Data Reliability is a real problem that concerns 49% of Media and Entertainment Digital Leaders. Complexity with the Data Sources, Data Types and Systems is reaching a whole new level with the disruption happening due to the Digital Transformation. Media Industry is not insulated from this Data Problem.
The Media and Entertainment industry is one of the frontiers that adopted Digital Transformation and disintermediation. Due to the consumeristic nature, the industry deals with plenty of data formats. The industry rapidly implemented digital platforms to better organize it.
The creation, promotion and distribution of digital subscriptions, streaming media files, rich media assets, audio and video materials in real-time poses difficult set of challenges to deal with. For better understanding valuable insights, ETL plays a key role in setting up the Data Warehousing for performing complex data mining and data visualization techniques.
Let’s understand this space a little closer.
Data imperatives for the data driven media and entertainment industry
- Understanding audience insights to come up with compelling offerings
- Operate efficiently with robust processes in place and effectively grow business
- Communicate with partners, consumers to promote & cross-sell media offerings
ETL plays a key role in setting up the foundation for Big Data initiatives within the Media Industry.
- For combining Heterogeneous data sources into the same platform so that analysis will be meaningful
- For designing the better Data lineage – data life cycle that includes the data’s origins and where it moves over time
- For implementing Business rules while loading Data to same platform
- For shaping up the data for Analytics platforms
- For helps business to take data driven better decision making
Why ETL is needed for the Media Industry?
- Media Industry has variety of products (Movies, Serials, News, Documentaries – Online, Theatre, DVD, Blu-ray) & Different market areas in media. ETL combines these information into one homogenous environment so that a business can understand it’s performance in a holistic manner
- The vital information that goes into planning and releasing new products into the market is generally overlooked. This needs to be recorded so that valuable lessons can be learnt and applied in subsequent product life cycles
- Fixing erroneous data in the earlier stages of the data and across every step of the way is crucial for accurate reporting. There might be few mistakes while recording information in Source (E.g. Retailer Shop). This needs to be fixed before it flows into Data warehouse. ETL handles and correct these mistakes
- For examining the sales over different seasons, comparing sales with Competitor sales, comparing Forecast with Actuals
Benefit and use-cases of Extract Transform Load (ETL) in Media & Entertainment industry
- Suggest offering managers, art directors or Producers to take informed decision making
- Better handling of the Category management
- Promote the products in the optimal manner
- Maintain the Inventory/Replenishment for each media product/offering
- Helps to understand price elastic demand for each media product/offering
- Plan for optimal release date for each product and attain desired revenue goals
Though the process of ETL is agnostic of tools, exposure with the industry specific nuances is very important when it comes to defining schema and processes. I hope to write continuously my learning and exposure with ETL in this space. Connect with me on LinkedIn to exchange ideas.