By Mel Jensen, CMO, GrayMeta –
With increased ease of access to multiple content sources and platforms, consumers are now empowered to choose what, how and when they want their content. This insatiable demand is causing brands to constantly re-evaluate their strategies and speed to deliver the most relevant and personalized content to users.
A recent study on the evolution of video by Nielsen and Google found that “because consumers are able to find exactly what they want when they want it, and don’t have to settle for content that doesn’t suit their interests, they are limiting the number of touch-points they engage with as specific apps and platforms suit their needs.” This does not apply exclusively to streaming platforms, but to social media as well.
Social media companies are entering the video content broadcasting space as viewers are now watching more short-form videos, primarily on their smartphones. If a consumer doesn’t find a piece of content relevant to their interests within a few seconds, they’ll keep scrolling. But if you can capture their attention, they’ll be quick to share a two-minute video with the rest of their network.
As the industry adjusts to this need for personalization, technology evolves with it. Forward-thinking companies are turning to technological solutions that enable them to keep pace with consumers’ demands — in particular, solutions that can automate processes and save time so they can give viewers what they want, faster.
One such example is Videofashion, owner of the world’s largest fashion video library. With 18,000 hours and five decades’ worth of video, its business relies on the content providers, studios and networks that license footage to be used in documentaries, TV series, movies, video content and social media posts. In order to keep up with the increasing speed of content creation, Videofashion has developed a close partnership with GrayMeta, a Los Angeles-based technology startup whose expertise includes using artificial intelligence (AI) and machine learning to automate processes.
Videofashion leverages GrayMeta’s Curio application to automatically create metadata for its content by using GrayMeta machine learning and best-of-breed AI services. The metadata generated by Curio creates searchability within the contents of any video, document or image in a content library. For Videofashion, this means that rather than manually searching for footage requested by a customer, it now has a significantly faster method of finding a video containing a certain year, designer, city, trend, clothing, celebrity, model or quote.
Time is money
With this powerful automation, it has evolved the way in which it licenses its content. Content providers looking to use specific footage simply access Videofashion’s instance of Curio to find exactly what they need within seconds, allowing both sides to monetize their assets faster. Because content providers are constantly responding to and anticipating changing consumer trends and attitudes, efficiency is key. The faster they can get relevant footage from companies such as Videofashion, the better content they can provide for today’s demanding consumers.
Other like-minded organizations are leveraging insights created by Curio to achieve similar goals. Innovative broadcasters are improving the way they appeal to viewers’ interests by presenting advertisers with the program slots that are most related to their offerings. Studios can now easily search through millions of assets to create targeted social campaigns and more accurate content recommendations.
Even museums that, like Videofashion, manage large libraries spanning many years save time in giving content providers exactly the content they need.
Looking ahead, with new connected technologies and rising demand, engaging with consumers will only get more intricate. M&E companies need to arm and differentiate themselves with strategies and technologies that enable them to quickly adapt and deliver for the challenges that lie ahead.