New whitepaper developed in partnership with FPT Software addresses how streaming businesses can use artificial intelligence (AI) and machine learning (ML) to drive engagement and monetization
DALLAS, Nov. 18, 2022 /PRNewswire/ — Parks Associates’ recent consumer research finds that 83% of US internet households now subscribe to at least one OTT service, while 45% still subscribe to the traditional linear pay-TV service model. The firm’s new whitepaper, Engaging Next-Gen Video Viewers: Leveraging AI and ML, developed in partnership with FPT Software, addresses the increased use of video services, content preferences, discovery challenges, and the role of bundles.
“The most successful video services going forward will be dominated by innovative technologies, including AI and ML, that drive sustained high levels of engagement with consumers through advanced content moderation and curation,” said Sarah Lee, Research Analyst, Parks Associates.
AI and ML can create a personal experience by leveraging data to understand patterns and relationships at a very granular level, beyond recommendations that “standard” big-data-based systems.
“There is a vast range of AI and ML use cases in media and entertainment – companies are only starting to scratch the surface. These can range from generating richer metadata that can be used to drive experiences to reducing time required for content preparation to driving deeper advertising engagement,” said Ira Dworkin, Managing Director of Communications, Media and Entertainment, FPT Software. “Leveraging and extending the data that already exists for many M&E companies to build bespoke AI/ML models can help to drive new insights, ultimately reducing churn and improving subscriber loyalty.”
Parks Associates research finds that 30% of US internet households are “service hoppers” or streaming video subscribers who frequently switch services and re-subscribe multiple times. Businesses that harness AI can develop more effective and efficient strategies to keep these viewers from “hopping.”
“By understanding the viewer on a deeper, personal level, businesses can deliver a more positive, individualized experience that drives acquisition, satisfaction, and retention,” Lee said. “AI and ML models can provide this understanding and identify factors that result in higher customer acquisition and long-term subscriptions.”
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Parks Associates, a woman-owned and woman-led internationally recognized market research and consulting company, specializes in emerging technology solutions serving the consumer and small to medium business (SMB) markets. Celebrating its 35th year in 2021, Parks Associates is a partner to companies navigating the changing consumer technology landscapes through data-driven market insights, extensive consumer and industry intelligence, custom marketing services, and executive networking experiences and conferences.
The company’s expertise includes home automation, control systems and security, digital media and platforms, entertainment and gaming, home networks, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics, and energy management solutions. http://www.parksassociates.com
FPT is a global technology and IT services provider headquartered in Vietnam, with nearly US$1.6 billion in revenue, 37,000 employees, and development centers worldwide. Leading Media & Entertainment companies trust FPT Software to accelerate their roadmaps. With over 20 years of industry experience, FPT Software comes equipped with experience delivering solutions encompassing media supply chain , metadata, OTT and connected TV apps, end to end content delivery, and more. We also provide services focused on cloud technologies, data and analytics, AI and machine learning, and testing and test automation. We are focused on delivering outstanding client experiences with a boutique firm feel.
SOURCE Parks Associates