Social Media: Where's the Strategy?
While corporate participation in social media is increasing, many companies still do not have a strategic plan for its use.
Come Sunday, there will be a few billion dollars riding on the outcomes of the votes cast by members of The Motion Pictures Arts and Sciences Academy. But as important as those votes may be, it might be the opinions of millions of people on various social networks that matter more.
To find out that out, IBM has teamed with the folks at the University of Southern California Annenberg Innovation Lab and the Los Angeles Times to measure social media sentiment related to the 84th Academy Awards. The project is making use of sophisticated analytics and natural language recognition technologies to gauge positive and negative opinions shared in millions of public tweets on the Twitter social media network. That analysis, available here, is being updated in real time through the airing of the Academy Awards.
According to Steve Canepa, IBM general manager of media and entertainment, sentiment analysis is going to play a bigger role in not only determining the amount of money that actors can command for their next picture, but also what movies are made and where they are distributed. For example, sentiment analysis could help determine if it's worth creating a sequel film or, for that matter, a television series or Broadway play based on the original film. Vice versa, sentiment analysis may help determine whether a play or a television show should be made into a movie.
Sentiment analysis is being increasingly applied to any number of entertainment industries, ranging from sports to music. But perhaps nowhere is the implication of advanced social media analytics application likely to have as much of a direct economic impact as in the film industry, where projects live and die based on word of mouth before and after release dates.
It's not likely that the folks attending the Oscar ceremony on Sunday night fully appreciate all this just yet; it's more likely that the millions of tweets this weekend will have a more profound effect on the value of their next contract than anything their esteemed peers might have to say before, during or after the Oscar awards are presented.