From Pixels to Popcorn: How Product Managers and Hollywood Rely on Data Transparency
Be it for clicks or scripts, success means data transparency.
This article underscores the critical role of data in decision-making and the potential pitfalls of withholding it, while also offering real-world examples and practical implications. Its intention is to generate thoughtful discourse.
Sharing the wealth (of data)!
In the ever-evolving worlds of product management and entertainment, data acts as a compass, guiding decisions and shaping futures. Yet, when this data is kept under wraps or isn’t available, the consequences can be significant.
It’s not a stretch to say we all have been faced with a lack of data at some point in our Product careers. On a much grander scale, though, it’s very publicly played out within Hollywood where the preliminary economic cost of both the SAG-AFTRA strike (118 days) and WGA strike (148 days) has been said to be more than $6 billion! [Reuters]
Let’s look at the following examples of the pivotal role of data transparency and how a lack of data impacts product managers, writers, and actors:
Decision-making
Trust and transparency
Quality
Competitive advantages
Monetization and compensation
Decision-Making:
“Data as a North Star”
For Product Managers: Imagine you're at the helm of Spotify's product team. You're considering axing the Shuffle feature. Without product analytics, such as usage data from Mixpanel, this decision becomes a guessing game. But with these insights, you discover only 0.5% of users engage with Shuffle, making your decision data-driven and clear-cut [1].
For Writers and Actors: In today’s world, streaming platforms like Netflix hold viewership numbers close to their chest. Writers and actors are left navigating their careers in the dark, unable to negotiate fairly or understand their audience's preferences. Transparency here isn't just a nice-to-have; it's a career lifeline.
Trust and Transparency:
“The Building Blocks of Collaboration”
In Product Teams: Trust is the glue that binds product teams. When teams fly blind without analytics, like missing user experience issues that tools like Heap could uncover, trust erodes, and innovation suffers [2].
In Entertainment: The relationship between content creators and platforms is delicate. Withholding streaming numbers breeds mistrust, potentially leading to talent walking away in search of more transparent pastures.
Improving Quality:
“The Feedback Loop”
For Products: Quality in product management is akin to steering a ship in the right direction. Google Analytics, for instance, helps assess the impact of bugs on user experience, guiding product improvements and ensuring the ship stays its course [3].
For Shows: Writers and actors thrive on feedback. Without viewership data, they're creating in a vacuum, unable to tailor their work to audience preferences, stunting both personal and project growth.
Competitive Edge:
“Playing Long Game”
In Product Management: In a market where competition is relentless, having a robust analytics framework isn't just helpful; it's a competitive necessity.
In Streaming: Streaming platforms could leverage transparency as a unique selling point, attracting top-tier talent craving data-driven insights. Until recently, they preferred keeping numbers private, potentially missing out on this strategic advantage [4].
Monetization and Fair Compensation:
“The Endgame”
For Product Teams: Monetizing a product without analytics is like shooting in the dark. Data shines a light on potential revenue streams, guiding strategic decisions.
For Creators: Fair compensation in the entertainment industry hinges on viewership. Without these numbers, writers and actors are at a disadvantage, impacting not just their paychecks but also their valuation of their work.
Closing Thoughts:
“A Data-Driven Future Awaits”
Whether it's in product management or entertainment, the message is clear: data isn't just numbers; it's the lifeblood of informed decisions, innovation, and fair play. As we move forward, the push for transparency and accessibility of data will not only shape individual careers but also the landscapes of entire industries.