Sunday, September 29, 2013

Hollywood and the Big Data

There is huge opportunity in movie market prediction. In my last semester I got a chance to be part of a research project going in my university (Marketing department) where they are trying to build a predictive model in terms of revenue for movies. This lead me to explore more about how Hollywood is trying to use big data and predictive analytics to maximize the business. 

Few more related stories below,

1] For almost every movie released by big Hollywood firms there is predicted financial target for first week. However there are so many factors to consider as input that it is still not even close to perfect. Recently "City of Bones" missed its target by almost 25 percent. [ref: Hollywood's box office tracking system under fire]

2] Harvard Business Review published similar article when the movie "John Carter" failed miserably from achieving its target based on prediction. [Using Analytics to Predict Hollywood Blockbusters]

3] Hollywood studios like Fox and Paramount are working on neuroscientific research where based on emotional engagement of users in movie trailer they are trying to predict outcomes. In simple words, the movie trailer is shown to users (say target segments) and response is recorded with multiple sensors. This data collected from sensors act as input to map the behavior of a segment to predicted outcomes. [How Your Brain Can Predict Blockbusters]

4]  This is pretty interesting article which talk about sentiment analysis of social media data (like twitter) to predict the outcome. A great example shared here is "Puss in the boot" story. The pre-release sentiment analysis of tweets showed negative sentiments about the film in response to which a TV campaign was created. No need to say the aim of TV campaign was to target negativity and movie was a hit at the end earning more than 500 million on box office. [Social Sentiment Analysis Changes the Game for Hollywood]

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