The Impact of Big Data on Hallyu Market Research in 2021
With the rise of Big Data analytics, businesses across industries are using data to gain critical insights into their consumers’ behavior and preferences. The Hallyu or the Korean Wave is no exception. This cultural phenomenon has captured the world’s attention, and Korean media companies are tapping into Big Data to gain insights into their global audience.
What is Hallyu Market Research?
Hallyu Market Research is the process of studying the Korean Wave’s global reach and impact on various markets worldwide. With rapidly changing consumer behavior, businesses are looking for new ways to tap into Hallyu’s potential, and market research provides accurate insights into consumer preferences and trends.
The Role of Big Data in Hallyu Market Research
Big Data analytics uses vast amounts of data, including social media, search engines, and website analytics, to provide companies with granular insights into their audience’s behavior. In Hallyu market research, Big Data analysis helps companies understand their audience’s preferences, popular trends, and consumer behavior patterns.
With Big Data analytics, Hallyu market research becomes more efficient, cost-effective, and provides real-time insights without any geographical barriers. Companies can easily monitor their audience’s behavior, receive feedback, and tweak their marketing strategies accordingly, ensuring that their brand resonates with their target audience and leads to increased sales.
Examples of Big Data in Hallyu Market Research
To gain a better understanding of how Big Data is impacting Hallyu market research, here are some example case studies:
One of the leading Korean media companies, CJ ENM, used Big Data analytics to understand the preferences and interests of their global audience. Their AI-based platform analyzed over 507 million data points from social media posts, blogs, and news articles to identify popular trends, competitors, and audience preferences. This data helped CJ ENM create targeted content that resonated with their audience, leading to a 70% increase in their global audience in just six months.
Another example is Netflix’s use of Big Data analysis to identify the potential of Korean drama series. Netflix analyzed their user data to understand the popularity and demand for Korean dramas. Based on this data, they started licensing Korean dramas aggressively, resulting in a massive increase in the Korean drama market’s growth.
Conclusion
Big Data analytics is revolutionizing the Hallyu market research industry, providing companies with critical insights into their audience’s behavior, preferences, and trends. With companies using this data to create targeted marketing strategies and content, the Hallyu industry’s growth is expected to continue to rise in 2021 and beyond.
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