SAN JOSE, Calif.--(BUSINESS WIRE)--For media companies who have yet to adopt a data-centric and mobile-first approach to connecting with ever-elusive audiences, Ooyala offers a wake-up call via its new State of the Media Industry 2018 report.
“Consumers are moving fully to digital and social platforms, and are used to finding video content wherever and whenever they are looking for it,” said Belsasar Lepe, Founder and CTO, Ooyala. “Media companies are in a dead sprint to keep up with consumers – and data will be the key to opening new avenues for growth and understanding.”
Ooyala, a leading provider of software and services that simplify the complexity of producing, streaming and monetizing video, found that media industry evolution is being driven by rapid advances in, and the intersection of, three primary factors:
- Mobile technology, as exemplified by phone upgrades and 5G wireless;
- Data, including the application of artificial intelligence (AI) to provide more personalized content; and
- Immersive viewing, as embodied by augmented reality (AR) and virtual reality (VR).
The report cites recent research underscoring the dramatic growth in mobile video consumption, including:
- Mobile represents more than 60% of all video plays, and longer videos on all screens are now the norm (Ooyala);
- Americans will spend more than 80 minutes daily watching digital video next year, up from 61 minutes just three years ago (eMarketer);
- 85% of U.S. adults now get their news via mobile devices (Pew Research Center);
- 34% of teens’ entertainment content is consumed via smartphones, and they watch nearly 70 videos daily (Awesomeness);
- Over 80% of Millennials plan to watch online video via smartphones by 2022 (Nielsen);
“Mobile video isn’t a novelty anymore – it’s the consumer’s expectation,” Lepe added.
The report also notes that media providers’ futures depend on building strong, trustworthy brands; delivering quality differentiated content and experiences; and, importantly, developing a deep understanding of audiences and what they want. Advanced applications in data and automation are becoming widespread globally, particularly in newsrooms – such as USA Today’s efforts to provide readers more personalized experiences based on their interactions with its mobile website.
AI is playing an increasing role as well, not only in understanding consumer preferences which are essential to persuading consumers to pay for content, but in determining the optimally efficient mix between humans and machines.
“To quote the CEO of Intuit, ‘big data is the great equalizer,’” Lepe said. “Expect partnerships, diversification and innovation, with the help of data, to be key assets in every publisher’s tool kit. Look for more media companies to leverage data to control their own content, integrate their publishing systems, pursue more personalized approaches to serving audiences and advertisers, develop more innovative partnerships – and to explore new ways to make money.”
Among the innovations cited in the report are “immersive technologies” such as AR and VR, which some media companies consider useful tools contributing to all-important “stickiness.” The advent of 5G wireless is seen as empowering immersive experiences such as AR, VR and 360-degree on mobile devices.
“Publishers are becoming more connected to consumers and each other via deep data, and immersive video is creating a new reality,” Lepe added. “Look for technology advancements to continue expanding what media means and how we consume it in the future.”
The full report, including citations crediting research providers, can be found here.
Hear more on State of the Media Industry 2018 Webinar hosted by Jim O’Neill and Paula Minardi, June 26, 2018, at 10am PDT. Register here.
For over 10 years, Ooyala has been at the forefront of shaping the OTT and media workflow revolutions as a leading provider of software and solutions that optimize the production, distribution and monetization of media. National Rugby League, Dell, SkySports and Media Prima are global customers that rely on the Ooyala Flex Media Platform to successfully produce, manage, and distribute media and become more efficient, more open and more extensible to meet the evolving needs of their viewers.
Headquartered in Silicon Valley, Ooyala is a US-based subsidiary of global telecommunications and IT services company Telstra, with offices in Chennai, Cologne, Dallas, Guadalajara, London, Madrid, New York, Paris, Singapore, Stockholm, Sydney and Tokyo, and sales operations in many other countries across the globe. For more information, visit www.ooyala.com.