The effective use of data separates the winners from the losers in the streaming space. In fact, 67% of OTT businesses consider actionable intelligence key to their survival, benefitting executive leadership, licensing efforts, marketing initiatives, and more. But building a culture of data isn’t easy. Let’s run through the four stages of data maturity for a streaming service and establish what data-driven decision making looks like.
What happens to the sports fans using your streaming service after the final whistle? Sports engagement is naturally spikey. So, how should sports services look to increase perceived value? And how can data insights be used to drive more engagement to support this goal?
Perceived value doesn’t always align with real value. What can streaming services do to increase perceived value? It’s not just investing in new, blockbuster content. Getting the most out of your entire catalog is the key. And the content discovery experience in terms of editorial curation, promotion, and recommendation has a big role to play.
When you think about the complex role of content for a video streaming service, it needs to simultaneously inspire new customers to join, delight existing subscribers, and prevent users from switching. It’s a tall order. Using data to understand the impact of content towards these goals is essential for enhancing licensing efforts and platform performance.
Understanding the speed at which an audience is growing for any title, class, season, or series overall can provide powerful insights into your library. We’re excited to introduce a VOD Release Performance view in our Content Catalog. It’s easy to see the content performance over the first seven, fourteen and thirty days.
You’re sitting on a mountain of data and have decided to put it to work. Great decision. It’s likely that you’re already tracking certain metrics as a data-driven business. The missing piece; a system to turn that data into insight, which can then be used to tackle your biggest business pain points and enhance growth. The next question then is to build or buy your audience insights platform. Choose wisely.
Our monthly churn benchmark for the subscription video industry gradually fell from 10% at the beginning of 2021 to 8.6% in June. But it’s a complicated story and it requires every video service to actively invest in retention and leverage the latest best practices for engaging at-risk customers.
There is no shortage of insights, metrics, and other interesting nuggets that we could present in the Wicket Scorecard. The challenge is avoiding information overload. To strike this balance we have employed pop-ups and mouse-overs throughout our product for users that want to dig a little deeper, and see more. This allows us to keep the Scorecard UI from becoming over-crowded and provides an easily discoverable pathway to more information.
Understanding your content’s impact on the audience is a key for any video service. To help, the Wicket Scorecard now includes Smart Views of the Content Catalog. For your titles, series, and sports you can now easily access Recent Arrivals, Steady Performers, False Starts, and more.
The evolution of our customer base has pushed us to expand the Wicket Scorecard to make it easier to see the performance of linear and especially live event content, separate from VOD consumption. We recently added a new control to one of our most interactive content Wickets, the Content Catalog, to review at Live/Linear performance independently from VOD.