Ravikant Sharma, Program Director, Accedo TV
"The data actually is the new currency and provides power to both users and service providers."
We all know the importance of content, be it any domain, that is, video, publishing, education, health, travel, etc. Creating new content every day for different segments in society remains a key aspect in the overall ecosystem. There is tremendous fan-following for global series like Game of Thrones, 13 Reasons Why, Sense8, and local content such as TVF, AIB etc. in India. All these series (and others) now enjoy special status and points of conversations and have spurned a whole new industry. The content in circulation on social media is being created by people who are not from the content industry. The consumption of this content on social media is driving more and more people to create content. Majority of the content is short, around social issues, humor, pop culture, and without any special Hollywood/Bollywood effects. But even in the basic form, it has struck a chord with all age groups and cultures. Though content surely is the king is an old saying it still remains relevant.
The data around content is not a new buzzword, and has been around for decades. But the traditional data around content mainly consists of meta data including, genre, cast, synopsis, basic images etc. What is being seen now is the lookout for data within the content. The impact of video on human behavior or learning is immense and therefore, the quest to deep dive into the data within content is even bigger. Identifying objects within video is achievable now and monitoring the user engagement or behavior (VR, activity on mobile etc.) during a specific part of content can help advertisers to target the desired users. This kind of data can help content creators to generate content that can generate more user engagement and also additional revenue streams. Potential applications include identifying the products/dresses (retail), locations (travel industry) to point the ads toward users at specific points in the video. Service providers can use the data-mining techniques to find out more about user behavior like, repeating the video for specific location, combine that with user demographics for analysis at the smallest scale. With more and more data being extracted from within the content and external factors, both content and ads can be targeted to micro levels. All these possibilities can help discover new revenue streams and user-engagement metrices. The data actually is the new currency and provides power to both users and service providers.
With both content and data, the next important dimension in the digital paradigm is UX (User Experience). The visual designs are actually the face of any brand. The UX is not only limited to how a specific information is seen but the way it is presented in the grand scheme. The intuitive UX can engage a customer for longer periods and even indirectly force him to come back again and again. The UX has to be tightly coupled with the needs of users and intent of product. To get the UX right is no easy feat and needs careful study and observation of user behavior. By using the analytical services, the UX can be taken to the next level and can increase the time spent on a service multifold. Like in the game of chess, the queen is more powerful than the king himself. In the digital world as well, the queen (UX) seemingly enjoyspower over the king. This may not be as distinctive as in chess but still, the strength prevails. The debate goes on though, be it the real world or the virtual world.
With the virtuous king (content), intriguing queen (UX), and dependable currency (data), one can rule both worlds (both digital and physical). To succeed in the world of Video/OTT, it is important to focus on all three components.