Digital content consumption has skyrocketed but are media organizations leaving revenue on the table? That’s the contention of AI technology developer Veritone.
While virtually every media company agrees that video is the top revenue driver. Many also admit to facing considerable challenges that prevent them from realizing their full revenue potential. These challenges include improved content data and workflow automation; the ability to tag videos with metadata; and managing and working with archived content resources and difficulty in searching for specific assets within an existing media management system.
Naturally, Veritone has the answer. It involves taking a serious look internally at how they are managing their content.
“Many companies found that their media archive was extremely inefficient and cumbersome, with some content still in analog formats or in a hybrid state of both digital and analog,” states Veritone in a whitepaper on the topic. “This content was not organized or tagged well, making it extremely difficult to use.”
In other words, companies had no idea what they were sitting on. And to manually go through and inventory their archive would ultimately prove too costly, further slowing down their ability to ramp up their content initiatives.
Veritone’s solution is to incorporate AI and machine learning with media management. It levels the playing field, it says, for technical and non-technical staff who need to interact with a variety of content on a day-to-day basis.
“AI has also made tagging content more consistent and accurate, giving brands a clear idea of what they have and where it’s located at a moment’s notice. Having this capability is a must-have to properly migrate content to a single location.”
There are two ways you can generate revenue from your content: directly and indirectly. The direct way of generating revenue from content involves a transaction with some sort of consumer one of which is generating revenue through content licensing.
To effectively sell and make this content available, media companies should set up their own ecommerce site, Veritone advises.
“It must have rich metadata tagging, often achieved with AI, so that searching through hours of video footage takes mere minutes.”
Veritone suggests that on average, for b-roll footage, revenue can be anywhere between $80 to $100 per second. For a minute of footage at that rate, the revenue can range between $4,800 to $6,000.
“If you scale that out per project and hours of runtime, you are talking about hundreds of thousands of dollars.”
Another approach to monetizing directly to customers is to creating a package for partners and advertisers in which you give them controlled access to content on your site. This is usually done for sporting events and is typically structured with different content tiers. With each tier, the types of content that are available, from interviews to actual player footage, would expand. The amount of revenue that can be generated with this model would depend on the size of the event and what sort of companies it would attract.
The second method of revenue generation via content archives is indirect, meaning you either retain more of your revenue through increasing operational efficiencies or generate revenue further downstream. For example, bringing the content together in one location in the cloud enables every member of the production pipeline with greater access and an increased ability to collaborate. Having that central repository for everything you have created makes it faster and easier to recover old content.
“Monetizing any type of content begins with digitizing and consolidating assets in a single, cloud-based location,” states Veritone. “With a complete inventory of what’s available, companies can increase their ROI for the content they have produced in the past as well as establish the necessary infrastructure to maximize the value of future content. AI acts as the means to unlock content, making companies more agile and speeding up production, distribution, and monetization.”