Latin America. The company Ooyala presented its new report State of the Media Industry 2018, with which it seeks to attract the attention of those media companies that still do not approach their audience through a strategy focused on data.
"Consumers are completely focused on digital and social platforms, and they are used to finding video content where and when they are looking for it," said Belsasar Lepe, founder and chief technology officer of Ooyala. "Media companies are doing everything they can to keep up with consumers, and data will be the key to opening up new avenues of growth and understanding."
Ooyala, a leading provider of software and services that simplifies the complexity of producing, streaming and monetizing video, found that the evolution of the media industry is being driven by rapid advances and the intersection of three main factors:
- Mobile technology, as exemplified by telephone updates and the arrival of 5G;
- Data, including the application of Artificial Intelligence (AI) to provide more personalized content; and
- Immersive vision, in charge of Augmented Reality (AR) and Virtual Reality (VR).
The report cites recent research that underscores the dramatic growth in mobile video consumption, including:
- Mobile accounts for more than 60% of all video views, and longer videos on all screens are now the norm (Ooyala);
Americans will spend more than 80 minutes a day watching digital videos next year, up from 61 minutes just three years ago (eMarketer);
85% of U.S. adults receive their news through mobile devices (Pew Research Center);
- 34% of the entertainment content consumed by teens reaches them through smartphones, and they watch almost 70 videos daily (Awesomeness);
More than 80% of Millennials plan to watch online videos via smartphones by 2022 (Nielsen);
"Mobile video is no longer a novelty, it is the consumer's expectation," Lepe added.
The report also notes that the future of media providers depends on building strong and reliable brands; deliver differentiated content and experiences; and, more importantly, develop a deep understanding of audiences and what they want. Advanced applications in data and automation are spreading globally, particularly taking hold in newsrooms, such as USA Today's efforts to provide readers with more personalized experiences based on their interactions with its mobile website.
Artificial Intelligence also plays an increasingly important role, not only in understanding consumer preferences, which are essential for convincing consumers to pay for content, but also in determining the perfect match between humans and machines.
Among the innovations cited in the report are "immersive technologies" such as AR and VR, which some media companies consider useful tools that contribute to great "adherence." The advent of 5G wireless technology is considered as an enhancer of immersive experiences such as AR, VR and 360º on mobile devices.
"Publishers are increasingly connected to consumers and each other through deep data, and immersive video is creating a new reality," Lepe added. "We look to technological advances to continue to expand what media means and how we consume it in the future."
You can access the full report by clicking here.
