Data is one of your most valuable assets
- Understanding your viewer is paramount to creating the customized experience they are looking for – you need to know what your audience wants before you can create it.
- Insights prepare and allow you to make informed decisions about programming, content partners, long-form vs. short-form content, storylines, revenue models and more.
- It can be easy to be consumed by data analysis. It is important to understand, define and focus on your priorities, to avoid getting lost in the mass amounts of data that are collected.
For rights holders, OTT is one tool in your media toolkit
- The idea of broadcast rights fragmentation has often been considered an avenue for those rights to lose value. The other side of broadcast fragmentation is the creation of opportunity and the potential to increase your revenue channels. OTT is not a replacement for broadcast, rather a complement, even more so as the cost of production decreases and it becomes easier and easier to create content. It is an opportunity to expand reach across multiple channels and platforms, eventually creating an environment where you may lose a viewer on one platform but pick that same viewer up on another. It is important to have a clear vision of how your media rights are best utilized – as a direct source of revenue or a catalyst for growth of other revenue streams. Fragmentation is also a method of enhancing that customized experience for viewers. Diversification allows viewers to take the reins in creating their own OTT ‘packages’ with a selection of subscriptions that carry the content that is important to them.
Gamification shifts traditional linear 'push' models, to an engaging 'pull' model
- Legalization of sports betting is relatively new, but the behavior of betting on sports is not. Sports betting has long been available in Las Vegas, or, illegally, via offshore sites and apps. The legalization of sports betting provides legitimacy to a long-time fan-behavior that allows them to have ‘skin-in-the-game’ and be more engaged and connected to what they are watching.
- Free-to-play gaming is a great way to begin engaging users and viewers. Because it can take some time from when betting is made legal in each state to being operational, free-to-play is a great way to build a database of users that can be readily notified and informed when betting is online and available.
- Integrating a reward structure is another great way to engage users and viewers. Rewards can come in a variety of shapes and forms – a badge, or leaderboard position, access to content or something more tangible such as a digital collectible. Rewards, of all types, inherently provide additional value to viewers and keep them engaged in your content and platform.
Partnership is based on product and people
- Building those next generation partnerships is dependent on having both a reliable, and engaging product, as well as a nimble and collaborative team. Trends can shift in a moment, and the successful partnerships will be those that can work across organizations to navigate changes at the speed of technology.
The digital age is the next frontier and will continue to be an adventure to shape and explore. Big thanks to the team at SportsPro for hosting the OTT Summit USA, we learned a lot and are looking forward to next year!