Netflix committed over $100,000 up front to film the first two seasons of House of Cards.
Why did they do this? They were confident that the series would be insanely popular. And they were right. You may think that this is an expensive and risky prediction. But, that’s where you’re wrong.
The executives at Netflix used data analytics to ensure that this was a smart decision. Using their data, they determined that the viewers of the original House of Card series also really liked Kevin Spacey. They were also fans of Director David Fincher.
They were able to determine a fairly accurate number of how many viewers might watch the show. Their data analysis told them that this number would be high. This was especially the case if Kevin Spacey was the lead actor, and David Fincher directed.
Low an behold, the predictive analytics were right.
We all wish we could as confident as Netflix when making major business decisions. See how a Big Data firm can help you do this.
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