Media Predict is using a community betting pool to predict the success or failure of movies, TV shows, artists ... the list goes on. In short it is a free stock market where you buys and sell shares of a piece of media depending on how you think it will do. The company is leveraging the Wisdom Of Crowds to determine what shows will be a hit and what records will go platinum.
Using large pools of insight is nothing new, look at our stock market. It is just interesting to see it applied to popular media. Truth be told, the old way of measuring success is getting harder to define and ratings since a metric are not what they once were.
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