On April 19, 2022, Business Insider reported that Netflix lost 200,000 subscribers for the first time in over a decade and is expected to lose another 2 million in the coming months. On February 7, CNBC reported that the co-producers of “The Matrix Resurrections” have filed a lawsuit against Warner Bros. for alleged breach of contract. That same month, People reported that his US Olympic figure skater and his NBC were sued for copyright infringement for using the song in their Olympic routine.
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These are just a few of the many examples of data governance gone wrong in the entertainment industry. And the same principles apply to any company in the industry. Arguably, the entertainment industry is one of the industries most affected by digital transformation. By switching to on-demand entertainment, streaming services, cross-platform offerings, and away from traditional channels, the industry has reinvented itself and found itself living in a data-driven world. However, data governance is still a relatively new concept in this area.
Why Entertainment Companies Should Use a Data Governance 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 control, sets the standard for managing customer data, meets regulations and laws, streamlines operations, maximizes efficiency, and helps companies stay on top of ongoing cybersecurity. help you face the crisis properly.
Data and data governance are the essence of the new business models that the entertainment industry has built during its transformation. Microsoft explains: For the media industry, nothing is more accurate.
Media and entertainment companies today are intelligent, data-driven platforms. Stream content production on any device with automation, create highly personalized customer experiences with data-driven AI, and increase productivity with a collaborative workforce from different parts of the world. Data is embedded in our daily work.
As we deploy new ways to monetize experiences and understand consumer behavior, the risk of poor data governance becomes too great. Entertainment companies need to ensure that their data is valued as a strategic asset, secure, reliable, high quality, compliant, and fit for use.
Benefits of Using Data Governance in Entertainment Companies
Accurity cites compliance, monetization, and administrative benefits as key drivers for data governance programs in the entertainment industry. The company explains that data governance efforts in this area, as well as the ability to create, store and process data, need to be leveled up to enable the industry to reach its full potential.
Accuracy describes the content was bound by national or regional licenses and regulations. Companies like Disney+, Star+, HBO Max, and even start-ups are now going international and bringing their content directly to users, while also facing new challenges. From legal requirements to user data protection, how these companies manage and protect data is fundamental.
In addition, executives and managers are faced with large volumes of new internal and external data that they must navigate daily to make effective operational decisions. Maintaining, cleaning, and engineering data to serve internal purposes is critical. Entertainment companies are also using data governance for external goals, such as better understanding their customers in the new media landscape.
Businesses are more specifically using AI to understand customer behavior and interests. This complex approach to user analytics poses many challenges, and misuse of user data is regulated by international, federal, and state law.
To take advantage of this rich yet challenging environment, entertainment companies must trust data, trust reports, and understand context and metrics. In this sense, data governance is key to the kingdom. Good data governance ultimately improves performance, revenue, and audiences.
How to determine if data governance is right for your organization
Whether your entertainment company is small, medium or large, an established traditional company, or an innovative start-up, you should consider implementing some form of data governance program or strategy. I have. DataVersity explains that good data governance depends on an organization’s culture and business goals.
When an organization adopts a data governance framework that doesn’t fit its culture, it’s prone to failure. A key resource in data governance is people. The right people build processes and inform executives about the technology and tools they need to do the job. This is why culture is influential. When data governance works through people, it works across the organization.
However, data governance approaches are still dependent on business goals. Let’s say your company is looking to increase content distribution, grow your audience, expand into new territories, or better manage personnel, budgets, or production. In such cases, a data governance program should be built to drive and support these goals.
In terms of compliance, the law requires your company to meet standards when dealing with data. But a good data governance program can help your organization achieve full compliance easily, simply, and automatically.
Mary Levins, founder of Sierra Creek Consulting, said at the DataVersity Enterprise Data World Conference:
Today, a company’s brand and reputation, sales and performance are built on data governance. Ultimately, data governance represents a company’s values and mission. This is especially important in complex industries such as entertainment and new media, which are constantly generating new user data that must be both protected and optimized.
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