Today, data is everything. And this is precisely why the media industry is at the forefront of this data revolution. Marketers, media planners, and advertisers are leveraging cutting-edge technology driven by data science and algorithms to clear all roadblocks on their way to achieve their targets. Recognising this trend, the Data Science Congress 2017 included a panel focussing on the use of data in the media and entertainment industry.
MA Parthasarathy, Chief Product Officer, Mindshare South Asia; Santosh Bhat, Data Sciences and Analytics Leader, Hotstar; Anand S, Chief Executive Officer, Gramener, and Dr Kodliuk Tetiana, Data Scientist, VI Tech Ukraine came together on the last day of the Data Science Congress 2017 to deliberate on the trends in the industry and challenges of working with data.
Speaking about why marketers still prefer TV over digital media, Bhat said that the digital medium is the most measurable and transparent medium and has a lot of advantages to offer. Despite that, marketers use TV because they believe in it and in some segments, it has more reach in India.
Even with the disruption that data has created across industries, Anand was of the opinion that India is not yet leveraging data in the field of journalism. He cited the example of The New York Times, which has integrated its newsroom and is constantly innovating newer ways of storytelling.
Parthasarathy felt that while data gives marketers an insight into who exactly the consumers are and what they really want, the challenge lies in engaging the audience whose attention span is continuously diminishing. He added that convincing clients with the measurement metrics available that the data-driven tools moved the needle is where the other challenge lies.
Anand said that not much of the content today is about presenting but more about positioning. This he believes needs to change, and the role of data should be to tell people what to watch rather than serve them with content they want to watch.