and television. Bodhtree’s capability around analytics will play an important role in helping broadcast media companies to leverage analytical platform and social media analysis to get valuable proposition and actionable insights.