One of the primary responsibilities of a data scientist is to predict an outcome based on specific data. To measure the success of an Instagram TV product, here are some metrics to consider;
1. Viewership
It is the number of people who watched the IGTV video. Similarly, it can be equated to the total number of people/households that consumed the content. A significantly high number of viewers means most people were interested in the product. However, you may not get accurate measurements because;
Data privacy rules may hinder the collection of viewer data.
Some viewers use ad blockers or opt-out techniques that affect data collection.
2. Mean watch time
What is the average time spent watching the IGTV videos? It is measured in minutes or hours and provides vital insights into how engaging or captivating the content was to the viewers. Additionally, to calculate this metric, you need to add the total time spent by all users watching the IGTV video and then divide it by the total number of viewers.
Average watch time = Total watch time(in minutes)/ Total Viewers
3. Engagement Rate
It measures how active or intense the viewers interact with the IGTV videos. Moreover, it includes the number of likes, shares, and comments on the content posted. A high engagement rate means that the content resonates with the audience. Also, it demonstrates strong audience connection and content effectiveness, which may lead to improved visibility and conversions. The engagement rate is calculated by;
Engagement rate(%) = [(Total Engagement/ Total Reach) * 100]
4. Audience Retention
How well can you keep the audience watching the IGTV video from start to end? A successful IGTV video should have a high percentage of audience retention. Additionally, in data science, we can use the retention curve to visualize audience retention. The curve shows how the percentage of viewers drops or increases at different time points in the IGTV video. Analyzing this curve enables you to establish weak points in your IGTV product.
5. Revenue
The total revenue generated by an IGTV video will always determine whether it is successful or not. In most cases, low revenue means the IGTV is not meeting its objective. A successful IGTV video should generate enough revenue to sustain its operations. Here are some earnings used in calculating the total revenue of an IGTV video;
Ad earnings
Content creator earnings
Subscriptions earnings
Conclusion
As a Product Data Scientist, you would continuously analyze these metrics, establish patterns and insights, perform A/B tests, and work with cross-functional teams to make data-driven recommendations for product improvements. The success of an IGTV product would involve sustained user engagement, growth, and alignment with Instagram's overall strategic goals.
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