I recently attended one virtual conference on live streaming / OTT platforms. Thought of sharing some of the highlights from the conference.
These are the excerpts from the keynote speaker Efe Cakarel, CEO and co-founder of MUBI.
Cinema Vs Digital
COVID-19 has accelerated the following changes
Cinemas (Theatres) are facing acute challenges and are forced to close temporarily
- Social distancing, combating fears over returning, implementing health and safety measures
- Massive closures: 41 % of UK venues said they cannot reopen with social distancing guidelines
- Right-holders ( production houses) shortening windows – e.g Disney eliminating waiting period altogether
Online distribution can substitute for the theatrical release
Rights holders (Producers) opting for digital distribution
Film festivals cancelled ( but resurrecting online)
New content production paused ( But now slowly started in various places)
MUBI’s virtual preview of EMA debuted in multiple territories with over 25,000 views in one day.
Universal’s digital only release of Trolls World Tour netted $95 million in 3 weeks.
Subscription Video On Demand (SVOD) / Digital consumption is overtaking traditional forms.
Technological innovation is reshaping the way we consume content
UX design is the focus of further innovation
Design thinking – what do we use technology for?
We want to be connected and be constantly entertained, and are designing new technologies to satisfy these desires
Technological innovation is going to bring lot of changes, to make it faster, smaller and cheaper.
Innovation has led to greater portability and new use cases like Internet of Things (IOT) and smart home which can create new forms of engagement.
New platforms specifically optimised for mobile are struggling in the current climate ( Quibi)
SVOD platforms have the benefits of increased data
- What are people watching? when? How are they viewing content? What will they finish? What won’t they finish? What will they binge?
- <80 of the TV shows watched on Netflix are discovered through the platform’s recommendation system
Platforms use these data to refine their acquisitions strategy
- Netflix has increased reality and documentary content based on indicators that these perform better amongst viewers.
- But this also narrows the experience – you only see what’s in your recommendation ‘bubble’.
To Be Continued.