True Bayesian Estimate

Someday I’m going to figure out how this owrks and what it really means. From IMDb Top 250.

The formula for calculating the Top Rated 250 Titles gives a true Bayesian estimate:

weighted rating (WR) = (v ÷ (v+m)) × R + (m ÷ (v+m)) × C

 where:
  R = average for the movie (mean) = (Rating)
  v = number of votes for the movie = (votes)
  m = minimum votes required to be listed in the Top 250 (currently 1300)
  C = the mean vote across the whole report (currently 6.7)

for the Top 250, only votes from regular voters are considered.