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Data-driven insights for successful Movie Studio

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INTRODUCTION

The movie industry is highly competitive, with countless production companies vying for the attention of global audiences. After intensive research, we were tasked to research the current film industry trends to assist in directing the company's upcoming film production endeavour. Knowing what kinds of movies are doing well at the box office will be crucial to our new movie studio's success as more businesses venture into producing original video content. We will find important patterns and trends in audience preferences by examining recent box office data. To help the studio head make well-informed decisions regarding the genres, themes, and formats that are most likely to appeal to viewers and optimize our studio's success, these insights will be converted into practical insights.

Notebook Structure

  1. Libraries and Dependencies
  2. Data Staging
  3. Data Cleaning
  4. Statistical Analysis
  5. Exploratory Data Analysis
  6. Linear Regression
  7. Data Visualization

Business Understanding

The project focuses on analyzing the film industry to guide a new movie studio in optimizing box office performance. It involves researching current trends and audience preferences through exploratory data analysis of recent box office data. Key objectives include identifying successful genres, understanding how genre influences revenue and ratings, and determining optimal budgets and release timings. By deriving actionable insights from these analyses, the project aims to help the studio make informed decisions on film production strategies to increase the likelihood of financial success in a competitive market.

Business Questions for the upcoming project

  1. What genres are currently the most successful at the box office?
  2. How does genre influence revenue and viewer ratings?
  3. How do genre and ratings impact a movie’s revenue?
  4. What patterns can be observed in successful movies, and how can these patterns inform production choices for a new studio?
  5. Is there an optimal budget range or release period that aligns with higher box office returns?

Project Overview

Understanding the elements and factors that affect a movie’s performance has become essential for newcomers to the market as the entertainment sector expands. Our company intends to launch a new movie studio to optimise box office performance by determining the key factors that impact a movie’s success. The business will be able to make well-informed decisions about the types of films to make, the best times to release them, and budget allocations.

Problem Statement

There are many movies released annually, making the film industry extremely competitive. Numerous factors can impact a movie’s performance, and not all movies are financially successful. The genre, release date, budget, ratings and production company are some of the factors that can greatly impact a film's success or failure. However, it is difficult for the business to come up with a plan that boosts the possibility of creating box office hits if these influencing factors are not well understood. For this project, we will use exploratory data analysis to generate insights for a business stakeholder.

Data Understanding

The dataset was sourced from various platforms including Box Office Mojo, IMDb, Rotten Tomatoes, The Movie DB, and The Numbers, and consists of movie-related data in different formats, such as CSV, TSV, and a SQLite database. Key entries include the "movie_basics" and "movie_ratings" tables from the IMDb database and box office gross data from the compressed CSV file. The dataset includes 1,764 films and 12 columns, covering titles, studios, runtime, genres, popularity, release dates, ratings, budgets, and gross revenues. Analyzing production budgets, gross earnings, and audience ratings will reveal trends to guide the new movie studio's genre and theme decisions Insights drawn from the dataset will enable the studio to align its production strategy with market demands, increasing the likelihood of creating successful original video content.

Data Analysis

Drama is the most prevalent genre, with 897 entries. This suggests a strong audience interest in character-driven stories and emotional narratives, making it a staple in film production. There remains a healthy diversity of genres that cater to varied tastes, although some traditional genres like westerns and musicals are underrepresented. This trend suggests filmmakers continue to explore a wide range of narratives while also gravitating towards proven successes in more popular genres. The distribution of movie runtimes shows that the average runtime is approximately 100 minutes, with most films falling between 90 and 120 minutes, indicating a wide range of runtimes in the dataset. The average ROI shows that the Sport genre is the most profitable, with an ROI of about 15.23, followed by Horror at 12.52 and Romance at 9.12. In contrast, genres like War (1.68) and News (0.98) have much lower returns, highlighting big differences in profitability. A strong positive correlation between production budget and worldwide gross suggests that higher production budgets generally result in higher worldwide earnings across the different studios.

Data Visualizations

This is a visualization that portrays seasonal trends in Worldwide Box office revenue. image

The line plot above compares worldwide gross earnings over time from January to Dece,mber. The worldwide gross tends to be high between May, June, July, November and December. While having very low gross in January to April, August, and October. Thus our company could take opportunity and release movies in the high profitable months.

This is a visualization that portrays the comparison of the average Return on Investment(ROI) by Genre. image

Sports, Horror, Romance, Fantacy and thriller genres have the highest average ROIs, suggesting that they tend to deliver better financial returns relative to their budgets. In contrast, genres like War, News, Western, and Crime have the lowest average ROIs, indicating comparatively lower profitability.

This is a visualization that portrays the distribution of movie genres. A comparison of the number of movies and genres. image

This graph indicates that Drama is the dominant genre, with Comedy and Action also being quite common. Genres like Western, War, Music, Musical, Sport, and News have the fewest movies, with very low counts compared to other genres.

This is a visualization that portrays the distribution of runtime minutes. image

The histogram shows that the distribution of the runtime minutes is normally distributed with mean of 100 minutes. This indicates that most movies have a runtime of 100 minutes.

This is a visualization that portrays the scatterplot on correlation. image

This scatter plot shows a strong positive correlation between domestic gross (x-axis) and worldwide gross (y-axis) for movies. As domestic gross increases, worldwide gross also tends to increase, indicating that movies performing well domestically often succeed globally. The trend line suggests a linear relationship, showing that domestic revenue is a good predictor of worldwide revenue.

This is a visualization that portrays a comparison of the production budget and worldwide gross by studios. image

BV, Fox, Uni and WB had the high production budget and also had high Worldwide gross.

CONCLUSION

  • It is clear that Drama, Comedy, and Action genres are the most successful because they have significantly more films produced compared to other genres, suggesting high market demand.
  • Genres like Sports, Sci-Fi, and Fantasy achieve high gross revenues, strong viewer ratings, and favourable ROIs, while genres like War and News have lower financial returns and ratings, making them less attractive for investment.
  • Seasonal movie releases timed during some months tend to yield high revenues, while certain months experience a significant drop in audience engagement. This can help in planning release schedules.
  • The strong link between domestic and worldwide gross shows that how well a film does at home is important, highlighting the need for good marketing and audience engagement in the domestic market.

RECOMMENDATIONS

  • Prioritize investment in Drama, Comedy, and Action genres when developing new content. These genres have proven to attract large audiences and are likely to yield higher returns on investment.
  • Invest primarily in Sport, Sci-Fi, Fantasy, and Animation genres, as these have shown strong revenue potential and viewer engagement.
  • Releasing major films during peak months (May, June, November, and December) to capitalize on increased audience attendance during these times.
  • Focus on strong marketing and connecting with audiences at home to boost a film's worldwide profits.

For the tableau visualizations, click here Tableau