Why entertainment companies should adopt data governance – TechRepublic

by | Sep 16, 2022 | Entertainment

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On April 19, 2022, Business Insider reported that for the first time in over a decade, Netflix lost 200,000 subscribers and was expected to lose 2 million more in the following months. On February 7, CNBC reported that the co-producer of “The Matrix Resurrections” filed a lawsuit against Warner Bros for an alleged breach of contract. That same month, People reported that U.S. Olympic figure skaters and NBC were being 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 of data governance gone wrong in entertainment. And the same principles apply to any company in the industry. Undoubtedly, the entertainment industry is one of the most affected by digital transformation. Switching to on-demand entertainment, streaming services, cross-platform products and moving 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 to the sector.
Why entertainment companies should utilize a data governance framework
Why should entertainment companies adopt data governance? The answer is simple, but the implications are significant. Data governance ensures high levels of data security and management, sets standards for managing customer data, meets regulations and laws, streamlines operations, maximizes efficiency and helps companies adequately face the ongoing cybersecurity crisis.

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Data and data governance is the essence of new business models that the entertainment industry has constructed in its transformation journey. Microsoft explains: “Whether it’s providing new insights, improving decision making or driving better business outcomes, 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-powered AI and enhancing productivity with workers collaborating from different parts of the world — data is woven into its daily operations.
As they deploy new ways to monetize experiences and try to understand consumer behaviors, the risks of poor data governance are too significant. Entertainment companies must ensure their data is valued as a strategic asset and is secure, reliable, high-quality, compliant and fit for use.
The benefits of using data governance at an entertainment company
Accurity lists compliance, monetization and management benefits as the main drivers of data governance programs in the entertainment industry. The company explains that the sector’s data governance efforts, data creation, storage and processing capabilities need to level up for the industry to reach its full potential.
Accurity explains that content used to be bound by national or regional licenses and regulations. Companies like Disney+, Star+, HBO Max and even startups are now international, offering content directly to users and simultaneously facing new challenges. From legal requirements to user data protection, how these companies manage and secure data is fundamental.
Additionally, top executives and managers are confronted with an ocean of new internal and external data, which they must navigate to make effective operational decisions every day. Maintaining, cleaning and engineering data for it to serve internal purposes is key. Entertainment companies also use data governance for external goals, such as better understanding customers in a new media environment.
Companies have more specifically been using AI to under …

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