As an entertainment executive, you need to have an informed content acquisition, distribution, and programming decision. This requires making use of data-driven insights to help you understand what really resonates with your audiences. Using the example of "Impractical Jokers," we can explore how demand data can inform decisions ranging from content acquisition to programming.
One use case of demand data is content valuation. Understanding the value of a content library or new content to a streaming platform can be challenging, but demand data can help. Parrot Analytics' content valuation system is based on demand data and can reveal the dollar value contribution of any title, to any platform, in any region. With "Impractical Jokers," we can see that it has 17.2 times the audience demand of the average show in the United Kingdom. This information can be used to determine the show's worth as well as calculate its return on investment.
Demand data can also inform content acquisition decisions. For instance, understanding what shows are popular and what genres resonate with audiences in different markets. In the case of "Impractical Jokers," we can see that it performs highly in countries such as the United States, Canada, Australia, Poland, Sweden, Netherlands, Iceland, and Ireland, indicating that it has global appeal. Further analysis of the show's audience data in these specific markets can help executives to determine which shows and genres to focus on from a content acquisition perspective.
Programming decisions can also be informed by demand data. For instance, strategies about the best release strategy and optimal pricing for a series. In the case of "Impractical Jokers," it has exceptional demand in the reality genre, performing in the 99.8th percentile. This information can guide choices about when to air the show and where best to market it to attract more viewers.
Another example is subscriber retention and acquisitions. Demand plays a critical role in retaining customers and attracting new ones. An SVOD platform can use data on which titles have high demand to keep existing customers happy. Customers tend to churn when their favorite titles are no longer available, so having that data as part of a negotiation can help SVODs retain their customers. Furthermore, knowing which titles are in demand can aid a platform in attracting new subscribers. "Impractical Jokers," for example, performed well across many markets, and knowing which titles are most in-demand in which markets can help a platform to expand their subscriber base.
In conclusion, making strategic decisions in the entertainment industry involves understanding audience demand. Understanding how data on demand can inform content acquisition, distribution, programming, subscriber retention, and acquisition decisions is a must-have skill for any entertainment executive. Parrot Analytics makes this possible by providing comprehensive and accurate demand insights to help entertainment executives make informed decisions that translate to better ROI.
