Mix 247 EDM Covers XLive 2017 Data and Analytics Summit
Presidents, directors, and data analytical employees gathered for the 2017 Data & Analytics Summit at the Paley Center for Media in Los Angeles, CA.
The two day event gave the opportunity for employees in the fields of music, sports, movies, and other entertainment outlets to discuss new technology and innovative projects that are enhancing the enjoyment of events and statistically keeping track of data. Representatives from all over the country, including some international representatives, participated as panelists each providing their own knowledge of data analytics and the future. Some of the companies at the XLive event were Netflix, Ticketmaster, the Golden State Warriors, Warner Bros Records, Thuzi, Toronto International Film Festival and Country Music Association.
According to Techopedia, data analytics refers to qualitative and quantitative techniques and processes used to enhance productivity and business gain. Data is extracted and categorized to identify and analyze behavioral data and patterns, and techniques vary according to organizational requirements. In the last 24 months, $2 billion have been deployed into uprising technology.
One of the categories was “If it Don’t Make Dollars, It Don’t Make Sense” where the panelist discussed in what ways is a company keeping track of data and will it benefit everyone in the long run?
“It is all about quick wins,” said Umesh Johari, senior manager for strategy and analytics for the San Francisco 49ers. “Am I making increments amount of money with the money I’m putting in? How much time can we save people at the company?”
The social media platforms are as important as ever and is what companies are using most to track data. Representatives gave insight about how companies can be more observant and aware of fan engagement and interaction. For example, it is not necessarily about the amount of followers someone has but more about the amount of comments, likes, and shares. At what time of the day are the most people sharing music on Spotify? When someone posts a picture on Instagram, is it getting as many likes or comments as it can depending on what time of the day it was posted? All of this data factors into daily postings, livestreams, and events.
Basically, social media is the key to unlock the doorway of data.
“The more data you have, the more compelling your story becomes to the sponsor,” said Ari Evans, CEO of Maestro. “You need to get to know your viewers, engagement tools is a secret weapon. You need to know who the audience is and have the data of who has bought, commented, or visited from the past.”
With efforts to make ticket purchasing more fan friendly, the challenge seems to be getting ticket buyers to purchase earlier ticket sales and reward them for their efforts without losing profit. The emphasis going forward in 2017 and beyond is attempting to make ticket purchasing a lot easier and more technologically savvy. Some of the innovations have been companies coming up with simpler apps and wristbands that contains fans’ information and tickets.
The 2017 Data and Analytics Summit brought many successful technology pioneers together for a successful two day event. For more information on the XLive event, click here.
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Featured image credit Mitchell Adams