In October 2006 online movie rental company Netflix announced a contest called The Netflix Prize; any team that could beat its in-house recommendation engine by 10% in predicting which movies people would like would win a $1 million prize. It was a huge engineering challenge that more than 50,000 teams of computer scientists signed up to take. Today one team, a combination of four of the front running teams actually, announced that it has built a system that delivers a 10.05% improvement.
If that team withstands the month long period of scrutiny that begins now, it will not only mean fame and (some) fortune for them and a big boost for Netflix – it could signal a key turning point for recommendation technology on the web.
Read the whole story on ReadWriteWeb