When was the last time you went to Blockbuster? Or looked something up in an encyclopedia?
The way we consume entertainment and information has changed dramatically in recent years. Established entertainment companies have been crushed the past 20 years because of these changes.
Fortunes are won and lost over who can best ride the digital wave. Catching the right wave means having the right data. Companies more than ever are using big data to make decisions - Netflix produces shows based on reams of digital data they take off their customers.
So at the same time that entertainment is taking a hit from illegal file sharing sites, they are milking big data to find the next big thing.
- Rahul Telang, professor of Information Systems and Management at Carnegie Mellon University, co-author of the new book "Streaming, Sharing Stealing: Big Data and the Future of Entertainment"