Parks Associates hosted its virtual event, Future of Video: OTT, Pay TV, and Digital Media 2021, where executives from various media companies such as Everise, Row8, and Xcinex Corporation, Inplayer, Scener, among various others, discuss the ways the Covid-19 has affected the accelerated transition to digital platforms, including advertising, the shift to a hybrid business model, and projections for how the demand for digital platforms will be handled in the future.
According to Amy McDonnell, SVP of PX Solutions at Everise, digital platform consumption has surged due to their ability to provide adequate consumer-producer experience support and enhanced engagement features. She affirmed that all industries were tremendously impacted by the pandemic. McDonnell also mentioned that most trends noted amid the pandemic related to the industry, and projects streaming bundles based on devices and targeted at specific consoles, etc., are likely to become more common in the future. Media companies will continue to evolve streaming bundle strategies overtime to boost followers, strengthen their brand reputation, and ultimately generate more revenue.
With 70% of Americans using forums, all executives agreed on the powerful contribution social media platforms have made to both streaming and linear channels as it has given viewers an outlet to engage with the platform and voice their feedback. An increasing number of companies have based important service components based on consumer preferences, such as AVOD services that are free of cost, engagement features such as watch parties, and classic shows on larger catalogs to fulfill their content cravings. Technology innovations have allowed content transmission to connect at faster speeds, on more devices, with more usage, and even at streaming events.
The experts suggested for services to implement more titles that promote inclusive watching among families as it has driven views amid the pandemic, to be aware of their marketing tactics, and to make their service offerings clear. Consumer data has had a large impact on svod transactions, potentially leading to an increase in theatrical releases on digital platforms. Theatrical releases on streaming platforms, such as that of Warner Media’s multi-year deal to secure content on streamers, could harm theaters in the future, requiring them to come up with additional ways to generate revenue.
Though box office sales are expected to return, most experts don’t expect it to return to pre-pandemic levels. A recent survey indicates that 30% of consumers are not yet comfortable with the idea of returning to theaters, with younger crowds showing more willingness to go, while the intention to pay for new titles on streaming platforms has increased from 31-50%. Hybrid and wholesale models including both sorts of releases are expected in the next few years.
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