As the competition for consumer attention heats up with traditional, big-tent broadcasters continuing to launch their own streaming services — i.e. Peacock, Paramount+, and Discovery+ — one big question arises. How can local TV broadcast networks stay competitive with streaming apps of their own?
JW Player, the platform used to play videos by the likes of Fox, Univision and Vice, recently conducted a survey across their network of broadcasters to reveal opportunities for them to capitalize on the continuous growth in digital video.
Among some of the key takeaways from the report, Video Industry Insights for Digital Broadcasters:
- 41% of broadcasters are exploring new monetization models including subscription-based, pay-per-view, or “freemium” models
- Video consumption is up 28.6% since the start of 2021, and 76% of broadcasters say increasing audience engagement is their top challenge to stay competitive.
- OTT app-based video consumption increased 361% since 2020.
“Across the board, it’s evident that as video consumption increases online, so do the needs of film and TV media companies to increase video engagement and viewership,” JW Player’s study concludes. “As broadcasting has become more accessible, independent and niche broadcasters are working to reach new audiences wherever they may be. Reaching
audiences on new screens with unique programming allows them to diversify revenue streams and connect with their audiences deeper than ever before.”
What does JW Player’s study conclude?
The pandemic was a catalyst for a fundamental shift in digital video.
“We now live in the digital video economy,” says company founder Dave Otto. “Every company is a video company now. Video consumption dramatically increased across all screens in 2020, and so did ad demand and the potential for new revenue for digital broadcasters. With this paradigm shift in video usage, it’s more important than ever for film & TV companies to connect, engage, and monetize their audience in new and creative ways. The opportunities match the challenges, and with the right tools, companies are just beginning to realize the power of video in this new world.”
