Have you seen a good movie lately? I have seen a couple – and I truly enjoyed the whole experience.
As a boy growing up in London, my parents taught me to appreciate the joys of cinematic storytelling. We would make the trip to the Odeon Cinema at Leicester Square in Soho, mostly for the viewing pleasure that we gained from their huge wide-screen 70mm film presentations.
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Tags: cinema, D-Box, entertainment, Galaxy Theatres, innovation, movies, technology, video
By Leszek Izdebski, Cisco Internet Business Solutions Group (IBSG)
These days, professionally produced video can be accessed through a dizzying array of hardware and delivery choices. But which concerns are top of mind for typical video consumers?
To better understand the dramatic changes in the consumption of professionally produced video, Cisco IBSG surveyed 1,152 U.S. broadband consumers between the ages of 13 and 75+ in March 2012. The overall goal of the survey was to understand how consumers watch video: their habits, preferences, and the devices they most prefer.
Our core findings revealed that Read More »
Tags: Cisco, devices, IBSG, mobile, movies, online, professionally produced video, Service Provider, streaming, survey, TV shows, video
Recently at the Consumer Electronics Show I had a enlightening conversation with the head of a major movie studio. He told me that they spend close to $1 billion annually to “acquire the same customer over and over--people that go to movies.” That’s because the natural goal with each movie is to maximize box office revenue. Since web properties deliver little incremental revenue today, all their effort is placed on the traditional revenue streams.
They create web properties and social engagement platforms primarily for promotional purposes that live for about four to six weeks after the in-theater window. Then, they are abandoned and they start over on the next film. With the cost of the average Hollywood movie promotional website running about $1-3 million, the studios lose an opportunity to understand, engage and monetize that audience.
The lack of recognition on digital opportunities goes even deeper. At the Digital Media Wire/Variety Future of Film Conference, a tech startup that does social widgets for film sites said they loved coming to Hollywood because it was “like printing money--every film studio wants to ‘do social.’” They said they were surprised at the end of each engagement because they’d try to transfer the audience data they collected via the widget back to the studio, and they’d be told to keep it; that the use of that data wasn’t the studio’s “job” and that they wouldn’t know what to do with it anyway. The startup said it was fascinating to watch studio CFOs scrutinize the ROI on every campaign as measured by impressions, click through rates, etc, but then walk away from the most valuable assets--the data and the relationship with the consumer--that the social app was generating.
Movie studios perhaps are optimizing around revenue today (box office) but not yet optimizing around the revenue and asset of tomorrow. That asset is data. By having a source of data about their audience that can do useful things, studios can both decrease marketing costs and develop new revenue sources around that audience and film property.
While Cisco Eos can help studios accomplish short term promotional goals via a socially enabled entertainment experience, the real added value is over the long term. That value is realized in three ways: Read More »
Tags: CES, cisco eos, data, engagement, film, movies, social entertainment