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Social Platforms – Changing the News Broadcast Industry

Social Platforms – Changing the News Broadcast Industry

With rapidly evolving content consumption pattern and hasty rise in online video viewing, traditional television viewing has suffered a setback. The very format of content delivery in nano-seconds has completely shaken up the existing ways of content delivery for news broadcasters.

According to the Digital News Report 2017 by Reuters Institute for the Study of Journalism, almost 33% of millennial users (aged 18-24) consider social media to be their primary source of news and information. It’s said that the current situation of legacy broadcasters is quite similar to that faced by newspapers in the early 2000s. Gone are the days when families sat together for evening bulletins, now it’s time for news anytime, anywhere with around 46% of people consuming news in bed on their smartphones itself. 1

Rise and Live on Social

The rise of platforms have opened newer avenues of reaching wider and demographically diverse audience. Audiences have moved to digital representations of news with mediums such as Snapchat, Periscope, Instagram and Facebook Live becoming regular tools of what was once a single source of information dissemination platform. Besides, there’s also a significant rise in news consumption from messaging apps such as WhatsApp, WeChat, FB Messenger, Vibe, etc.

Facebook dominates its reach with wider acceptability as a social network for news with 47% of people logging in for their daily updates. Taking cue from this favourability broadcasters have evolved their content delivery for digital platforms. Live events, particularly sports and election results are now being reported using Facebook live and Periscope along with traditional broadcasts.

The Associated Press (AP) works in partnership with Livestream.com to bring major news events live to customers, which is formatted for TV, mobile, or online. Similarly, while experimenting early on with the format, National Public Radio (NPR), USA decided to go “all out” with Facebook Live. It created a Facebook page entirely for live video with dedicated journalists to ideate and produce content so they can broadcast as the news breaks and deliver stories in a new format. 2

Finding New Audiences among Distributed Platforms

While the multi-platform world also puts forth a challenge of what new content will be engaging for the audiences and how to bring more audiences. As per findings of the Reuters Institute, Digital News Report majority of access to websites and apps is now via side-door routes (65%) rather than direct (32%) such as search, social media, email, mobile alerts and aggregators. 3

While there’s also around 29% of people who completely avoid the news as it is said to have a negative impact on their mood. To reach new and younger audiences, broadcasters such as Australian Broadcasting Corporation, are investing in news apps and partnering with news aggregators (Flipboard, SmartNews, Apple News, Google News, Snapchat Discover, Kakao Channel, and Line News) pushing notifications directly to user’s mobile screen.

For Australian Broadcasting Corporation, the country’s public broadcaster, Apple News has added up to more than 1.1 million subscribers who’ve enabled push alerts since September 2016. ABC’s audience on Apple News is younger and more female than its readers on other digital platforms, and 75% of the people it reaches there are new to the brand. 4

Citizen Journalists & Combating Fake News

The need to produce more content and be in active mode always has made broadcasters reliant to content offered by the public or ‘citizen journalists’ to some extent. User generated content on social platforms such as viewer reviews, polls, video stories of local happenings is driving audience engagement that becomes a backbone of content programming.

User submitted information has done wonders especially in times of crisis such as Arab Uprising or reportage about current conflict in Aleppo. Citizens armed with smartphones record and bring the stories from conflicted areas to center stage, putting their safety at stake. 5

While this has also given rise to the concept of fake news, around the world only 24% believe social media does a good job separating fact from fiction. Alone Facebook had 23 out 50 hoaxed news around US election in 2016 and it contributed to  10.6 million shares, reactions and comments 6. This incidence highlighted the power of social media platform and the viral algorithms that are encouraging low quality and ‘fake news’ to spread quickly. It is thus important to monitor the kind of news that is disseminated through social platforms to avoid any negative impact on society.

The Way Ahead

The best way to move ahead for broadcasters is by utilizing the data to understand viewer behavior and drawing analogies for the dissemination of relevant content. Fighting the algorithmic delivery of news, Broadcasters are also looking to break the echo chambers. This would not only help in building upon new audience but also retaining the existing ones.

Both television news and social media will coexist and broadcasters need a strategy to focus on both. The major impact, however, has been on print media where the time to report is much higher and they have to catch than wait for news to break in the morning.

