While we won't know the winner of the $1 Million Netflix Prize contest for weeks, Netflix has already seen more than $1 million worth of press coverage since the contest started in 2006. Netflix is also getting a major improvement to the Cinematch recommendation engine, a feature tied to customer satisfaction and will differentiate the company in an increasingly crowded online video marketplace (try finding a movie you'll like on your cable box). What's really strange is that they're will to share the algorithm, allowing the winner to license or share the code with other companies, ushering in better recommendations on all kinds of products and services.
According to the
Netflix blog, 5,196 teams of researchers from 186 countries worked on the solution. This kind of talent was "hired" for a measly $1 million investment by Netflix.
The biggest lesson learned, according to members of the two top teams, was the power of collaboration. It was not a single insight, algorithm or concept that allowed both teams to surpass the goal Netflix, the movie rental company, set nearly three years ago: to improve the movie recommendations made by its internal software by at least 10 percent, as measured by predicted versus actual one-through-five-star ratings by customers. Instead, they say, the formula for success was to bring together people with complementary skills and combine different methods of problem-solving.
Google reports several hundred thousand results for "
Netflixprize." Countless stories from major magazines, newspapers, bloggers, and scientific journals, adding up to priceless press coverage for Netflix.
The final minutes of the contest were actually exciting. The Ensemble, one of the two final teams in contention for the million dollar prize, posted
their account of trying to find their final submission just minutes before the deadline.
Update: A member of the Pragmatic Theory team posted
another account of the final minutes of the contest as well.
The million Netflix is giving to the winning team? Well spent.