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Audiovisual Content Monetization: How Ready Are You?

Audiovisual Content Monetization: How Ready Are You?

Television is no more the only go-to entertainment device. According to a report[1], as viewers consume TV shows and movies in various devices on-the-go, television has lost 13 percent of its viewers in 2015.

With the millennials abandoning television faster than anybody else, broadcasters are aggressively exploring new ways to package content and share it across multiple platforms. Consumers now want more variety and quality content to be delivered to the right device at the right price, which is why providers are looking beyond repackaging the same old content to make it available.

As content becomes the leading online commodity, broadcasters and media organizations are trying to monetize their content. The need to create, convert, and manage digital content has brought forth new technologies, competitive paradigms, and business dynamics in the industry.

Consumers now expect instant access of all content – news, entertainment, corporate, social, media or personal across devices. This has resulted in companies innovating to create ways to monetize content. The biggest challenge that organizations are facing is not technology but availability of content in the consumable format. If monetization is the immediate priority, content owners need to focus on:

  1. Digitization of their historic analog content
  2. Management and optimization of newly produced content

A lot of content still lies in old format like video tapes or film. Organizations need to convert these to digital files and create relevant metadata and support index to aid effective and seamless content retrieval. To facilitate this, content curators need to assess the audio-visual assets to determine the appropriate platform to store, access and distribute the content. Moreover, content, as an asset, needs to be managed well to ensure optimal distribution across channels to generate parallel revenue streams.

Once digitized and managed well, media asset managers not only undertake the effort to digitize and manage content to ensure easy search and availability, they also present an array of options to monetize the content.

Subscription Plan

Common for all types of digital content, be it gaming, streaming content (like Hulu, Spotify, or Netflix), software, or magazine and newspapers, subscription model primarily use paywalls, through which users subscribe to content for a monthly or annual fee. Broadcasters have the option of implementing paywall after a free trial, immediately on consuming the content, or pay-as-per-use. Some content are also charged after a specific number of views, which allows broadcasters to generate revenue from ad.

Transaction Plan

Consumers have access to digital content after paying one-time transaction fee, where they pay-to-own the track, movie, image, or article, or pay multiple times as they use the content. Multiple transactions allow users to have time limited access of content and applications. iTunes and YouTube movies are examples of content being available in this model.

Freemium Plan

Under this plan, content is offered for free, while the broadcasters charge premium for selective content. For example, Angry Birds game is available for free, but users need to pay for an ad-free version or to purchase goods and levels within the game.

Ad-support Plan

Common across digital verticals, ad-supported free content earns revenue from ads, like banner or C. While content is provided free, advertisers use the platform to run ad campaigns and pays the content owner for using the platform.

While organizations try different plans across different platforms to broadcast and monetize content, what needs to be kept in mind is one-size-fits-all doesn’t work for all content owners. Media asset managers and broadcasters need to identify the ideal plan that suits the overall business objectives of the organization.

[1] https://www.accenture.com/us-en/insight-digital-video-connected-consumer

How African Artists Are Leveraging Media For Promoting Their Art ?

How African Artists Are Leveraging Media For Promoting Their Art ?

Have you ever visited any souk and was absorbed by the rich colors and intricacies of the African artifacts? Did you feel they are waiting to tell you a story of their own?

If you’re an art lover, chances are you’ve already explored the rich and diverse culture of Africa. As Ron (Maulana) Karenga sums up, in African art, the object is not as important as the soul force behind the creation of the object.

And it is this soul force that attracts us to African art. A mixture of different tribes, each having their unique characteristics is what gives character to the art, which finds expression in various forms. Woodcarvings, brass, sculpture, paintings, pottery, leather and ceremonial headgear – the objects of expression are many. And they never fail to amaze us.

As modern technologies change the way we look at the world around us, artists are adopting new technologies to keep the culture alive. Be it social media, apps, websites or online platforms – the Internet is democratizing artistic conversations today.

Most artists today have a digital footprint, in the form of an Instagram account where they share pictures of their art or Facebook where they contact art curators to push out their work.

For example, Nkechi Bakare, who runs her Instagram account Art News Africa out of Lagos has accumulated more than 86,000 followers since she started in 2014. According to her, every day she gets at least one message from artists asking her to review and post their work on her account.

Another artist from Ghana, Serge Attukwei Clottey got a chance to study in Brazil after posting his art on his Instagram account. Internet also connected him to one of his future collectors based out of US.

These are not one-off stories. Online platforms like art magazines, online galleries and research websites are increasingly facilitating the promotion of African contemporary artists. Smartphones, tablets and satellite TV have also played a major role in bringing African art to the world.

While contemporary art finds expression in technology, art curators are also going lengths to  the heritage. Old video footage of artistic work and music are being converted from analog to digital format – all in an effort to preserve the legacy. Curators are finding new ways to digitize the history of artworks, archives, and texts of scholarship to ensure legacy thrives in the era of technology.

To sum it all, in a continent where Internet penetration is extremely low and artists fight electricity blackouts and poor infrastructure to reach to collectors and gallerists across the world – digitization proves that art is indeed immortal.