I had the pleasure of attending the Hollywood IT Society’s Digital Marketing and Analytics Summit 2014 at the Four Seasons in Los Angeles this week. Throughout the event my colleagues and I met with some major entertainment and media industry players about using a Master Data Management solution such as MDMCenter to simplify and streamline the process of protecting their priceless Intellectual Property.
The DMA Summit brought together 300 marketing, IT, production, digital distribution, asset management and market research executives from film, TV, home entertainment and video game companies to share best practices and address their objectives, strategies and tactics to collaborate for business optimization and global expansion.
Presentation topics ranged from Big Data and Analytics to Social Media and the New Digital Frontier, as companies described how they are advancing the use of an escalating number of digital analytic tools in order to boost the business for film, TV and home entertainment across a multiplying number of distribution platforms.
- Central to many of the case studies presented was the realization that Big Data can transform processes, alter corporate ecosystems and facilitate innovation.
- Entertainment marketing is being transformed by an unprecedented amount of customer data that is helping determine how a movie or TV show is being produced, what happens to the characters and storyline, who the expected viewer will be and how (and when) that content will be consumed.
- Intense collaboration between marketing and IT departments is eliminating the production and distribution guessing game and empowering new creative processes and business models that are the hallmarks of today’s data-driven entertainment enterprise.
- Speakers all seemed to agree that content consumption trends shift regularly, and using available data to anticipate what’s next has become a basic business necessity.
- Marketing both on and offline is changing because of the impact of the generational shift and how television and studios are changing their approach and thought processes to meet this challenging environment.
- The key to reaching “Millennials” and “GenYers” is to understand that they are communicating differently and how that impacts the introduction of new programs and shows to maximize their impact on television and at the box office.