Australian ticketing and data analytics company, TEG, has conducted what it claims is one of the country’s largest data science exercises to gain key insights into the ‘entertainment gene’ that drives customers’ decisions and preferences.
Conducted by TEG Analytics, the large-scale project mapped the entertainment preferences of more than 12 million Australians, in order to discover spending on entertainment, the most popular genres, frequency of visits to sports and entertainment venues and related travel and tourism activities.
TEG Analytics fully segmented the 12 million participants into culture segments, using demographics, preferences and aspirations.
These new segments then helped TEG define the majority of Australians in terms of which entertainment types best match their purchase power, values and life stage.
TEG’s CEO, Geoff Jones, said the TEG Analytics project was a major breakthrough for Australia’s $40 billion entertainment, advertising and media industries.
“The massive scope of this analytical project and the quality of the data has opened up a new way of viewing the leisure lifestyle choices of Australians,” he claimed. “When TEG established TEG Analytics last year, these kind of game-changing data projects were missing from the market.
“Now the insights that TEG Analytics have discovered will provide our partners with a rare look at what we are calling the ‘entertainment gene’ driving decisions and preferences.”
TEG Analytics’ general manager, Andrew Reid, said the project helped determine an individual’s choice of entertainment and frequency of purchase, which are key indicators about what excites and engages TEG customers.
“Knowing the entertainment ‘hot buttons’ for many millions of Australians has a significant impact on purchase and engagement,” he added. “The ‘entertainment gene’ is slow to change over time, so the data analysis is relevant for the long-term, and is not based solely on the person’s most recent transaction.
“These ‘genomes’ assist in customer intelligence and engagement. From product selection and offers through to creative and media. It’s the basis of an experiential economy.”
Based on this analysis, TEG Analytics is now testing the impact of these genomes on customer behaviour in several other sectors, including retail, finance, auto and travel.
Interestingly, TEG Analytics broke the myth that its customers who were hard core sports fans spend little to no time attending arts events. In fact, of those sports fans who over index on engagement, their attendance to mainstream events like music concerts, family entertainment and theatre is also relatively high, the report found.
“The lines between the actual game and a broader entertainment experience are blurring,” Reid added. “The ‘new’ sports fan wants more social engagement outside their regular fan space.”