New research released in partnership with SymphonyAI’s media division exposes data fragmentation in streaming services and other challenges limiting market growth
DALLAS, Jan. 31, 2024 /PRNewswire/ — New Parks Associates research, conducted in partnership with SymphonyAI’s media division, finds that even as streaming becomes the primary means for video consumption, 47% of executives in the streaming industry are lacking the data needed to make good business decisions. The custom research, summarized in the newly released report Streaming Content Performance: Executive Insights | 2024 State of the Market, finds consensus that data on content performance, revenue, and audience engagement is key to successful services, but current fragmentation in the market makes it difficult for companies to collect and aggregate the information needed.
“The need for media companies to successfully manage, optimize, and predict content revenue performance across all distribution models, including FAST, AVOD, SVOD, TVOD, pay TV, and broadcast, grows more urgent by the day,” said Mark Moeder, president of the SymphonyAI media division. “Access to accurate, complete, and current data is the cornerstone for making good business decisions. Our Revedia platform provides first- and third-party data-driven insights on audience engagement and content preferences to enable providers to create the most compelling, targeted content.”
This custom report shares findings from extensive research and in-depth surveys and interviews of senior executives from streaming service providers, networks, and content sellers. These executives acknowledge that profitability is the focus of the streaming market in 2024, which includes increasing advertising, raising prices, and making more bottom-line decisions regarding content acquisition and production. It also details the tools they plan or want to use in 2024, including AI (artificial intelligence) to overcome data-fragmentation challenges.
“Nearly half of industry executives do not have the data they need, in the way they need it, to make the best business decisions possible,” said Jennifer Kent, VP, Research, Parks Associates. “Even when that data is available, it is often difficult or impossible to collate and compare—71% of industry executives say it is difficult to see all of their streaming-related data in one place.”
Companies that own or aggregate television and video assets distribute their content across 18 platforms, on average, so fragmentation in their data sources creates numerous and ongoing headaches for them when trying to make informed decisions about their services and subscribers. For example, 78% of streaming executives said content performance by title is or would be “very useful” but just 46% said that data is fully accessible to them.
“The research we conducted in partnership with SymphonyAI offers unique insight into the streaming market, gaps in knowledge, and the challenges executives are facing,” Kent said. “Currently data is not optimized to enable informed decision-making, and these gaps are limiting the full potential of this market.”
About Parks Associates
Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households. https://www.parksassociates.com
Mindi Sue Sternblitz-Rubenstein
SOURCE Parks Associates