Our top 5 predictions for the Broadcasting and Streaming Industry in 2024
At Clipsource we work closely with our customers to adapt to the ever changing industry of entertainment. Part of our team Dan Willstrand (CEO), Märta Rydbeck (CCO) and Erik Hoffman (CTO) have decades of experience within this landscape. In this short article we delve into their impressions of what is to come for 2024.
The top 5 trends:
1. Interactivity & Personalization within Streaming Services
3. The Role of Social Media in News Dissemination
1. Interactivity & Personalization within Streaming Services
Streaming platforms are adapting to changing consumer preferences, such as incorporating interactive content, offering personalized viewing experiences, and enhancing content discovery algorithms. An example of this is the rise of interactive movies such as Black Mirror: Bandersnatch or Choose Love on Netflix, where the viewer chooses the storyline.
“I think thought leaders in our industry have been envisioning interactive features for more than 20 years now, yet very little has happened. Consumers seem happy to keep their viewer experiences “clean”, and do their interactions via their phones. But if I’d still take a guess, I think features like Amazon Prime’s X-ray, which serves viewers with deeper information about what they are watching, such as soundtracks, locations etc, may be more widely adopted.”
— Dan, CEO
Interactive movies on Netflix, Screenshot 2024.
“I feel that both organizations as well as individuals overestimate the need for personalization. You don’t want to see similar content all the time, you might not have similar taste as friends etc. I think there’s a bigger opportunity in curation (think music services’ playlists). One personalization that would be beneficial for the end user though: you always watch the same team each time, so why not have the algorithms put it at the top for you? — Erik, CTO
“I believe there have been many trials with interactivity, in the past it was difficult because of connectivity issues but these days it’s clear that people are less interested in interacting - at least on the bigger screen - commenting and interacting on social media though is different. So for the streaming experience, I am more interested in smoother “pick up where you left off” when I change screens and improved search like - the latest “French-speaking movie.” — Märta, CCO
2. Rise of Short-Form Content
Quite obviously, the growing popularity of short-form video content on platforms like TikTok and YouTube Shorts poses a potential challenge to how traditional media integrates these formats. Maria, our Head of marketing noticed an interesting fad where Paramount posted the entire Mean Girls movie on TikTok ahead of it’s 20th anniversary, or Warner Bros is turning every Sopranos episode into 25 seconds TikTok to celebrate the show’s 25th anniversary.
“For the big studios, I believe it makes sense to use TikTok and other short format platforms for innovative promotional ideas. But I don’t think they will start producing short-format originals. It’s not in their DNA. Most short-format content is created by individuals or groups with low budgets and a high degree of authenticity for their followers.” — Dan, CEO
“Just as FAST I think this is a good lure into the main monetization service - though won’t form a business case by itself. Perfect to find a new audience though.”
“Short form is great for finding new audiences - would love to see the conversion rate of Sopranos shorts into viewing whole episodes of Sopranos. AI-assisted automated highlights are proof of how well shorts work in sports - like I love football, but if Manchester United is not playing I’d rather watch a (very) short summary of the Liverpool-Chelsea game.” — Märta, CCO
The Sopranos TikTok Account, by Maria Campo
3. The Role of Social Media in News Dissemination
Social media platforms have acquired a fundamental role in the way news is distributed and consumed, creating different challenges and opportunities.
“That’s one of the most critical things to understand for our society, especially since social media is now fuelled by AI-generated stories. What’s true and what’s fake is getting very hard to differentiate, and this may lead people to not trust anything or anyone. I think social media platforms would benefit from automatically screening and marking any content that has been manipulated with AI. At least until we have a better solution.”
Photo from Maria Campo
“I’m very concerned and torn by the development of social media’s place in news dissemination. Yes, news organizations like the BBC and SVT need to be present where (often) younger audiences hang out but at the same time, by being in that fast-paced environment, it becomes harder to discern fake AI Videos from the real thing. Not sure of the right strategy actually!” —Märta, CCO
“Companies that have a global platform allow for cost-effective marketing since there's less need for region-specific efforts when content is launched everywhere simultaneously. In these cases, social media can be very powerful. But many platforms miss this opportunity by selling content to third parties in some regions, with different premiere dates.
Then it’s difficult to fully benefit from organic social media buzz. A great opportunity that streaming services should provide is for viewers to be able to share a short clip directly from the app - or be able to create and share a simple teaser video. Think standup.” — Erik, CTO
4. Of course, Artificial Intelligence
The role of AI in content personalization and prediction of viewer preferences, leading to more tailored media experiences.
“In my humble opinion, AI does not have a big role in the media experience. Machine learning might. Platform implementations will probably be able to better guide the viewer through the streaming services (i.e. you must let them index your data). AI will also be heavily used in production - creating teasers, language dubbing etc.”
“We are already at a point where personalization, as we know it today, is getting boring. It’s like online advertising, where retargeting continuously exposes us to ads for products we already bought. Most likely, AI will make personalization smarter, by going deeper and beyond historic consumption. That will give us more surprising and useful recommendations. I think serendipity is what we are all looking for.” — Dan, CEO
Collage from David Fear’s article 50 Most Anticipated Movies of 2024 for the Rolling Stone.
“I do think we will have our own AI Assistants that we can talk to and get entertaining (and other help support) tips from, instead of googling/searching. My virtual assistant will use my remote control if I want it to, organize my evenings by reminding me when important things are live, or a new episode is up. The more I talk to my assistant the more it will learn about my preferences - and maybe also improve coordination with my kids!” — Märta, CCO
5. Regulations & Content Moderation
Potential changes in regulations affecting the media industry, especially concerning content moderation, privacy, and data security such as new accessibility regulations within the EU.
“It’s becoming difficult to be a streamer or broadcaster. Multiple requirements across multiple territories who are adopting new regulations at various speed and this requires solutions to harmonize - it’s an opportunity for Clipsource but from a consumer perspective it’s difficult to follow since not all media companies are subject to these regulations and also sometimes access adequate content.” — Märta, CCO
“There are more and more rules for how information may be distributed and stored. I am thinking of things like data privacy, accessibility, parental ratings etc. Many of these rules vary between different countries and regions, which creates a very complex situation for media outlets that distribute content globally. To manage this, they will surely need technical solutions that automate the adaptation. Otherwise, there will be errors or enormous costs.”
Meet the authors
CEO at Clipsource
dan.willstrand@clipsource.com
In the digital media business since 1997 focusing on developing new business within streaming media, marcomms and content distribution.
CCO at Clipsource
marta.rydbeck@clipsource.com
Experienced and driven digital transformationist with a demonstrated history of working in the entertainment industry for the past 30 years.
CTO at Clipsource
erik.hoffman@clipsource.com
A technical strategist and solution architect, coming from development. Experience from Viaplay, TV4, Red Bee Media, Bonnier & many more.
