Hollywood movie and film industries
Like other business enterprises, Hollywood movie and film industries have to align their activities towards financial benefits. Therefore, these industries treat movies like their primary product. The purchases and the viewers of the produced movies are the sources of income for Hollywood production. In that case, the Hollywood movie production has to take a keen interest in the salability of the film. This is referred to as the movie success rate. The success rate of the movie indicates the financial success of the production industry.
It is important for the movie industries to predict the success rate of the movies because it helps them; first, to avoid waste of resources in producing movies with a low rate of success. It is important to note that while a film might have a low success rate, the cost of production is constant. Therefore, the movie professional has to invest in various methods to establish the success rate of a movie. Using multiple web analytic technics, as explained in the texting and experimentation, can help the professionals establish movie sales’ proclivity. Secondly, it is essential to observe the movie’s success rate to enable the producer to amend and edit various content of the video depending on the customer feedback. Mainly, the web analytic applied by Hollywood production allows the viewers to react on multiple materials of the film, thus enabling producers to upscale.
- How can data mining be used for predicting the financial success of movies before the start of their production process?
Data mining is essential in the prediction of the financial success of movies. Mainly, data mining can reveal the actual reviews of the potential viewers of the film. These pieces of information can be mined and interpreted in terms of movie potential and the fan base. Effective production requires proper analysis of the potential viewers of the movies before beginning the production process. The producer utilizes feedback to design and develop films that reflect customer expectations. Besides, the producers in enhancing content creation by establishing specific content that has negative or positive reviews can use data mining.
How do you think Hollywood did, and perhaps still is performing, this task without the help of data mining tools and techniques? Hollywood has various tactics for obtaining data from their clients. For example, the production industry uses channel reviews. Most movie and film viewers like to make comments on the cones their watch on various movie channels sponsored by Hollywood. The production professionals in finance departments use these reviews in making recommendations to the producers to design their movies that ensure that the customer interest is covered. The Hollywood industry has continued to tap its data from the mainstream, making use of the movie’s customer reaction and rating. The Hollywood industry approach is useful as it is interactive and enables the management to make financial decisions based on the movie’s success rate.