- A new survey from JW Player reports that 74% of respondents expect market headwinds to impact their growth, with streamlining operations and removing friction the top priorities.
- Broadcasters are also prioritizing three top objectives: increasing their existing audience base, improving viewer engagement, and growing revenue through advertising.
- Consumers facing financial pressure will increasingly seek out free streaming video options.
With guaranteed economic recession in most parts of the Western world, the only way forward for broadcasters is to trim costs and target greater efficiencies. It’s unlikely any of them had not been prioritizing this over the last decade, so the future for some media organizations is unclear.
In a new survey by Sirkin Research, commissioned by online video platform JW Player, there is a general consensus that going into 2023 the economic headwinds will intensify and that streamlining operations and removing friction is a top priority.
Having piled into streaming services during the pandemic, consumers facing huge pressure on the household purse will increasingly seek out free streaming video options. That makes maintaining subscription services unpredictable and has prompted a rash of ad-supported launches. AppleTV+ is expected to launch one in 2023.
“Effective ad-based services are designed with detailed, personalized audience data that directly impacts the growth and engagement performance broadcasters are expecting,” the report says.
Along with improving operational efficiency, and per the survey, broadcasters are also prioritizing three top objectives; increasing their existing audience base, improving viewer engagement, and growing revenue through advertising.
“Ultimately, those that leverage an end-to-end platform to tackle these initiatives stand the best chance of success in 2023 and beyond,” the company comments.
“It’s no simple feat to manage, deliver, and scale on-demand and live streaming video across every device with broadcast quality perfection. It’s highly complex, resource intense, and costly.”
That seems to be why 83% of those surveyed believe that improving their broadcasting operations is one of their most important business objectives heading into 2023.
“The broadcasters that successfully streamline intricate processes, simplify workflows, and eliminate disconnected and outdated technologies will reduce operational friction while containing growing costs,” the survey concludes.
On the flip side, once operations are running efficiently, broadcasters will be better equipped to deliver high-quality engaging content to their viewers.