PWC reports the global entertainment and media
(E&M) industry is set to hit a staggering USD $2.2 tn by 2021,
and it is currently going through a transformation process. It
encompasses various fields including movie studios, marketing
service providers, publishers, service media
The broadcasting and media sectors - The role of predictive
Companies are asked to better predict demand for their content;
to ensure they give viewers what they want, when they want it. To
succeed, businesses need to build a culture infused with analytics,
adopt a curiosity driven approach, and apply creativity through the
whole process. Creative data can improve accuracy, and that is the
trick to predictive analytics challenges.
Why is it important?
Predictive analytics represents a huge opportunity for
businesses. Organisations are trying to move from understanding
what they have done to understanding their audiences at a whole new
level, as well as to:
- Proactively marry the audience to content
- Leverage key insights into relevancies
- Adopt of new technologies
Successful marketers and business leaders need to be able to
interpret quantitative and qualitative data, and determine where
they can proactively deploy investment efforts. Marketers can
successfully compete in a data-driven world by adopting a creative
thinking that allows them to maximise benefits from digital
channels, weave data fabrics, and draw businesses insights.
A real-world example and a taste of working in an international
and multicultural environment
Last month, ESCP Europe's Prof. Dr Hsin-Hsuan Meg Lee, Co-Academic Director of
the MSc in Marketing & Creativity (MMK) set a
one-week, multi-campus exercise in collaboration with Dr Lorena Blasco-Arcas, Academic Director of
the MSc in Marketing & Digital Media (MDM), Dr Wei Zhou, Academic Director of the Master in Big Data and Business Analytics
(MBD) and Dr Kamran Razmdoost, Interim Co-Director of
the MSc in Marketing & Creativity. They asked 135 students
based in Paris, Madrid and London to provide a forecast of what
will happen in the Eurovision Song Contest.
2018 Eurovision Song Contest
This year's contest took place in Lisbon, with 43 countries
taking part but only 26 going through to the grand final. Due to
their financial contribution towards the competition, the "big
five" (the UK, France, Germany, Italy and Spain) and host country
Portugal automatically classified. All entrants competed at two
semi-finals. The contest attracts 200 million viewers and is
notorious for geopolitical voting bias. Performances are not
necessarily judged by their entertainment value or professionalism.
More information is available here.
Dr. Lee emphasised that, "As educators,
we are always looking for ways to combine creativity and analytics.
Usually, when talking about analytics, people tend to focus on
rigorous scientific training, extended datasets and quantitative
modelling. They are important, but we believe the real insights
come from one's profound understanding of the domain, and the
creativity in combining different quantitative and qualitative
elements. This allows us to turn sometimes arbitrary values and
observations into something useful."
The teams had to:
- Identify key performance indicators
- Take data from a variety of sources, including social
- Build the predictive models
- Predict the final ranking
- Choose a country and analyse its audience
Students had to look at different variables such as: historical
data, social mentions, voting allies, performance vote, behaviour
proxies (e.g. consumer expenditure on leisure activities, karaoke
bars, imports of musical instruments), Google searches by country
per year, people listening participant songs via different
platforms (e.g. Spotify, YouTube), Hofstede cultural index. From
this, they had to predict the Eurovision winner.
Participants received three awards including:
1. Best prediction award
2. Eurovision expert award
3. Most creative predictive model award
The learning experience
A clearly defined and collaborative strategy was crucial for
this exercise. Key factors to develop the models were:
- Determining the variables to implement
- Robust social media view
- Strong communication skills and the ability to come up with a
- Establishing deadlines and milestones; crucial due to the
- Strong quantitative and qualitative analysis. It's not feasible
to measure all aspects!
- Building shared intention purposes
Winning teams: What were the results?
Dr Kamran Razmdoost announced the winning teams at
the end of the exercise.
- Best Prediction Award: Team 4
Members: Diana Arellano (MMK), Jay Kwok (MMK), Maria Paez, (MMK),
Alizée Cadiou (MDM), Jose Manuel Lopez Carvajal (MDM), Moritz
Barbarino (MBD) and Maximilian Stoeckl (MBD)
- Eurovision Expert Award: Team 10
Members: Jeremy Jackson (MMK), Alice Vigneron (MDM), Catherine
Warde (MDM), Ivett Molnar (MDM), Chandrika Sharm (MDM), Mathilde
Gelin (MBD) and Fabrice Zaumseil (MBD)
- Most Creative Predictive Model Award - Team 13
Members: Clara Corsin (MMK), Jose Mario Ocampo (MDM), Laurene
Mathieu (MDM), Simon Szlper (MDM), Sophia El Akroud (MDM), Anke
Joubert (MBD) and Ankita Naik (MBD).
Dr Kamran Razmdoost revealed that: "As expected, the success of
teams depended on the way they could bring both creativity and
analytics into one place. Team 13, as the winner of the most
creative model, looked beyond obvious factors determining the
winners and high performers. For instance, they used the number of
Karaoke bars in the capital of each country to investigate the
level of social engagement with the music entertainment industry.
In fact, most of the time, we do not have the data that we like and
we need to create ways to reach the insights good enough to support
Also, creativity contributes to analytics by helping marketers and
business experts define what matters to them. Team 4, the winner of
Best Prediction Award, focused on the artistic quality of the
performances, analysing them based on three important aspects, and
applying analytics in learning how these factors determine the
success of performers."
Making creative predictive analytics work - Proven keys to
- Define the problem
- Determine the key variables implementing creativity through the
- Identify the right data that supports the variables
- Analyse and enrich the data
- Build models for predictive analysis
- Experiment the model and implement the analytics
Jose Mario Ocampo, current MDM student explained that, "During
the different stages of the contest, we focused on facts for the
last 10 years, the more factual the better." The model built
predicted that the top five will be Israel, Italy, Sweden, Cyprus
and Spain. The overall exercise was a great success as the actual
results consisted of Israel, Cyprus, Austria, Germany and Italy in
the top five positions.
If marketers and pioneering thinkers are to overcome the issues
that arise in the digital age, they must be challenged to
successfully merge creativity, marketing, technology and
management. This real-world exercise equipped students with the
tools required to deal with a full range of businesses outcomes,
and build a successful career in today's business environment.
ESCP Europe and its CMC would like to congratulate the winning
teams on their outstanding performance.
Pictures are available here.
Interested in becoming a manager who understands how to
implement creativity in marketing analytics? Check out how ESCP Europe's
programmes will equip you with the tools you'll need!
About ESCP Europe Business
About the MSc in Marketing & Creativity
About the MSc in Marketing & Digital Media
About the Master in Big Data & Business Analytics