File 5.6 : Data Mining Goes For Hollywood : Predicting Financial Success Of Movies

The past decade has seen superhero movies rise to box office dominance. This is a new trend. Batman and Superman movies found success early, but the surprise blockbusters Spider-man and X-men at the turn of the millennium revealed that the market for comic based entertainment was not yet saturated (Fritz, 2014). Looking back a decade and a half later, consumer demand has clearly spoken: six of the last ten highest grossing movies were based on comic books: Guardians of the Galaxy, Iron Man 3, The Avengers, Transformers: The Revenge of the Fallen, The Dark Knight, and Spider-Man 3 (Lev-Ram, 2015). Today, studios have demonstrated confidence that this trend will continue. For example, movies set in the Marvel Cinematic Universe are scheduled out until at least 2019, with Inhumans set for release in June of that year (Marvel, 2015).

Quantitative forecasting techniques transform input in the form of numerical data into forecasts using methods in one of three categories. Each category of quantitative forecasting methods assumes that past events provide an excellent basis for enhancing the understanding of likely future outcomes.

It helps clarify relationsips between variables that cannot be examined by other methods and allows prediction

Forecasting numbers and data is an extremely important role in policy making. Economic forecasting plays an integral key role for the decision-making process, helping governments and policy makers to devise major policies and strategies. Many times, there will be an abundant amount of statistical forecasting being done in order to forecast various economic indicators, however the complexity of them changes a lot across different measures. Often times their will be many different sources that have published relatable economic data which conclude of different forecasts for major macroeconomic variables.

This report finds that data-driven decision making involves the collection, combining and crunching of data received from multiple sources throughout the organization. The technique can contribute to the improvement of Acme’s decision making process as a whole. Acme gathers

An application of this result to everyday life might come in testing situations. We usually get precise feedback about grades, but if we received vague information (e.g., “your grade is 70-80” rather than “your grade is a 72”) we might be inclined to perform better on future exams. Those who scored in a lower range than desired would have the motivation to interpret the information in a positive way as well as the capability to do so and thus would believe themselves closer to their desired grade for the course and consequently be motivated to study harder and perform better on the next exam.

This is very effective as it speeds up the process of production and it also means Disney can profit from every aspect of making movies as Disney produce,

This reasoning involves reading and reassessing data that has already been read and assessed. (Glaser 2009) Variables and the relationships between those variables are discovered and then noted.

The motion picture industry is a competitive business. More than 50 studios produce a total of 300 to 400 new motion pictures each year, and the financial success of each motion picture varies considerably. The opening weekend gross sales ($millions), the total gross sales ($millions), the number of theaters the movie was shown in, and the number of weeks the motion picture was in the top 60 for gross sales are common variables used to measure the

Our expertises are not just limited to one aspect of production, as we offer the wide range of production solutions, for film, TV and

Even there is an enormous uncertainty of film production and great amount of film specific investment, greater the investment can higher the probability. This is the information asymmetry in film industry, because only the production company knows the amount of investment.

Technology will modernize and redefine how movies are produced, computers are capable to control cameras and generate backgrounds. The digital age will ensure filmmakers will complete the movie a lot quicker therefore being able to produce more movies and not be delayed from any visual effect props. The future of filming has to come to a realisation that movies are moving into a digital age and pre production visual effects will become a thing of the past.

If a movie studio were to approach me about the use of my music in a movie there are several terms that would have to be outlined. These include payment, exclusivity, use, territory, and time (The Art Institute of Pittsburgh Online Division para. 35).

Data mining can aid direct marketers by providing them with useful and accurate trends about

Time Series and Associative models are both quantitative forecast techniques are more objective than qualitative techniques such as the Delphi Technique and market research.