Market Research Analyst Salary and Job Description

Businesses across all industries rely on market research analysts to gain a deeper understanding of consumers, customers, and competitors. They can develop growth strategies that address consumer preferences, competitive pressures, and other business conditions that market researchers uncover.

Market research analysts play a significant role in the ever-evolving entertainment industry. The industry is grappling with a host of trends, including the growing use of artificial intelligence (AI) in entertainment, an increase in niche audiences, rising demand for experiential entertainment, and the profitability of streaming.

Professionals looking to address these trends as a market research analyst should consider an advanced degree, such as a Master’s Degree in Entertainment Industry Management. They should also explore exactly what such a role entails and the market research analyst salary and job outlook.

Market Research Analyst Job Description

Market research analysts working in the entertainment industry help their employers better understand their customers and markets through data collection and analysis. They may assist with all stages of quantitative and qualitative research projects, use data analytics tools, help deliver actionable insights and recommendations, respond to data and research requests, and maintain a high level of expertise in the entertainment and market research fields.

Analysts typically work in corporate settings, often finding work at production studios or advertising agencies. They usually work in one location, either at an office or remotely, but may need to travel for conferences or seminars. Although they may work alone when analyzing data, they work closely with others when gathering it.

The work that market research analysts do can significantly impact the type of entertainment content that’s funded; how and when that content is released; content recommendations, such as those provided by streaming services; and the development of marketing campaigns, among other factors.

Steps to Become a Market Research Analyst

Employers typically seek candidates with relevant experience and education in the field to ensure that their projects are in capable hands. Additionally, developing a strong skill set can help professionals stand out among the competition.

Gain an Education

Most employers will look for a minimum education of a bachelor’s degree in fields such as market research, marketing, or statistics. These programs typically cover the fundamentals of marketing, including understanding consumer behavior and how to target a specific audience.

While a bachelor’s degree program can help build foundational knowledge, it may take a more general approach in its curriculum. Professionals working in or targeting a specific industry may want to consider a more focused advanced degree, such as a master’s degree in entertainment industry management. Such programs can offer a more in-depth curriculum on relevant subjects, including content analysis, entertainment marketing, and entertainment industry operations.

Gain Experience

Working in an entry-level market research analyst position can help professionals gain a better understanding of the role in a real-world setting, such as how to analyze market data and present reports effectively to managers. A proven track record and a portfolio of successful campaigns can help professionals stand out and showcase their effectiveness as they pursue more advanced or competitive roles.

Develop Key Skills

A market research analyst job description generally includes key skills that professionals should develop through their education and real-world experience. These skills include the following:

• Knowledge of marketing strategies
• Knowledge of research and data analysis software and tools, such as SurveyMonkey, Tableau, and Microsoft PowerPoint
• Analytical skills
• Communication skills
• Organizational skills
• Attention to detail

Market Research Analyst Salary and Job Outlook

According to the U.S. Bureau of Labor Statistics (BLS), the median annual market research analyst salary is $76,950. This salary is significantly higher than the average salary for all occupations ($49,500). However, education, experience, location, and the size of the employer can all impact salaries.

Additionally, market research analysts have a strong job outlook. The BLS notes that market research analysts are projected to have an 8% growth rate between 2023 and 2033, double the 4% average growth rate for all careers. More specifically, the BLS projects above-average growth for entertainment and sports careers overall, including 8% for producers and directors. This bodes well for the industry as a whole.

The BLS notes that the increased availability of data on consumer preferences and market trends is a key growth driver of market research analyst jobs. More data requires more analysts to interpret it and draw actionable conclusions.

Help Guide the Entertainment Industry as a Market Research Analyst

Entertainment is a changing, challenging, and compelling industry. Professionals seeking to help shape the industry and make a meaningful impact may want to explore a role in market research. With the strong market research analyst salary and job outlook, it’s a career worth considering.

The Master of Arts in Entertainment Industry Management program at the Tseng College at California State University, Northridge, provides the knowledge and skills that entertainment professionals need to succeed as market research analysts or in other high-level entertainment positions. The two-year online program allows students to gain a deeper understanding of entertainment industry operations, including sales and marketing, content analysis, and industry regulations.

In addition to classroom work, the program requires an internship and a graduate project that includes development of a 10-episode television series proposal, complete with marketing plan. Discover how the degree program can help you advance your entertainment career today.