It is staggering to think that just a few generations ago, the amount of information and stories that you find in just one newspaper, is more than our predecessors had access to in their entire lifetime. Processing such a huge volume of data and putting it into some sort of order and perspective is something that we are adapting to as part of modern life, and it also means that interested parties like the entertainment industry, have the chance to find out a lot about us, due to online access.
Knowing what your music preferences and tastes are, which movie genres you prefer and what your media habits are in general, gives companies in the entertainment industry a great opportunity to boost its bottom line by offering you what they know you want to see and hear.
Every time you switch on your TV or connect to the internet via any one of your devices, you are either willingly or perhaps unwittingly at times, contributing to a data harvesting exercise that is building up a highly personalized picture about you, which is marketing gold.
Information is a valuable currency and this infographic highlights many examples of how this data is put to good use in order to generate sales and keep you spending on a regular basis. The heavy metal band Iron Maiden are a great example of how access to data, can help you target your fans and generate more cash in the process.
Analytics found that Iron Maiden had a huge following in South America so they targeted them via social media and then toured there, generating over $2.5million for just one concert alone, thanks to Big Data showing them where to go for maximum profit.
Netflix is another great example of how Big Data works, as they use of viewing preferences to produce shows that they know we want to see, such as the hugely successful House of Cards.
Like it or not, Big data is going to play an ever-increasing role in our lives.