Predictive Analytics in the Streaming Industry

According to Gartner (2019), Predictive Analytics is a form of advanced analytics which examines data or content to answer the question: “What is going to happen?” or more precisely, “What is likely to happen?”, and is characterized by techniques such as regression analysis, multivariate statistics, pattern matching, forecasting and predictive modelling.

 Wayne, Eckerson (2007) defined Predictive Analytics as a set of business intelligence (BI) technologies that uncover relationships and patterns within large volumes of data that can be used to predict behaviour and events. Unlike other technologies, predictive analytics is forward-looking, using past events to anticipate the future. In other words, predictive analytics is the use of data previously gathered as well as algorithms, Artificial Intelligence and Machine Learning process to identify the foreseeable future, driven by a historical data store. By doing that, businesses aim to not only know what has occurred but also to provide an estimation of what will happen.


The use of Predictive Analytics 


Generally used to determine consumers reaction as well as buying patterns, Predictive Analytics processes also help businesses draw, maintain and raise their most profitable consumers as well as improving operations and manage resources, as SAS (n.d) stated. 
Not only the streaming industry makes use of this tool (as they are always willing to predict what subscribers want to watch), but it also highlights the value of analytics models for they give meaningful insight into users' preferences that will only improve the customer experience in the future.

Predictive Analytics and "WeTv" - Why use it?


"WeTv" will be using Predictive Analytics in order to simply predict our customers' interests so that we can make suggestions and recommend content that will suit our users better, as most of the streaming services, do. For instance, based on our users viewing history, we will conduct custom marketing by promoting a show to the people who we will know will be interested in that specific content. In addition to that, using this model of analytics will allow us to customise the users' homepage further, by encouraging them to give feedback on their favourite movies and shows. That will be possible due to the feature "chat group" which will be available on "WeTv".

References 

Eckerson, W.W., 2007. Predictive analytics. Extending the Value of Your Data Warehousing Investment. TDWI Best Practices Report, 1, pp.1-36.

2020. [online] Available at: <https://www.researchgate.net/profile/Waranpong_Boonsiritomachai/publication/307571066_Exploring_business_intelligence_and_its_depth_of_maturity_in_Thai_SMEs/links/585017a708ae4bc8993b6696/Exploring-business-intelligence-and-its-depth-of-maturity-in-Thai-SMEs.pdf> [Accessed 25 June 2020].

Gartner. 2020. Predictive Analytics (2). [online] Available at: <https://www.gartner.com/en/information-technology/glossary/predictive-analytics-2> [Accessed 13 June 2020].  

Insights, S., 2020. Predictive Analytics: What It Is And Why It Matters. [online] Sas.com. Available at: <https://www.sas.com/en_us/insights/analytics/predictive-analytics.html> [Accessed 13 June 2020].









Comments

  1. Unknown13 June 2020 at 07:52

    That's very interesting

    ReplyDelete
  2. Claudia Gonçalves Gimenes13 June 2020 at 08:31

    Well done, Tali! Very interesting article!

    ReplyDelete
  3. Unknown13 June 2020 at 14:34

    Predictive Analytics is part of my current job. Very cool your project!

    ReplyDelete
  4. Natália A.13 June 2020 at 15:53

    Amazing. Congrats for the project.

    ReplyDelete
  5. Cemre Cemil Ozcan14 June 2020 at 07:00

    Thanks for sharing! It was very useful!

    ReplyDelete
  6. Larissa Braz14 June 2020 at 08:25

    Very interesting article

    ReplyDelete
  7. Unknown14 June 2020 at 14:52

    Amazing article!

    ReplyDelete
  8. SEAN O HAODHA15 June 2020 at 13:51

    Interesting enough. Thank you

    ReplyDelete
  9. Luisa Mnds16 June 2020 at 02:00

    Great article, well done Thale!

    ReplyDelete
  10. Vibhor Sharma16 June 2020 at 12:05

    A well crafted written discourse keep it up!

    ReplyDelete
  11. Julia Liv17 June 2020 at 06:10

    This is very interesting! I've never heard of Predictive Analytics before

    ReplyDelete
    Replies
    1. Talita Pereira 24 June 2020 at 06:24

      Hi, Julia! I'm glad you like it! It was a new topic for me as well!

      Delete
  12. R McQ21 June 2020 at 15:58

    Please can't we just stop all this predictive analytic madness and go back to the 'real world' ? This is basically a digital version of drug pushing.. scary stuff

    ReplyDelete
    Replies
    1. Talita Pereira 24 June 2020 at 06:20

      Hi, Rohan! It is very scary indeed! I don't think this is going to end though. It's only going to get smarter and smarter. Thanks for sharing your thoughts! xx

      Delete
  13. Reuel21 June 2020 at 18:24

    This reminds me of what Steve Jobs said once...

    "Some people say, "Give the customers what they want." But that's not my approach. Our job is to figure out what they're going to want before they do. I think Henry Ford once said, "If I'd asked customers what they wanted, they would have told me, 'A faster horse!'" People don't know what they want until you show it to them. That's why I never rely on market research. Our task is to read things that are not yet on the page."

    Which is, as I understand, sort of the mentality behind Predictive Analytics.

    ReplyDelete
    Replies
    1. Talita Pereira 24 June 2020 at 06:17

      Hi, Reuel! Very well put! That's exactly how I understand Predictive Analytics! Thanks for sharing your thoughts! xx

      Delete
  14. Priscila R Fonseca22 June 2020 at 12:45

    Great consultation material!

    ReplyDelete
  15. Olatunde Olaitan23 June 2020 at 04:03

    Amazing !!!!!!! i really understand how predictive analytics is being used.

    ReplyDelete
  16. Natalha Dias23 June 2020 at 08:09

    Great article, it really clarify a lot about predictive analytics.

    ReplyDelete
  17. Nihan Ulgen24 June 2020 at 10:56

    Well done, I really like it.

    ReplyDelete

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