Original video content about music plays center stage now and in the future. That prophecy rang loud and clear recently at the Digital Music Forum in New York. And, scripted video content is the next wave for digital platforms.
Original content has long been a differentiation strategy for HBO, Netflix, and Hulu, and now video shows about music are doing the same for Apple Music, Spotify, and other streaming services.
Speaking on a panel “Music as an Original Video Content Strategy”, the kings of digital video platforms elaborated on the future of this category — loaded with the soundtrack of their own companies current and future plans — plus predictions on the next wave of viewer consumption by millennials.
THE PANEL: “Music as an Original Video Content Strategy”
THE CONFERENCE: The Digital Music Forum, part of the annual New York Media Festival (NYME) hosted by Digital Media Wire. A one-day conference where the most influential decision-makers in the digital media industry congregate to share ideas, brainstorm, network and hear from other leaders in their field.
THE PANELISTS: Andy Cohn, President & Publisher, The FADER, Inc.;
Richard Johnson, President and Co-founder, Qello Concerts;
Simon Kellman, Global Head of Music, Dailymotion and
Alexander Kisch, EVP & General Counsel, Vevo
THE CONSENSUS: Quality video content focusing on artistry first is one of the keys to success moving forward. Consumers will see an increase in collaborations with the artists, and an increase in the number of scripted video shows about music.
Education of the Consumer is Key
The education of the consumer is key to the growth of digital video content platforms’ subscriber growth and retention. According to the panelists, The biggest difference from a year and a half ago, is the consumer adaption of streaming video and streaming in general — the rising tides of the Netflix’ & Hulus’ of the world. For the most part, the consumer demographic — middle 50s down to millenials — now understand streaming and the audio/video process – there’s no need to explain.
The biggest question now is will the younger audience be willing to give these digital video platforms with older demographics their trust or confidence to pay $7.99 like they would for Netflix:
The answer by each panelist: Definitely Yes!
Engagement is Key to Growth
It’s all about creating quality original video content. That creates an engaged customer, which converts to retention. According to the panelists, there is a tipping point going on right now and engagement is key. The cable complex is under a tremendous amount of pressure with cord-cutting and the like. With streaming and direct to consumer video properties all the rage – it is now the Golden Age of video content platforms.
The Biggest Question Moving Forward
Can these original video content platforms get the younger demographic to pay for their services: Can they get them to realize they can sit back and enjoy — that they don’t have to sit thru youtube for good music quality content. There’s another option.
The leaders in the video content platform space have spoken. The future is now and it’s looking very bright. Original video content about music is definitely center stage. — Abbe is SOCIALLY SPARKED! Tweet @sosparkednews & @abbesparks