On April 19, 2022, Business Insider reported that Netflix lost 200,000 subscribers for the first time in more than a decade and is expected to lose 2 million more in the coming months. on February 7, CNBC reported that the co-producer of “The Matrix Resurrections” has filed a lawsuit against Warner Bros. for alleged breach of contract. That same month, People reported that US Olympic figure skaters and NBC were sued for copyright infringement for using a song in their Olympic routine.
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These are just a few of the many cases where data management has gone wrong in entertainment. And the same principles apply to any company in the industry. The entertainment industry is undoubtedly one of the most affected by digital transformation. By switching to on-demand entertainment, streaming services, cross-platform products and moving away from traditional channels, the industry has reinvented itself and lives in a data-driven world. However, data governance is still a relatively new concept for the sector.
Why Entertainment Companies Should Use a Data Management Framework
Why should entertainment companies adopt data governance? The answer is simple, but the implications are significant. Data governance ensures a high level of data security and management, sets standards for customer data management, complies with laws and regulations, streamlines operations, maximizes efficiency and helps companies adequately manage the ongoing cybersecurity crisis.
Data and data management are at the heart of new business models that the entertainment industry has developed during its transformation journey. Microsoft explains, “Whether it’s providing new insights, improving decision-making, or driving better business outcomes, the enthusiasm for unlocking the power of data has never been greater.” For the media industry, nothing could be more accurate.
Today, media and entertainment companies are intelligent data-driven platforms. Streaming content production on any device with automation, creating a highly personalized customer experience with data-driven AI, and improving productivity with employees working together from different parts of the world – data is woven into everyday operations.
As they deploy new ways to monetize experiences and seek to understand consumer behavior, the risks of poor data management are too great. Entertainment companies must ensure that their data is valued as a strategic asset and is secure, reliable, high quality, compliant and ready to use.
The benefits of using data governance in an entertainment company
accuracy cites compliance, revenue, and management benefits as the key drivers of data management programs in the entertainment industry. The company explains that the industry’s efforts in data management, data creation, storage and processing must take it to the next level for the industry to reach its full potential.
Accurity explains that content used to be subject to national or regional licenses and regulations. Companies such as Disney+, Star+, HBO Max, and even startups are now international, providing content directly to users while also facing new challenges. From legal requirements to protecting user data, how these companies manage and secure data is fundamental.
In addition, top executives and managers are faced with a sea of new internal and external data, which they must navigate to make effective operational decisions every day. Maintaining, cleaning, and engineering data for internal purposes is essential. Entertainment companies also use data governance for external purposes, such as better understanding customers in a new media environment.
More specifically, companies use AI to understand customer behavior and interests. This complex approach to user analytics presents many challenges, and the exploitation of user data is regulated by international, federal, and state laws.
To take advantage of this rich yet challenging environment, entertainment companies must trust their data, rely on their reports, and understand context and metrics. In that sense, data governance is the key to the kingdom. Good data management ultimately increases performance, revenue and audiences.
How to decide if data governance is right for your organization
Whether your entertainment business is small, medium or large, established and traditional, or an innovative start-up, it should consider establishing some form of data management program or strategy. DataVersity explains that proper data management depends on your organization’s culture and business objectives.
When organizations adopt data governance frameworks that don’t fit their culture, they tend to fail. The primary source of data management is people. The right people build the process and educate executives about the technology and tools needed for the job. This is why culture matters: data management works across the organization when it works through its people.
But data governance approaches still depend on business goals. Let’s say your company wants to increase content delivery, increase viewership, enter new regions, or better manage HR, budgets, or production. In these cases, data management programs must be developed to drive and support these goals.
When it comes to compliance, if your company works with data, it’s required by law to meet its standards. But a good data management program can help your organization achieve full compliance with ease, simplicity and automation.
“Data governance is just becoming part of how you do things in your business,” said Mary Levins, the founder of Sierra Creek Consulting, at the DataVersity Enterprise Data World Conference.
Today, companies’ brands and reputations, sales and performance are based on data governance. Data management ultimately represents a company’s values and mission, especially in complex industries such as entertainment and new media that constantly generate new user data that must be both protected and optimized.
