A recent State of the Media Industry 2018 report from Ooyala confirmed data as one of the key driver for businesses and media organisations in the year ahead, with data-driven video top-of-mind for many marketers.
From consumer engagement and privacy to technological advances, content strategies and monetisation, data in its various forms is everywhere and companies are challenged with harnessing and analysing it smartly for greater returns.
Here are some of the top trends driving media companies:
- Mobile and Social – What Consumers Want
Audiences today expect video to be on mobile. According to Ooyala’s Q4 2017 video index, mobile’s share of video plays in Asia-Pacific surpassed 60% and the medium had the most share of plays amongst other devices in the region.
It is thus unsurprising that companies have evolved their digital strategies according to consumers’ media consumption habits. In the UK, The Guardian’s Mobile Innovation Lab has experimented with elements like offline mobile news content for commuters to improve mobile news delivery.
Social media video continues to grow, driving media companies to lean more on social to promote and enhance their content, and grow their audiences. Content, strategic partnerships, innovation and branding are key to their growth in the future.
- Data and AI for Greater Efficiency
For greater content production and publishing efficiencies, media organisations are looking at deep data, automation and artificial intelligence (AI). The BBC, for example, has turned to technology to help personalise content across India.
The focus on more granular applications of asset metadata has also led companies to AI capabilities. Modern data-driven media platforms connect and streamline content supply chains to help media companies search their content archives for video, audio or text files with facial recognition, language translation, visual text identification, and more.
- Immersion with AR and VR
With mobile devices getting more ubiquitous and advancements in 5G connectivity, we’re looking towards a future of more immersive video content, thanks to continuous progress developing virtual reality (VR), 360-degree video, and augmented reality (AR) technology.
A study confirmed that VR increases viewer engagement with journalism, particularly with larger-scale experiences. And VR360 ads were found to perform better than traditional ads, with advanced platforms supporting VR360 playback for VOD and live.
Interest for AR is rising within the wider industry. Consider The New York Times’ integration of AR into its stories, including features published during the 2018 Winter Olympics.
Data at the centre
As media companies strive to be innovative in monetising content and diversifying revenue streams, it is data that will increase their chances for success and lead them into the next era of media.