Media consumption pattern has undergone a dramatic evolution over the previous decade. OTT streaming services allow the user to stream video content over the internet, without the need for cable or satellite subscriptions.
OTT platforms such as Netflix, HULU and Amazon Prime have become household today. Netflix alone has over 150 M subscribers worldwide. It is estimated that in some markets OTT users spent 17+ hours with these services every week in 2019. OTT delivers seamless possibilities to viewers who can watch it from anywhere and at any time.
OTT video is a simple business, in which everyone can make mistakes easily. One of its key ingredients – technology – is evolving rapidly, disrupting the space, and prompting leaders to take risks. Yet, successful business models can take a decade to evolve to their full potential. Localization is becoming more and more challenging, and - live is not going to die.
These are some of the thoughts from Christophe Hochart, our guest in Centili Elevate webinar hosted this Monday by our Group CEO Zoran Vasiljev. Christophe connected from his home in Hong Kong; his insight is based on rich entrepreneurial experience in media, marketing and ad tech.
-The content industry has changed completely. Before this change, we had 20 or 25 years in which distribution was the same and we all bought more-less the same content, whether niche or blockbuster. TV operators had immense control. This model has collapsed, Christophe said.
-What we see today is a broken model, driven by technology and run by individuals who make a difference, he added.
Nowadays, a mega-player in content means a silo. There’s a lot of great content out there, and new monetization horizons are opening.
As the co-founder and CEO at OONA TV, Chris launched successful monetization models and has hands-on experience with improving ad viewability and customer experience. He believes live content is extremely relevant and likely it will remain strong.
-At one point, some people believed that live would die. But the fact is, live will never die. It’s tied to areas such as news, sports and very soon games. Who would have bet that 24/7 live James Bond channel would be a huge success? Nobody knew exactly how much value will be there, Christophe said.
Companies and their leaders should be able to take risks, recognize times for shift, and constantly work on their ability to change – not so much with the times, as ahead of the times. Monetization takes time and strategic approach. The path will often be unconventional, or contrary to the instinct.
-If you can capture the customer at the point when they are ready to pay, or enable them to get what they want – then you can monetize, Christophe concluded.
If you have any questions or comments, let us know, and stay tuned for the Centili Elevate next edition.