Just like the rest of the media world, Broadcast TV has experienced a transformation over the last decade. The shift to cloud-based systems (which was supported by the adoption of other modern technology) has enabled scalable CTV, FAST and OTT content delivery on demand. This has allowed media organisations in the space to capitalise on changing audience habits – like viewing preferences – and rise to meet demand.
Although change is traditionally scary and difficult, there’s no refuting that Broadcast TV has benefited from the digitalisation of its industry.
Being able to access a wider audience through the internet lends its own unique advantages but, when combined with the development of smart streaming platforms like Netflix, the potential to profit skyrockets.
A shift from linear viewing (the traditional consumption of live content as it is broadcast) to serial viewing has allowed broadcasters to successfully increase the engagement levels of their audience. Rather than forcing viewers to watch episodes at specific times in order to not miss out, individuals can consume TV at a time and pace that works best for them – decreasing drop-off rates and encouraging “binging” and with video content consumption increasing delivering more eyeballs than ever before.
Broadcast TV’s digital shift has inevitably provided a new set of opportunities to the media world, creating a perfect channel for targeted and effective advertising. By connecting their platforms to ad servers, the successful monetisation of content has suddenly become much, much easier. Although, according to Exchange Wire, Linear TV adverts are still the leading medium for “reaching the masses”, internet-connected devices now represent 43%+ of digital video ad viewership (increasing by more than 12% year-on-year).
The digital tools available in the Broadcast TV space have successfully kept up with the rapid evolution demonstrated in the rest of the industry. Instead of being derailed by their audience’s new viewing habits, entertainment companies have been able to create platforms that facilitate audience viewing and gather intel while doing so – allowing analysts to unlock volumes of event-level data to better understand their audience.
Once broadcasters start to use data in their day-to-day decision-making, they’re able to unlock a whole host of positive outcomes. Not only can they make smarter marketing and advertising choices, but they’re also able to accurately procure content in a way that caters to their audience's desires.
By using the underlying data to track viewing statistics and user preferences (comparing the success of reality shows on their platform vs drama shows), content strategists can make informed and educated choices on where to invest. This data-backed decision-making inevitably allows broadcasters to reduce wastage, optimise budgets, further improve audience engagement, generate subscribers, and boost ad revenue.
What’s not to love?
To successfully thrive in Broadcast TV, the very best organisations will have to use first, second, and third-party data to their advantage.
Your survivability depends on it.
Without access to vast audience insights in 2023, you will be forced to make guesses about critical decisions like content acquisition – inevitably falling behind in the market.
In what is described as the “circle of growth”, as per the graph below, broadcaster marketing teams have to collaborate with other experts - ie. content acquisition stakeholders - to ensure that the correct content is put in front of the right audience. And the goal? To ultimately acquire new users or retain existing ones, leading to maximizing revenue opportunities for all business models (AVOD, SVOD, FAST, etc.).
To embrace the evolution of the media industry, you need the support of a Customer Data Platform that can consolidate your sources and produce actionable advice.