Live events and social media are perfectly partnered. The broadcast media lives to break news, and many social networks have earned their place in the bustling hubbub of broadcast media – sometimes as market leaders.
And what better marriage could there be than live social media with the world of celebrity? Participants in the media and entertainment industry have been early adopters of social media. After a decade of experimentation, the love affair continues to run hot. It is noted that earlier this month Kim Kardashian chose Twitter as the place to expose her curvy lines (gratis), whereas a decade ago she might have opted for Playboy (and a large check).
For large enterprises in the media and entertainment industry, live events provide the perfect launching pad to create buzz around a new movie, concert or sports team. When coupled with tools that provide insights into the audience’s responses to those events, the true value of such events can be analyzed.
For the movie industry, red carpet events are the jewel in the crown. There are three ways social media analytics can be leveraged to capture that value:
- Quantitative data can show the amount of buzz that has been created on social media by an event. Amongst other things, this can include a quantification of the number of people discussing an event, the number of social media posts generated by the event, and the number of impressions. For example, a last minute Oscars campaign for Deadpool generated a high level of buzz: 82,897 posts were generated in the first two days across five different platforms (Twitter, Facebook, Instagram and blogs), along with 460 million social media impressions on Twitter alone.
- Qualitative data can be quantified when tools identify trending topics of conversation either positively or negatively, and/or when rising or falling. Time frames can be as small as minutes, might be over several days, or even compared with a similar event in the past. For example, positive mentions of Ryan Reynolds accelerated (from 53% on Day 1 to 60% on Day 2) when coupled with the words maximum effort or #maximumeffort. This informs the campaign manager about content that can be reused to protract the buzz, or resuscitate it at a later date.
- Business Insights are derived when it is possible to dig deeper. For example, The StarTrek premiere launching the trailer was very positively received by fans, but analysis revealed a distinct dislike of music choice – this can inform producers as they iterate on the trailer and the marketing campaign leading up to the launch. Furthermore, audience analysis revealed that although the fan base is skewed male (at 65%), this shifts down to 58% on Instagram, suggesting that images are more effective in reaching female fans.
The combination of social media + analytics provides the basis for optimizing buzz for an event, and for increasing ROI in advertising spend. Insights into the conversation and the audience accelerate that return on investment in many ways: optimizing the re-use of content that has demonstrated its effectiveness and targeting it to specific audiences (as shown above) are just a couple.
Analytics above were produced by DMS in London using the Crimson Hexagon platform. A Crimson Hexagon partner, DMS specializes in content production, media monitoring and global distribution services for entertainment, arts, culture, lifestyle and sports brands.
Stephanie Newby, Crimson Hexagon CEO will be joined by DMS CEO Amy Le Coz as they discuss the value of social media for live events on Wednesday March 30th on our regular webinar series Social CEO Talk Social. Register here.