Social media used to predict Oscar winners
It’s that time of the year again where your television, newspaper and Facebook account is flooded with slim, white-teethed celebrities strutting down the red carpet, smiling for the cameras. Yesterday, more than 40 million viewers tuned in to watch the 86th annual Academy Awards.
As always, the media went into a frenzy, as did many brands making the most out of the hype by including the Oscars in their content marketing and social media campaigns.
Although the winners of the awards are determined by an exclusive group of mysterious voters, a recent study has shown the results can be predicted through social media.
Farsite Forecast used real-time data to determine the winners of the six biggest categories, and got everything right.
The team at Farsite gathered data from numerous sources, including social media, to predict the winners. They also took into account previous winners and nominees, popular opinions, controversy and buzz.
Farsite predicted Best Picture would go to “12 Years A Slave”, giving it a 55 per cent chance over Alfonso Cuarón’s “Gravity”. However, Cuarón also got his chance to shine by winning Best Director.
Other award predictions saw Matthew McConaughey as Best Actor, Cate Blanchett as Best Actress, and the best supporting roles to Lupita Nyong’o and Jared Leto.
Last year, Farsite also predicted the results, but struck out on Best Director. The site predicted Steven Spielberg to win, but ultimately the award went to Ang Lee for his work on “Life of Pi”.
Farsite’s predictive methods demonstrate how important real-time data gathered from social networking platforms has become. Although analysing big data for social media marketing is still very much in the early stages, brands looking to stay ahead in the internet age need to be aware of what’s going on online in order to better understand their target audiences.
Now that 73 per cent of online adults are active on social networking sites, according to Pew Research, social media is one of the best ways to understand modern-day consumers. Building a presence on these sites is a must for businesses looking to stay ahead, as it gives brands the opportunity to interact with and engage online consumers.
Posted by Dylan Brown