Contemporary applications of big data in business (2)

 

Netflix:

Netflix connected 151 million subscribers in a digitized manner. It tracks the data of every consumer and then analyses it to discover customer behaviour and viewing trends. Next, it uses this data to suggest movies and shows that match the subscriber’s mood and tastes.

Netflix claims that approximately 80% of the audience comes from personalized algorithmic recommendations. Netflix is ahead of its rivals as, unlike other providers, it gathers a large number of data points to construct a detailed profile of each of its subscribers. Such subscriber profiles, which are richly composed, allow Netflix to reach its audience on several levels.

The recommendation system that contributes more than 80% to the consumption of the streaming content allowed Netflix to profit from customer retention to the tune of 1 billion dollars. This has meant that Netflix has not had to invest large sums of money in the advertising or marketing of their shows to the same extent as before. They have a definite number, supported by an estimation, which predicts how many people will be interested in watching a show. 


Reference
https://systems-plus.com/8-case-studies-and-real-world-examples-of-how-big-data-has-helped-keep-on-top-of-competition/

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