The advertising, media and entertainment industry relies on a wealth of consumer data to understand how to best personalize each consumer’s experience. However, that data is spread across the different tools, teams and technologies used by these companies. And businesses are reluctant to share data with each other due to increasing consumer privacy concerns and regulations. Organizations also lack the infrastructure for new technologies that would help them better share and collaborate on their data with other departments and partner organizations. As a result, media companies and publishers are unable to maximize their advertising revenue, and their advertisers are unable to optimize their ad spend and track attribution.
However, today there are four major trends transforming advertising, media and entertainment to address these challenges. Let’s explore each to see how organizations can prepare for and leverage these trends to enable better customer experiences and drive revenue.
1. Data collaboration is a business necessity, with organizations increasingly adopting data clean rooms
Tough competition, market pressures and consumer demand for personalization is forcing media and entertainment companies to collaborate on and analyze data from a wide range of sources more effectively. The goal: to create a 360-degree view of subscribers, improve advertising effectiveness and optimize business decision-making. To achieve this, industry leaders are securely collaborating on their data in near real-time in the cloud, bringing together data sources from websites, CRM systems, online streaming, advertisements, social media and more. These organizations are also increasingly turning to data clean rooms when strict privacy, governance and query controls are required. We can expect to see wider spread adoption across the industry of data cleans room technology.
2. Increased adoption of data-fueled technologies
Consumer behavior continues to evolve, in response to and driven by new innovations in technology. These innovations are creating massive volumes of