According to a study by New Parks Associates and SymphonyAI’s media branch, 47% of streaming sector leaders lack the information necessary to make wise business decisions.
Despite the fact that streaming is becoming the main way that people watch videos. According to the custom research, which is summed up in the recently published report Streaming Content Performance: Executive Insights | 2024 State of the Market, data on audience engagement, revenue, and content performance are crucial for successful services. However, because of the current market fragmentation, it is challenging for businesses to gather and compile the necessary data.
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Mark Moeder, president of SymphonyAI’s media division, stated that “it is becoming more and more important for media companies to successfully manage, optimize, and predict content revenue performance across all distribution models, including FAST, AVOD, SVOD, TVOD, pay TV, and broadcast.” “Having access to recent, comprehensive, and reliable data is essential for making wise business decisions. To help providers produce the most engaging, focused content, our Revedia platform offers first- and third-party data-driven insights on audience engagement and content preferences.”
The results of in-depth surveys, in-depth interviews, and comprehensive research with senior executives from networks, content sellers, and streaming service providers are shared in this bespoke report. These executives agree that in 2024, the streaming industry will be driven primarily by profitability, which will entail rising prices, boosting advertising, and making more decisions based on the bottom line when it comes to the creation and acquisition of content. It also lists the instruments they want to employ in 2024, such as artificial intelligence (AI) to address the problems caused by data fragmentation.
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According to Jennifer Kent, VP of Research at Parks Associates, “nearly half of industry executives do not have the data they need, in the way they need it to make the best business decisions.” “Even when that data is available, it is often difficult or impossible to collate and compare—71% of industry executives say it is difficult to see all of their streaming-related data in one place.”
Businesses who own or combine video and television assets distribute their content across an average of eighteen platforms, so data source fragmentation causes them a great deal of ongoing trouble when attempting to make judgments regarding their subscribers and services. For instance, just 46% of streaming executives reported having complete access to data, despite 78% of them saying that content performance by title is or would be “very useful”.
“The research we conducted in partnership with SymphonyAI offers unique insight into the streaming market, gaps in knowledge, and the challenges executives are facing,” Kent stated. “Currently data is not optimized to enable informed decision-making, and these gaps are limiting the full potential of this market.”
It is possible to download the report. Please email mindi.sue@parksassociates.com or call 972-490-1113 to reach Mindi Sue Sternblitz-Rubenstein to arrange an analyst interview or to seek specific data.
Parks Associates is a globally renowned market research and consulting firm that was formed and is accredited by women to focus on new consumer technology goods and services. Established in 1986, Parks Associates offers research and business intelligence services with its in-house techniques that have been refined over many years, including quarterly polls of ten thousand internet users.
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