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Q&A with Bismarck Lepe, president of products at Ooyala - 11/2/11
1. How important is video to a social media strategy and vice versa?
Social media is about sharing and discovering. We login to Facebook or Twitter or FourSquare because we want to share our latest pictures, videos, ideas, or items of interest, such as an article, video or song. We also login to find out what our friends and acquaintances are up to, or discover what they’re reading and watching. Adding social dimensions to video is an effective way to facilitate content discovery. Said another way, it’s an effective way to let your audience become your marketers.
At the same time, watching TV, movies and other video content is an inherently social experience. We go to the movies with friends, sit around the TV with family, and discuss the latest hit show with co-workers. By combining video with social media elements, a publisher can recreate in a digital setting the ways we already engage with content in the offline world. That creates a more engaging and “sticky” social media experience.
2. What do you see as the next frontier for social video? Are there plans to expand Ooyala Social to other social networks?
Ooyala Social is a video solution that lets viewers share, discover and watch videos socially. Ooyala Social is integrated only into the Facebook platform right now. That said, we see Facebook as just one piece of the growing social TV phenomenon. We envision a future in which video viewing, content discovery and engagement all have a connected social dimension—regardless of which platform or device the viewer uses. By combining the power of the social graph with Ooyala’s big data capabilities, we’re working to create more relevant, personalized and engaging video experiences.
3. Let’s talk about Social TV. What challenges do publishers face as the television viewing experience continues to move online?
Even before the Internet, TV companies and publishers were confronted by two challenges: (1) the need to grow and retain audiences, and (2) the need to maximize revenue. The Web can exacerbate those challenges, since the amount of content competing for consumer attention far exceeds what’s available in a cable package. And without the right strategy, the economics of online content still threatens to turn analogue dollars into digital dimes.
Social TV helps on both fronts. First, social viewing experiences make content discovery easier and faster. With Ooyala Social, for example, your viewers really become your marketers, dramatically expanding the potential reach of your content. Next time you’re on Facebook, take a look at your news feed: I bet you’ll see at least one of your friends discussing or sharing a TV show, movie or some other piece of content. Second, Social TV enables new business models that can open up huge revenue potential. You could roll out a group-purchase model for select content, for instance, sell socially-targeted ads, or sell virtual goods associated with a show or a star.
4. So with the right tools and technologies in place, what is the opportunity for broadcasters willing to embrace Social TV?
It’s no longer enough to produce great content—you have to create engaging viewing experiences. Social TV offers broadcasters the opportunity to do just that—and those broadcasters who “get it” will reach bigger, more engaged, more loyal audiences. And, just as important, Social TV will provide broadcasters with access to lots of useful data about viewer likes and dislikes and viewing trends within social circles. Smart broadcasters will leverage this data to deliver more relevant advertising and hone their content strategies to deliver the best possible viewing experience. It’s a win-win, really: viewers get a more engaging viewing experience—one that delivers fewer ads but of greater interest and value—and broadcasters get to connect with (and monetize) big, socially-engaged audiences.
5. Explain the concept of “cable nevers” and the impact this has on the industry.
“Cable nevers” are the coming generation of young people who will never get a cable or satellite-TV subscription. It’s an important demographic, especially when you think about revenue opportunities five, ten, fifteen years down the line. And, without online video and Social TV, these viewers would be a lost demographic to many programmers. Companies should be thinking about their social TV strategy because growth in the number of cable nevers is expected to continue in the years ahead. If companies can deliver viewing experiences with social sharing capabilities, they’ll be better positioned to cultivate loyal viewers who share freely and engage often. It is precisely this demographic that will drive new opportunities to monetize brands and services going forward. Consider the fact that 50 million people ”like” Miramax movies and stars on Facebook. That’s a known audience that is perfect for Miramax to market to and, more importantly, that has marketed for Miramax. That’s the power of Social TV and video.
6. Anything else to add?
Social TV is just one aspect of the new opportunities for video publishers. The vision of video everywhere is now becoming a reality. We truly believe that it’s critical for publishers to be able to engage their audiences everywhere--across all platforms, devices and environments.
We also believe that business intelligence is an essential part of any video strategy. Publishers absolutely need to know where, how, and when consumers are viewing content. They also need to understand consumer preference (made possible with engagement reports) and be able to see demographic breakdowns or, say, what other movies those viewers “liked” in their Facebook profiles (which is now possible with Ooyala’s Custom Analytics).
Companies that embrace data and nail both video everywhere and Social TV will ultimately be the winners. They’ll win bigger, more loyal audiences. They’ll win new monetization opportunities. They’ll win the networking effects that come with platforms like Facebook, Twitter and others.
We’re excited about the possibilities for social TV and we're seeing more and more companies recognize the opportunity that online video plays in a social TV strategy. As an industry, we can examine how both the music and publishing industry have been disrupted by new technologies and learn from their mistakes. We’re excited to be at the center of this new revolution.
Categories: Advertising, Social Media
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