Entertainment executives have to make multiple decisions at different stages of a show's life cycle. They have to determine the budget for producing or acquiring content, selecting the most effective release strategy, retaining/growing their subscriber base, and expanding to new global markets. Demand data can provide valuable insights at each of these stages of decision making.
Using the example of "Daisy Jones & The Six" in the United States for the month of July 2023, it can be demonstrated how demand data can be used to make informed content decisions.
Firstly, content valuation is an essential part of all content-related decision making. Demand data can be used to determine the worth of a show or a content library on any streaming platform in any region. In the case of "Daisy Jones & The Six," the show has 8.8 times the audience demand of the average show in the United States over the last 30 days, making it outstanding in terms of demand. This demand data can enable OTT platforms to not only determine the value of "Daisy Jones & The Six" but also compare it to other shows in their content library.
Secondly, demand data analytics can also be used to determine the audience's taste in a particular market or worldwide. The entertainment executives can use this data to map out whitespace opportunities and decide what genre of content is most popular in a local market. For example, "Daisy Jones & The Six" has been in high demand in the United States, signaling that there is a high interest in music and drama based shows.
Thirdly, television executives can use demand data to analyze their pre and post-releasing marketing campaigns to optimize efforts. By using demand data, they gain insight into the effectiveness of their marketing campaigns on the pre and post-release of their show. It can help plan out campaigns and better target their desired audience.
Fourthly, insight into the demand potential of a show can guide decisions on supply and demand. The executives can use demand data to identify what type of shows they should produce or acquire. Demand data can help in selecting a show for further monetization through spin-offs or franchises, as it indicates the show's potential to become a cultural phenomenon and the likelihood of a dedicated fandom that brands can capitalize on.
Finally, demand data analytics enables executives to make informed decisions about where to expand their show's reach and where to specifically target it. The demand for "Daisy Jones & The Six" is outstanding in the United States, with the show's peak audience demand of 6.4 times, the average show, indicating a high potential for growth and retention of the American audience. Parrot Analytics data also reveals that "Daisy Jones & The Six" is doing well in other markets, such as Australia, China, and the United Kingdom, providing additional insights on where to focus a show's distribution and marketing efforts.
In conclusion, the demand insights from Parrot Analytics' demand data can assist entertainment industry executives in several decision-making stages. By gauging the audience's expectations, personal taste, and behavior, executives can ascertain supply and demand, content valuation, marketing campaign effectiveness, and franchise potential, among other factors. Overall, the demand data analytics can provide invaluable guidance for television executives, enabling them to make better-informed decisions about their TV shows.
