As a TV executive, understanding audience demand is crucial when it comes to making informed content decisions. The case of "Britain's Got Talent" in October 2023 provides valuable insights that can help us understand how demand data can be used to make more informed strategic decisions.
Firstly, demand data can help quantify the value of a show or an entire library of content on a platform. Using the Parrot Analytics content valuation system, you can estimate the worth of a single title or an entire content library based on its demand data, thereby helping executives determine how much they should spend on content acquisition. In the case of "Britain's Got Talent," its outstanding global demand across all platforms and high travelability score suggest that the content has international appeal and is highly valuable.
Secondly, demand data enables OTT platforms and TV networks to assess how well a show is doing and identify potential areas for improvement. "Britain's Got Talent" has exceptional audience demand for the reality genre, but comparing the recent 30-day period to the last 90 days reveals a decrease in popularity. Consequently, executives can use this insight to determine where the show is still popular and identify ways to re-engage its audience.
Thirdly, demand data helps in making better acquisition decisions. When considering whether to acquire a series on a platform or distribute it globally, analyzing its audience demand, and understanding its position relative to other titles can help significantly in making informed decisions. By comparing "Britain's Got Talent" to other similar shows preferred by its audience in the United Kingdom, executives deciding about acquiring or distributing similar shows can determine whether the demand will continue or diminish, ensuring that their audience is consistently entertained.
Fourthly, demand data enables optimal release strategies and pricing by helping executives understand the market and their audience. For example, in determining the best release strategy for "Britain's Got Talent," OTT platforms and networks can use demand data to identify the most popular genres in the local market, and target the audience effectively.
Finally, demand data quantifies taste clusters, assists in subscriber retention and acquisition, and enables competitive benchmarking. Using "Britain's Got Talent" as an example, we can see that understanding how well the show is retaining its audience, how much new demand it is attracting, and measuring its affinity with viewers can lead to acquisition and marketing strategies that keep the audience happy and help the platform distinguish itself amongst competitors.
In conclusion, in the entertainment industry, understanding audience demand is a crucial component of success. Using the example of "Britain's Got Talent" in October 2023, we can see the value that demand data can bring to content valuation, acquisition decisions, programming decisions, and distribution decisions, among others. Executives that use demand data can effectively steer a platform, network, or SVOD service towards content that keeps their current audience happy and attracts new subscribers, all while meeting the financial goals of their businesses.
