Media and entertainment companies see major opportunities in using data to better serve and attract customers. Executives in the industry say the biggest opportunities in using data-driven insights are increasing customer satisfaction, improving the customer experience, growing revenues, and improving their brand image.
These are some of the insights from a recent survey, conducted by The Economist Intelligence Unit and sponsored by Snowflake, of 914 global executives across eight industries, including 113 from the entertainment, media, and publishing sector. The survey reveals how this sector’s leaders are adapting their data strategies, engaging with the broader data ecosystem, and converting data insights into growth and performance.
According to the survey report, data-driven insights are especially valuable today as the industry undergoes a seismic shift, brought on by changing audience habits from increased digitization and the COVID-19 pandemic. The competition is fierce in a space where the streaming entertainment choices are seemingly limitless. To gain a competitive advantage, this sector buys more customer and third-party data than other industries and pays for it at above-average rates.
Survey results indicate that executives in the media and entertainment sector plan to invest in data systems to gain more value from data. Their top data priorities in the next three years are improving data infrastructure, investing in AI and machine learning tools, and updating their data strategy.
At the same time, media companies understand the importance of human resources. Survey respondents say that hiring data scientists and increasing their employee capabilities around data are top priorities.
With the right data strategy, human capital, and technologies, media and entertainment companies can unlock the value of data to survive in today’s competitive landscape.
For more details on the survey and its insights, download our media and advertising survey report, Data’s Evolution in the Cloud: Making the Most of Data in Media. You can also view reports from other industries and global regions on our main survey site, Data’s Evolution in the Cloud.