Every year, more users young and old adopt social media. The widespread use of social media sites like Facebook and Twitter has created new ways for people to stay in touch and for them to voice their opinions. For business and entertainment, social media has been a huge boon to these organizations, helping them figure out what their customers want.
The old way of tracking and predicting how well things are going at the box office for a certain movie is finding itself pushed out of style thanks to social media. Before social media, Hollywood relied on “focus groups, exit polls, pre-release tracking interviews.” Now social media has taken a more important role in determining what level of buzz there is for a new movie.
It turns out that social media can not only inform businesses about what products and brands they are most interested in, but it can also predict how well a film will do once it hits the theaters. Even better is the fact that social media attention can predict success or failure with more accuracy than the older methods that Hollywood used to rely on.
It’s rather amazing how much influence and change web 2.0 technologies have had on the world we live in. There is so much data out there now that businesses and industries are just beginning to tap into the wealth of that data to make better decisions and predictions.
As one studio exec says, “You have to put money into digital because if you don’t you’re going to miss people.” There’s no reason to believe that this trend won’t continue as we merge our entertainment into devices like tablets and smart phones compared to the older traditional methods like television.
Social media isn’t going anywhere anytime soon. More and more people every year begin using it regularly. Expect to see this sort of shift to using social media over traditional methods to track popularity and opinion of brands and products.