Blockchain And Its Impact On Media Industry

Blockchain And Its Impact On Media Industry

As we move towards digitalization, the world of media has also changed significantly. Different roles have been established along the media value chain. For example, artists and authors have become the primary creators of content, while platform providers and aggregators of content are donning the hats of royalty collecting body.

Blockchain technology can disrupt the industry structure further by bypassing content aggregators, platform providers, and royalty collection associations, thereby shifting the market power to copyright owners.

Derived from the Bitcoin, blockchain is ‘a distributed database that maintains a continuously growing list of records, called blocks, secured from tampering and revision. Sealed in the chain, blocks can no longer be changed -preventing further deletion, edition, or replication, thus making it true digital assets.

This technology has the potential to resolve some of the current challenges prevalent in broadcast and media industry with ease. Listed below are some ways in which blockchain can benefit media.

Boost Revenue

Blockchain technology can generate revenues for fragmented content like news, blogs, and photos with micropayment-based pricing models. With targeted media usage that can be directly linked to respective content, budget allocation for advertising and marketing also becomes more targeted.

Centralized Payment

While the technology is still in its nascent stage, revenue distribution can be automated based on predefined smart contracts, thereby making payment transactions cheap and centralized. This can potentially reset pricing, advertising, revenue sharing, and royalty payment processes.

Protecting IP Rights

While digitization has altered content production and distribution, protecting the intellectual property of the content remains a major concern of the industry. Though several brands are charging to access digital content, consumers are looking for similar content elsewhere for free. Blockchain technology connects these brands directly to consumers who compensate them accordingly (and securely) for access to digital content

Ensure Authenticity

Blockchain records the history of every transaction. Therefore, it can be used as a potential application to ensure authenticity and transparency. Social media influencers, authors, videographers, and photographers can use blockchains for provenance and attribution.

News in the Digital Era: Tips for Broadcasters

News in the Digital Era: Tips for Broadcasters

Do you prefer reading news on social media? If your answer is yes, you belong among 51%[1]  of the population who prefer so. Research by Reuters Institute reveals that 64% of the population between the age group of 18-24 rely on online media for information.

Which makes us wonder – is digitization transforming the way viewers consume content? As the F.O.M.O. and the favor of personalization over objectivity give rise to social media and aggregators like ‘In Shorts,’ ‘Feedly,’ and ‘Digg Reader,’ do traditional media need to change their broadcast/distribution strategy to retain the audience?

In an age where what goes ‘viral’ sells, here are some tips to utilize the power of digital media to capture the audience.

Intriguing Storytelling: While the information remains the same, how the broadcaster presents it is what pulls and retains the audience in the ‘mobile first’ world. With the same story available across multiple platforms, readers look for a unique perspective, and perhaps, an intriguing way to share the same news. To retain the audience, storytelling has to change – it has to be short, visual, timely, and hyper-relevant.

‘Snackable’ Content: According to Forbes[2], adding infographic is a sure shot way to boost news traffic, as 90 percent of what we remember is based on visual impact. Short-form videos play a vital role in capturing the viewer’s attention for a longer time, thereby driving user engagement and revenue.

Explainer Videos: With the information overload that comes with the Internet, an average person is attacked by the equivalent of 174 newspapers of data a day. Explainer videos are a great way to cut through the information overload. Focusing on the facts, explainer videos often have only subtitles without any sound highlighting the crux, which usually works well for breaking news.

Focus on Soft News: Humans are primarily driven by emotions. Therefore, viewers tend to connect more with the soft news that has a strong emotional element. A simple story presented objectively with an emotional perspective works better for news broadcasters.

Choosing the Right Distribution Platform: With offsite news video consumption growing fast, broadcasters need to focus on the distribution channel to ensure maximum reach. For example, videos uploaded to Facebook or shared on Twitter get more views than those uploaded on the website. Therefore, sharing the breaking news on social media, and do a follow-up story with detailed analysis and context for the website will have more viewers than uploading a detailed video on the website.

Going Live: Thanks to the video appeal, user engagement, ‘in the moment’ value, and instant feedback, live video has become an interesting trend in the broadcast industry. With Facebook Live, Snapchat, YouTube, and Periscope allowing wider reach, media houses are competing to bring interesting and valuable live videos to their customers.

