According to Business Insider, the death bell tolls for TV. Old news you say? Perhaps, but BI has pulled together the data to back it up.
There are a few factors contributing to the decline of viewership and cable subscribers. Not surprisingly, it all boils down to the simple fact that we are choosing to watch “video” on devices other than our TVs. Consumption of video on mobile continues to soar. Subscription TV that bundles a bunch of undesired channels is becoming a thing of the past and it seems audiences may even be growing tired of PVRing their way through programming, especially when it can be summoned when and where they want it.
So where does this leave networks and content creators?
Smart networks realize that TV still works for large, live events we want to share on a big screen. Big sporting events, live concerts and some political events still draw mass audiences. To that end, broadcasters are cranking up ad prices which, as the BI article points out, has been masking ad revenue declines.
Networks have been less clever about engaging audiences online. For example, few are leveraging data about target audiences –their gathering spots, search habits, topics of conversation, demographics and spending intentions/history — and building fact based strategies to engage and monetize audiences before and after broadcast. These tactics are going to be increasingly important as viewers, and subsequently ad dollars, continue to move online.
Someone said to me recently that “transmedia doesn’t make money.” What a dumb statement. Transmedia, which is gooey code for engaging audiences in various aspects of a story across multiple platforms, is about five minutes old. Social media didn’t make money either when it started. Online audiences may be smaller, but who cares, if they are highly engaged and more motivated to buy?
For the first time ever, content creators have access to much of the same data (online) as broadcasters and distributors. Strategic content creators will leverage audience insights to create smarter, more commercially savvy pitches.
As many of our loyal blog readers know, this is our business and something I’m personally passionate about. Wearing my TV producer hat, I am thrilled to think I can connect with audiences directly either in tandem with, or apart from, a broadcaster. As many of you also know, we’ve spent the last number of years developing tools to enable both content creators and distributors (broadcasters, publishers) to find and distill audience insights – not just data, but real, actionable insights.
I’m pleased to announce that the next iteration of our flagship product, ALERT-TV+, is poised to turbo charge the process of surfacing and leveraging audience data as well as invaluable insights about your content ideas. Watch this space for updates about the Spring 2014 release of our next ALERT-TV+ update. It is the best and most exciting to date!