Enhancing Film Box Office Predictions: Integrating Online Reviews and Web Search Trends
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Abstract
As authentic indicators of consumer behavior during the decision-making process, online reviews and web search data are extensively utilized in sales forecasting. This study examines the film industry to investigate the interplay between online reviews and web search effects. By utilizing the Baidu index for films and online reviews comprising 3360 panel data points, the study aims to forecast box office revenues. The empirical findings reveal two key insights: first, the predictive accuracy of models using inexpensive search trend data is comparable to that of models based solely on online reviews. Second, incorporating search trend data into models based on online reviews significantly enhances predictive accuracy, indicating that a combined model more effectively predicts box office trends.
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