Data Visualization & Analytics Transforming Media Industry
In this age of cut throat competition and ever decreasing attention span of the readers and viewers, media industry entertainment companies are striving hard to make the best out of their efforts. And the science of Data Visualization & Analytics is proving to be the next big thing for them across the world.
The Data Visualization & Analytics trend has impacted all industries, including the media industry. As new technologies are being developed to automate and simplify the process of data analysis, and as throngs of data analysts are being trained and hired to meet the demand for the analysis of these data. For newspapers, television, magazines and Internet-only publishers, Data Visualization & Analytics strategies can include audience analytics to enable a better understanding and targeting of customers; tools to understand public and private databases for journalistic storytelling; tools to manage and search the exploding amount of video, social media and other content; tools to target advertising and ad campaigns; tools to automate the production of text and video stories, tools to identify waste and enable efficiency; and much more.
At the moment, various media companies around the world have ramped up their understanding and deployed their Data Visualization & Analytics strategies, and many media companies are well on their way to taking advantage of technologies to better understand the unrelenting avalanche of data surging through their companies every day. While media industries are learning a lot from each other about Data Visualization & Analytics, they are also increasingly drawing insights from other sectors beyond the media.
The media industry can think of Data Visualization & Analytics as the Four Vs. Including volume of data; velocity of data, meaning it needs to be analysed quickly (especially news); in a variety of structured and increasingly unstructured data formats; which all have potential value in terms of high quality journalism and business insights and revenue. There are a variety of definitions for Data Visualization & Analytics, including being a catch-all for the opportunities presented by the exponential growth of data in the media sector, including structured, internal data available through media companies’ own databases, as well as unstructured data on a multitude of digital channels, including video, audio, photos and reams of social media text.
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