Many arts organizations operate on shoestring budgets. Learn how data science can be used to identify methods for incentivizing and rewarding staff and performers without incurring additional costs. Audience members may have limited budgets and attempts to maximize revenue must also adapt to spending limits.
- [Instructor] Before we wrap up our discussion…of data science in media and entertainment,…I want to take a moment to talk about something…that may seem a little different,…and that's about optimizing nonfinancial incentives…within arts organizations.…Now, the reason this is important…is because A: money can't solve everything,…and also because many arts organizations are cash strapped.…I've worked with several, I know this is true.…But that's not the worst thing in the world…because really, money has its limits.…
There's very good psychological research to indicate…that while money is very good for getting out of misery,…you need to be able to pay your bills,…you need to be able to get healthcare,…you need to feed your family,…it's not as good for getting happiness…once those basic needs are met.…What that means is that in an organization…that really is limited in terms of how much cash it has,…nonfinancial incentives become much more important.…And what's important about that…is that data driven methods can still be used…
This course is a nontechnical overview that helps creative organizations use the principles of data science in practical ways. It's required viewing for those working in media, but is also appealing to anyone interested in how technology affects the world around us. Learn how to use data science to assess your target audience, optimize pricing and scheduling for events and digital products, identify piracy, protect your intellectual property, reward employees, and maximize your ROI. Incorporating some simple analytics can lead to broader audiences and richer experiences for your next creative endeavor.
- Assessing the audience for performing art and live digital media
- Optimizing prices for products and performances
- Splitting limited time, money, and staffing among different outreach and sales efforts
- Honoring the requirements of government grants and private donors
- Maximizing the social nature of live events like concerts and performances
- Using competitive and predictive analytics to schedule performances for greatest audience reach and potential revenue
- Understanding how data science can identify piracy and reduce lost revenue
- Incentivizing and rewarding staff and performers without incurring additional costs