New digital media outlets such as IP-based TV channels, online subscription packages and social media platforms have given sports fans like us the power to find and watch more video content than ever before. We're far less restricted by the traditional, linear TV schedules and have a wealth of options to enjoy watching our favourite club, players or sports whenever it suits us. As sports fans, this is of course wonderful news.
But for sports federations and sports content owners, its a defining moment. It's now crucial that they keep on their toes as they battle for viewership in an increasingly saturated market in order to remain a chosen source for the latest content that sports fans crave. However, it's not all doom and gloom. For those organisations that are able to adapt and react quickly, their is a promising opportunity to generate all-important new revenue streams by monetising their new and existing media content.
PwC’s 2018 Sports Survey found that over the next 3-5 years, the expected annual growth rate for digital media rights (11.5%) is almost 3.5x as much as for traditional TV rights. This reflects the well-publicised, ongoing consumer shift from traditional to digital media channels and highlights further the need for sports organisations to invest in digital quickly. The second biggest area for growth in sports (5.5%) was reported to be 'sponsorship and advertising opportunities' - an arena set to benefit as a result of these new, 24/7 digital platforms.
PwC’s survey also highlighted that over 50% of respondents viewed the increasing availability of film and TV content online as a concern for the competing sports industry. As we know, streaming giants such as Netflix and Amazon continue to invest huge sums of money into creating and delivering a variety of new content for their subscribers, potentially eating into your sport’s screen time.
Creating and making a similar pool of sports content available for audiences is clearly the way to fight fire with fire. Amazon's popular documentary with Manchester City and its groundbreaking deal for live coverage of the Premier League are clear indicators of the way the market is moving. For sports organisations to get to the front of the line for such opportunities as these, it's important to be able to create and deliver content as required.
Harnessing cloud tech to compete
A powerful media management system is the key to generating the most value from your sports content. A cloud-based central media hub will give you the foundations you need to store your entire media library, provide secure access to broadcast partners and also host your own live and on-demand video services for fans.
This is one of the most exciting generations to be a sports fan with so much global sports content available 24/7, across multiple devices. It's now up to the sports federations, competitions and teams themselves to embrace the changing landscape of consumption, make their content available and reap all the benefits.