Reaching digital age consumers requires digital age solutions, says Ooyala. The online video platform just released its 2017 State of the Media Industry report, which finds data at the heart of more effective ad solutions and content strategies.
Data is shaping all parts of the video ecosystem, streaming personalized video to viewers, reaching mobile consumers on any device, and targeting viewers with custom ads. Data lets publishers create new business models and reach new audiences.
What today’s consumers expect from online video can be summarized with three Is, Ooyala says: immediacy, individualization, and interactivity. But a fourth I—immersion—is coming on strong.
“Data-driven video and advertising are changing the game for all kinds of media brands. And video is proving to be the best way to satisfy those four Is of media content that consumers want,” the report says. “No wonder real-time video has become the choice of companies who want to keep younger audiences connected.”
Today, people move easily from one device to another, expecting their favorite content to always be available. In the race between mobile apps and the mobile web, Ooyala says apps have the lead. They offer a stronger user experience. While many millennials are cord-cutters or cord-nevers, the report notes they’re also paper-cutters or paper-nevers, having grown up without print subscriptions. Publishers need to figure out how young adults want their media. Millennials have become the largest audience segment for the New York Times, leading the paper of record to adopt a mobile-first strategy.
For publishers, holistic advertising solutions will gain ground this year. These solutions combine programmatic selling with ad serving, and can optimize inventory packaging, target audience members, and lower costs. Look for new solutions appearing this year to simplify programmatic buying and selling.
Brands and social platforms have formed a strong partnership, Ooyala finds, with social platforms providing reach (Instagram has over 400 million daily active users) and brands providing funds. Generation X consumers are even more engaged with social networks than are millennials. For those reasons, Ooyala predicts brands and social networks will sign more deals to create exclusive video content going forward. (Publishers, however, see social platforms as frenemies, and lean on them for distribution while aware that these platforms are taking ad dollars.)
“Video advertising and data now walk hand-in-hand as insights drive greater returns and guidance on what’s coming next. Look for holistic approaches to gain traction and unique formats born of the digital age to help better engage those born in the digital age,” the report says.
For more, download the full report for free (registration required).