Broadcasters and media companies missing out on extra revenues from content
Quality content remains the strongest driver of viewer engagement and there are growing opportunities for profit in archived content, according to a new survey from Ovum.
The independent research, commissioned by Avid, revealed that 65% of consumers surveyed identified image and audio quality as the key driver of enjoyment, and 37% said they would pay for archived episodes of their favourite shows. However, their willingness to pay is highly dependent not just on their personal preferences, but also on the situational context in which a content offer is being made.
Maximise your assets
“Producers and content service providers will protect and maximise the value of their media assets when they can dynamically match content with context,” said Adrian Drury, lead analyst, Media & Broadcast, Ovum. “At the heart of this challenge is an effective metadata strategy.”
Broadcasters say they recognise these untapped monetisation opportunities, but are challenged to maximise asset value with their current systems. An earlier Avid and Ovum survey of media executives found that 33% of existing content could be monetised to take advantage of those opportunities, but most of that archived material is currently inaccessible.
“Broadcasters and advertisers are under tremendous pressure to simultaneously grow profits and audience share," said W. Sean Ford, vice president of Worldwide Marketing and CMO, Avid. "Our latest research with Ovum convincingly argues that media organisations best poised to win will be those capable of implementing an effective strategy that drives monetisation, while incorporating a collaborative, end-to-end production workflow that speeds the development of high-quality content.”
The study also found that a multi-platform strategy can drive appointment-based viewing, giving audiences the opportunity to catch up and discover new shows on-demand can drive appointment-based viewing. Audiences like using multi-platform, web-video services, whether delivered via subscription video, on-demand or catch-up models, to experiment with new shows at their own convenience.
39% of respondents said they discovered new shows through trailers shown on TV, followed by channel surfing at more than 20% and recommendations by friends at 17%.
14% of consumers are testing new shows online, or on tablets or smartphones.
30% of consumers who test new shows through online services return to appointment-based viewing once they become fans.
Second screen opportunities
Second screens create opportunity in mass media events: It is becoming vital for live broadcasters to deliver content to the second screen that can capitalise on the additional engagement potential of these devices.
Local or national pride and excitement were the biggest reasons viewers watched mass media events such as the Olympics.
While watching the Olympics on TV, 63% of viewers were simultaneously using PCs, tablets or smartphones to gain access to related information.
A summary of the findings can be found here.