Things M&E Executives Should do to Conquer Today’s Content Explosion (Part 1)
In just a few short years, the increase in media and entertainment content available to connected consumers has been staggering.
Video-on-demand (VOD) platforms alone have seen their content catalogs rise rapidly from 2x to 50x the volume.
This explosion has led to a massive challenge to all that own, buy, sell and license content, creating greater complexities around their ability to manage rights, monitor performance and track the fulfillment process.
At the same time, the expectations of customers and business partners continue to increase. Advances in technology have enabled this abundance of choices, and advances in technology have also made it possible to help content and distribution partners gain control over Content Chaos and establish a state of Content Unified in order to maximize both revenue and market share. In this blog post we’ll share the first thing M&E executives can do today, and part two of this blog post will share the other two actions points.
Top 3 Things M&E Executives Need to Do Right Now to Conquer Today’s Content Explosion
1. Understand the root causes of Content Chaos so that your company has the perspective and context to create an intelligent, automated management solution.
Like any sophisticated problem, the challenge of Content Chaos is best understood by breaking down the component parts—from creation to consumption. We must first understand the confluence of forces that are impacting this ecosystem, and how they got us here.
Over the past five years, consumers have embraced technological advances at unprecedented rates, enabling access to content from an increasing number of providers. This boom in content access has led to a shift in consumption volume and patterns.
For many Gen Zers and Millennials, “mobile first” is a way of life. Encouraged by access to a growing list of compelling programs, Gen Zers and Millennials are quick to discover and share digital content.
Technological advancements, pervasive integrated apps, and ubiquitous Wi-Fi have made mobile the bidirectional portal of choice.
Gen X and younger baby boomers’ TV experience has morphed as well. With the advent of compelling digital services like Netflix, Hulu and Youtube, consumers are rethinking how they define TV, blending linear, VOD, over-the-top (OTT), subscription video-on-demand (SVOD) and social media to match their diverse lifestyles and tastes.
Multichannel Video Programming Distributors (MVPDs) are enhancing their multi-platform systems to support the content tidal wave. According to Multichannel News, nearly 80% of cable multiple system operators (MSOs) expect to deliver average downstream speeds of 500 Mbps or more in 2018, driven by video consumption.
Fueling consumers’ demand for more is an ever-increasing flow of quality content from studios, networks, and innovative new production outlets. This abundance of content is due to several factors:
Increased access to series and full seasons of popular shows: long-tail content, and non- traditional types of content (short form, clips, webisodes, PRO user-generated content)
More business models: free, transactional video-on-demand (TVOD), ad-based video-on- demand (AVOD), subscription video-on-demand (SVOD), electronic sell-through (EST), live streaming, and the integration of Netflix, YouTube and Hulu within operator platforms
More distribution channels in more formats: standard definition (SD), high definition (HD), 3D, 4K, 8K, virtual reality (VR)-enabled across a dizzying array of devices
More device types: set-top boxes, Internet Protocol TV [IPTV], smart TVs, gaming consoles, tablets, pads, mobile phones
Ever-expanding storage capacity, and data speeds fueling infinite streaming systems
Unfortunately, the systems that currently process these waves of content are buckling under the pressure, often resulting in slips through the chain. Problems vary from some processes still being done manually on spreadsheets, to automated systems that don’t talk with one another, to not collecting the right data (or collecting the right data but not using it effectively).