Video: How to Monetize Branded Live Experiences
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Read the complete transcript of this clip:
John Petrocelli: Today's consumers--especially millennials--value an experience far more than anything else in their lives. If they can't be there at these experiences, they want to have a collaborative, and participatory broadcast.
But there is a cost to pull these things off. What we've endeavored to do, is talk to Madison Avenue, for instance, about their challenges they're facing today. And those challenges are pretty substantial.
We found that there were three main pain points that brands have. One is cord-cutting. The audience that they're trying to reach is not watching Law and Order on Thursday nights, unless they do the same format. They're either at these experiences, or they want to have a collaborative, participatory experience.
Beyond that, they're also encumbered by ad blockers, with 615 million devices with ad blockers on them, so traditional inventory doesn't get through banners, display ads.
More recently, we've seen brands challenged by brand safety. So, advertising a platform, you're next to dubious, nefarious, dangerous content.
We've talked to brands who believe that, live-presented, branded content is the solution to all three of those issues, and that's where we start to unlock the media conversation, versus a sponsorship conversation.
Moreover, live video gives them a deep engagement time with the consumer. Facebook is a client of ours, and Facebook launched live video, prioritized it, and now they're saying people are watching live three times longer than non-live. They're also getting six times the level of interaction.
Going and having that kind of a dialogue seems to change the conversation. If you're around a concert, a festival, or a premium experience, people want to tune into that conversation.
But it's also how you present it. Giving the viewer the ability to change from a particular stage is very compelling to them, versus a passive broadcast offering. Moreover, people also want to talk, post, share, comment, and tweet about what they're watching. You have to give them that capability.
We’ve also found that those conversations become not related to the video, and they're offensive, or they're off-topic. So we need to turn on a tool that will not only aggregate the conversation, but more importantly curate it.
With the social streams added to the video, we see far more watch time, far more viewership start to happen. That's where you start to see success, and i.e., what we term as "scale," especially for a Madison Avenue-funded live experience.
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