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The Almighty Buck

+ - Close but no Cigar from Netflix 1

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Ponca City, We Love You
Ponca City, We Love You writes "In October 2006, Netflix, the online movie rental service, announced that it would award $1 million to the first team to improve the accuracy of Netflix's movie recommendations by 10% based on personal preferences. Each contestant was given a set of data from which three million predictions were made about how certain users rated certain movies and Netflix compared that list with the actual ratings and generated a score for each team. More than 27,000 contestants from 161 countries submitted their entries and some got close, but not close enough. Today Netflix announced that it is awarding an annual progress prize of $50,000 to a group of researchers at AT&T Labs, who improved the current recommendation system by 8.43 percent but the $1 million grand prize is still up for grabs and a $50,000 progress prize will be awarded every year until the 10 percent goal is met. As part of the rules of the competition, the team was required to disclose their solution publicly. (pdf)"
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Close but no Cigar from Netflix

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