Every aspect of TV is undergoing a digital transformation, and content providers are struggling to keep pace. OTT, in particular, is causing teething pains as the complexities are ever increasing, from new devices, video formats, platforms, fleeting viewing behaviors, myriad of competing services, and the like.
Companies are yearning to simplify the process, but without breaking the bank or disrupting their operations. They also need to be able to quickly adapt to market changes. The big question is: How can companies capitalize on the opportunity?
The Lifecycle of Content: From Production to Monetization is a new report from Ooyala and Futuresource Consulting that identifies common concerns and challenges due to the new era of TV and its digital transformation to OTT -- from the perspectives of both traditional and new media companies across multiple geographies.
One thing was unanimous: OTT is necessary. It’s required today to match audience demands and grow video businesses. However, OTT is putting greater pressure on finance and resources. Primary challenges from respondents include:
• The integration of, and interoperability between, new and legacy infrastructure
• The need to produce more with limited or no increase in investment or ongoing spend
• The management and distribution of an ever-rising number of OTT video endpoints
• The lack of standardization and automation of metadata
• The underutilization of metadata to improve experiences, enable personalization and, subsequently, achieve greater monetization
Respondents were clear that they need integrated video solutions that can solve challenges across their video business—from script to screen. Futuresource cites “it is essential to reduce the mounting pressure from OTT.”
Further, the analyst report says, “Operators will seek greater efficiencies and economies of scale at every step in media operations—from production to distribution,” and that, “respondents are turning to automation for improved productivity across production workflows and metadata insertion.”
Data—more specifically metadata—will be a focus moving forward. And new integrated insights across the lifecycle of video will be valuable. The report finds, “greater data collection from OTT viewing will reduce risk in content investments, as acquisition and commissions are more tightly aligned to consumers’ viewing preferences.”
Adam Cox, Head of Broadcast Technology at Futuresource Consulting, said, “Due to the many hurdles to still overcome, most media and broadcast organizations are not yet fully realizing the potential of integrated video solutions and automation.”
The full report is available for download here.