The change from a newspaper brand to a multimedia brand affects every enterprise in the publishing industry. But what channel is best for getting the individual content to the target group? Predictive applications can answer These and other questions that are critical to the media industry. A Media Days event in Munich’s Haus der Wirtschaft (House of Economics) on March 3, 2015 will explore the potential of Smart Data for Media Enterprises.
Whether it is a video, blog post, or newspaper article, the question is the same: How can media enterprises predict whether their content will generate interest? And who will like what content and in which form? When should the content be published and which media channel should be used? Will the reader or the visitor to the online portal be ready to pay for the content? Smart data can be used to answer these questions. The enormous data quantities that publishing houses and media companies have must be understood using predictive applications. Big data needs to be converted to smart data.
At the Media Days event,“Smart Data for Media Enterprises”, on March 3, 2015 in Munich, Germany, differing approaches will be introduced on how diverse information can be turned into insights that help make decisions. Professor Dr. Michael Feindt will introduce the day with a keynote speech entitled “Using Predictive Applications to Shape the Future”. "Predictive applications make a big contribution to shaping the digital future," according to Feindt, the Blue Yonder founder. Along with the targeted marketing of content, managing online advertising is another important issue. Using the algorithm developed by Blue Yonder, correlations can be differentiated from real causes and effects (the causality principle) and in this way, help effectively position online advertising. It thus makes sense to target advertising for this economic conference, not only to those who often visit online financial news, but also, to a specific group of readers who have not yet been taken into account.
The media industry does not just profit from predictive applications in digital formats. The industry also uses accurate sales forecasts for the print editions of newspapers and magazines at the point of sale to coordinate production and distribution closely to demand. The probability of customers leaving can also be predicted using specific indicators. For example, if a limited sales subscription is about to run out or changes — for example due to a divorce or change of address — the danger of a cancellation will be particularly high. Predictive applications determine the best time to counteract this and to retain the loyalty of the reader to the news source. Using smart data, media companies fully exploit the potential of "classical" print journalism and conquer digital markets with sustained success.