My dad just tipped me off about this piece from Monday's BusinessWeek:
"Hollywood film studios increasingly use an online 'prediction market' to help with decisions regarding advertising and promotions. According to BusinessWeek, studio executives monitor one such market - in the form of an online game called the Hollywood Stock Exchange - to glean clues as to the potential box-office appeal of new films and movie stars. In the game, players use $2 million in pretend money to place bets on box-office success. The game predicted that the latest 'Pirates of the Caribbean' sequel would bring in $110.7 million to $138.6 million on opening weekend. The film brought in $135.6 million. BusinessWeek notes that other industries are starting to turn to similar online prediction markets for help with business decisions. (RKS)"
Smart model, seeing as the studios are paying these guys for audience demo information and other more specific research. If, as the article says, "pharmaceutical and technology storage businesses are currently using the service" (um, exactly how?), then which industry will be next?
Share ideas that inspire. FALLON PLANNERS (and co-conspirators) are freely invited to post trends, commentary, obscure ephemera and insightful rants regarding the experience of branding.
Wednesday, August 09, 2006
Posted by mcwet at 8/09/2006 02:16:00 PM