Introduction

Data is the new gold. This sentence has been thrown around a lot in today’s world and it is actually
true. Data science is being used almost all business aspects nowadays and definitely one of the most
sought-after jobs in the industry. For example, you see data science used in marketing for various
purposes like-

Budget optimization for advertising, to maximise the ROI and reduce the optimum cost. This can be
analysing spend and acquisition data. A variety of models can build to better the marketing budget.

Another way of leveraging data is to use to understand the right audience to cater to, understanding
the correct demographic and location to target.

Further best way to understand the customer through data science or ML is by customer profiling.
With data science you can build near perfect models to understand specific needs of the customer.
This just makes targeting even more easier and reduces the overall cost by a huge margin.

Data Science in the movie/entertainment industry

Content creation has been completely changed after the advent of data science and machine
learning. The ability to identify big data trends such as viewing behaviour and see feedbacks has
changed the way companies approach content generation.

Social media gives exceptionally good insights into the likings of the general public. This contributes
to the data science possibilities of predicting the prospect of a new story.

Disney

Disney, one of the biggest names in the entertainment industry is well known for suing data to
generate content pandering the maximum number of audiences. After carefully looking through the
past venture Disney has adopting using data science ML or even AI, I find three such cases worth
mentioning also mentioned in the Harvard business studies.

MAGICBANDS

The 2013 use of the “magic band” at the Disney world resort located in Florida costed over $1B to
develop and implement. Everyone recaching the resort gets a magic band bracelet that contains an
RFID chip. Its function includes it being used as a hotel room key and gives access to the theme
parks. More crucially, the wristband connects continually with sensors placed throughout the parks,
collecting massive volumes of data about each individual customer's movements. This data is already
being used by Disney's operations team to improve consumer experience in real time.

This data is already being used by Disney's operations team to improve the consumer experience in
real-time. For example, the data may suggest that a group of consumers is waiting in a long line for a
ride. Customers can be redirected to less crowded sections of the park using real-time incentives
provided by Disney's staff.

TESTING MARKETS

Testing market fit is an essential phase in the production process for Disney films and television
series. Before big data, Disney Studios would show early edits of its content to focus groups and try
to estimate how a broader audience would react based on their response. The procedure was time-
consuming and could have errors. Now, Disney is developing technologies to make market fit
assessments more efficient and precise. Disney was an early user of Affective AI, a branch of
computing that focuses on recognizing and understanding human emotions.

THE LION KING TICKETS CASE

Another notable example of Disney properly utilizing big data is the amazing success of Lion King on
Broadway. Despite generating more ticket money ($8 billion) than any other Broadway production,
the show's average ticket prices were still the highest. This success can be ascribed in part to the
dynamic pricing scheme for performance tickets that Disney established. Disney examined previous
Broadway ticket sales data to anticipate Lion King's future demand. Customers were also inclined to
accept the highest feasible price for each ticket, according to the model they devised.

We know that Disney already has some big names with it working on the data. Disney will surely
continue using DSA to continue drive revenue growth and minimizing their costs. On the data front
they have the CEOs of most big social media companies as the board members.

It is also tracing the reactions of audience members watching their films with neural networks. This
enlarges the data pool compared to traditional way of tacking feedback.

That was a brief overview of how Data science can be leveraged and used to better the business
processes.