Having Defined Goals: Not all content is created with the same purpose. While the cyberspace is flooded with news and videos, each trying to carve a niche and attract the audience, a broadcaster needs to have defined goals like monetization, engagement, or brand extension before generating the content. It is important to have a strategy in place, which the broadcasters should review and refer to at regular intervals.

Creating Video Community: Media houses are increasingly turning to platforms like Talenthouse, Tongal, and Zooppa to have new video content that explains key issues simplifying business/hard language. Creating video community is a great way to crowdsource ideas in thousands, connect with the audience and empower them, and create a loyal viewers’ community.

Having Ready-made Templates: News, if not communicated as soon as it breaks, become stale. Therefore, it is important not to waste time in deciding the ideal content format or creating videos from scratch. Having templates for various kind of news across different platforms enable quick packaging and sharing of videos and news, thereby helping broadcasters share information as soon as it happens.

As broadcasters embrace the new digital world and make their presence more prominent across online platforms, it is important to have a right strategy to ensure increased engagement with the audience.

Big Data and Media Organizations: A Big Impact

Big Data and Media Organizations: A Big Impact

If we were to define “Big Data” in the simplest definition, the term refers to voluminous amounts of organized and disorganized data that organizations can potentially mine or examine for business gains. Big data includes volume of data, velocity of data, variety of structured and unstructured data and most importantly data which has perceived value in context to business insights.

The ability to access, analyze and manage vast volumes of data while rapidly evolving the Information Architecture is crucial to Media & Entertainment Companies. Media companies procure reams of data every minute from every sector of their organization-advertising/sales, readership, user ship, content and accounting. The main sources of data collection are Social Media, Web Browsing Patterns, Traditional Enterprise Data from Operational Systems, Data from Data Aggregators, Advertising Response Data, Demographic Data & Historical M&E Data.

No one in the enterprise can ignore the 24/7/365 onslaught of news and social media. The amount of global media, including worldwide production of online and print news, articles, blogs and broadcast has exploded. Business data is doubling every 1.2 years. Social Media is the significant platform for big data. More than 1.4 billion online consumers are spending 22 percent of their time in social media. 172 million individuals visit Facebook each day, 30+ billion pieces of data added to Facebook each month, 40 million Twitter individuals each day, 22 million LinkedIn individual users each day, 20 million Google+ individual users each day, 17 million individual users each day and 2 million blog posts are written each day. Surprisingly, streaming videos take up more than 1/3 of the internet traffic during normal television watching hours. 72 hours of videos are added to YouTube every minute and this number is surely mind boggling. 1.3 exabyte’s of data sent and received by mobile internet users each month, more than 35million apps are downloaded each day and finally “more iPhone’s are sold than babies born each day.”

This revolution in technology will make media advertising enjoy a renaissance of sorts. Technology innovation will make it possible to trim a great deal of waste out of advertising by making it more precise. As advertising becomes more precise, it will become more efficient, which will drive up its ROI. This higher ROI will then lead to more investment in advertising. High advertisement budget will become smart business move. Accessing the right data-set and filtering out the noise contributes immensely to the success of the process.

Netflix’s creation of “House of Cards” is a well-documented example of Big data vis a vis Media & Entertainment Companies. Netflix concluded from the analysis of their customers their likes and dislikes, including ratings that indicated that many were fans of political dramas. Netflix also comprehended that they liked the actor Kevin Spacy and that they appreciated David Fincher’s work. Such well-researched data-set helped frame the highly successful creation of “House of Cards”. The impact on Netflix is that targeted programming is bringing them more subscribers and greater revenue, profitability, and market share.

Finally, not only Media & Entertainment companies, political data analytics has advanced from simple micro targeting to true predictive data science, and the track record is good. The Big data team of Donald Trump, President-elect, United States of America has a mammoth role to play. The polls, the pundits and the models predicted the win months back.  Oczkowski, Director of product for the president-elect’s data team Cambridge Analytica, says, “Data’s alive and kicking. It’s just how you use it and how you buck normal political trends to understand your genre.”

The pattern of consumer consumption of information, movies, music, television and entertainment as well as the competitive nature of M&E companies assure that those that take advantage of big data to augment what they know about their business, will continue to be leaders. They will continue to invent new and better business processes and efficiencies and they will do so by evolving their Information Architecture in an impactful manner.