The State of the Media Industry 2018 report confirmed: data is the key driver of businesses in media organizations and data-driven video is the way to go.
From consumer engagement and privacy to technological advances, content strategies and monetization, data in its various forms is everywhere and companies are challenged with harnessing and analyzing it smartly for greater returns.
Here are some of the top trends driving media companies:
1. 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 U.K., 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.
2. Data and A.I. for Greater Efficiency
For greater content production and publishing efficiencies, media organizations are looking at deep data, automation and artificial intelligence (A.I.). The BBC, for example, has turned to technology to help personalize content across India.
The focus on more granular applications of asset metadata has also led companies to A.I. capabilities. The data-driven Ooyala Flex Media Platform, which connects and streamlines the entire content supply chain, works with Microsoft Video Indexer cognitive services to help media companies search their content archives for video, audio or text files with facial recognition, language translation, visual text identification, and more.
3. 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.
Additionally, VR360 ads were found to perform better than traditional ads. The advanced Ooyala Player is enabling media companies’ aspirations in the VR and 360-degree video arena by supporting VR360 playback for VOD and live.
The interest for AR is rising within the industry as well. Consider The New York Times’ integration of AR into its stories, including features published during the 2018 Winter Olympics.
Data at the center
As media companies strive to be innovative in monetizing content and diversifying revenue streams, it is data that will increase their chances for success and lead them into the next era of media.