A Guide for Rights Owners to Monetize Their Content
With the world moving into lockdowns last year, media companies across industries and segments had to adapt. Many were not prepared for this disruption, which initially created a slowdown in content production across verticals—but this slowdown was only temporary.
In response to this massive opportunity, companies across the board turned to past content to compensate for both their limitations with producing new content as well as tightening budgets. This provided three benefits:
Gave companies a cost-effective and creative way to feed the burgeoning content consumption habits of consumers
Enabled brands, particularly in sports, a way to engage with their fans during the pandemic, forcing them to acquire the tools and skills needed to handle disruption
Put the spotlight on the value of past content, opening the doors to new and exciting ways to generate revenue off of media
In order to capitalize on this opportunity, companies need to seriously take a look inward at how they are managing their content. Many companies found that their media archive was extremely inefficient and cumbersome, with some content still in analog formatsor in a hybrid state of both digital and analog. And this content was not organized or tagged well, making it extremely difficult to use.
In other words, companies had no idea what they were sitting on. And to manually go through and inventory their archive would ultimately prove too costly, further slowing down their ability to ramp up their content initiatives.
The Opportunities Companies can seize with Improved Media Management
If you’re a rights owner, the pandemic probably forced you to come up with creative ways to make use of your content. Many of the media archives we’ve seen are disjointed, poorly tagged with metadata, and difficult to navigate. This holds back so many companies from realizing new revenue streams that can help lift companies out of the pandemic but also help defend against future disruptive times.
Let’s break it down by the numbers. Managing media content is business-critical for generating revenue. And the opportunity for growth is only there for companies that are prepared for it. To put it in perspective, digital TV and video content, which is how most media businesses make their revenue, is set to reach $119 billion by 2022. In a survey that targeted 500 executives from digital media companies within the comScore top 5,000, 80% of respondents said that video is the top revenue driver. However, many of them agree that they facec onsiderable challenges that prevent them from realizing their full revenue potential.
Despite the unprecedented events of last year, digital content consumption has actually doubled since the start of the pandemic.
The average time spent consuming content went from just a little more than 3 hours a day to 7 hours
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with more people spending time on social media and video platforms.
But the good news is that the opportunity is still ripe for the taking.
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