In today’s broadcast ecosystem, it is crucial for broadcasters and operators to utilise data to understand the content that audiences are watching, and the platforms they are viewing on, so as to provide relevant content to retain them on the service, according to TV analytics company Genius Digital.
A new whitepaper from Genius Digital highlights how data can facilitate better understanding of VoD subscribers while allowing operators to provide engaging content to retain them
Video-on-demand (VoD) has the potential to drive global revenues by US$375 million if broadcasters and operators utilises data effectively to provide an improved and personalised viewing experience to their audiences.
The Genius Digital Data Spotlight whitepaper by TV analytics company Genius Digital suggested that one of the most fundamental action broadcasters and VoD operators could undertake is to use VoD data to segment customers into groups, based on the understanding of what they have viewed in the past, and re-marketing to them based on content they have watched.
Another challenge operators face when driving VoD usage is retaining users, Genius Digital reported, as they could lose up to 70% of new VoD users within a month or two of their first usage. To improve the retention rate of any VoD services, the report recommended the extension of targeted offers to these lapsed users, as the ability to re-target is an “effective means of getting subscribers back to the service”.
The research paper further addressed the issue of sport viewing on over-the-top (OTT) platforms. Emphasising that data can facilitate better targeting of customers, the report revealed that service providers could use the data to identify other types of content, which can be marketed to specific sports fans.
For instance, by discovering fans of a certain team or sports enables broadcasters to identify cross-marketing opportunities. Utilising real-time data is also an attempt to re-engage viewers, as this information can be used to generate push-notifications and alerts about the content the viewers would want to watch.
Tom Weiss, CEO and co-founder of Genius Digital, concluded: “It’s our experience that data has an important role to play in enabling broadcasters and operators to attain their key KPIs. Whether it is VoD revenues and usage, keeping customers engaged in live sports content in an increasingly competitive market, or even understanding how content is being consumed — using actionable insights derived from deep viewing data can make the world of difference.”