The Data Standard
Data has always been a key part of great advertising campaigns because of its ability to offer invaluable insights, expose growth opportunities, and — when used judiciously — entice customers. When those campaigns run on TV, however, things get more complicated. This is still a nascent development, and many marketers have yet to fully deploy these new audience-based TV practices within their media plans. Media analysts have been known to say the digital marketing industry is “drowning in data but thirsting for insights.” This isn’t quite the case for TV. While marketers have endless amounts of data to use for digital advertising — which is, inherently, fully addressable — TV is still at the beginning stages of harnessing the power of insights and analytics to deliver more relevant advertising. Further, the industry still has a lot of work to do to make national addressable television, still limited in scale, a meaningful part of media buying.
The constraints for big data in the media and entertainment sectors can be summarized as follows:
Increased consumer awareness and concern about how personal data is being used. There is regulatory uncertainty for European businesses that handle personal data, which potentially puts them at a disadvantage compared to, say, US companies who operate within a much more relaxed legal landscape.
Insufficient access to finance for media start-ups and SMEs . While it is relatively easy to start a new company producing apps, games, or social networks, it is much harder to scale up without committed investors.
The labour market across Europe is not providing enough data professionals able to manipulate big data applications, e.g. for data journalism and product management.
Fear of piracy and consumer disregard for copyright may disincentive creative people and companies from taking risks to launch new media and cultural products and services.
Large US players dominate the content and data industry. Companies such as Apple , Amazon , and Google between them have huge dominance in many sub-sectors including music, advertising, publishing, and consumer media electronics.
Differences in penetration of high-speed broadband provision across member countries, in cities, and in rural areas. This is a disincentive for companies looking to deliver content that requires high bandwidth, e.g. streaming movies, as it reduces the potential customer base.
Meet The Host
Data scientist at The Data Standard
Catherine Tao is a tech enthusiast looking for new methods for building connections with businesses around the world. Her extensive knowledge of data science allowed her to develop new solutions and implement them into existing ecosystems. She is currently working as a Data scientist and Exclusive Podcast Producer at The Data Standard.
Meet The Guest
Director Data Science at Amobee