Developed in partnership with FPT Software, the new whitepaper covers how streaming companies can use artificial intelligence (AI) and machine learning (ML) to drive engagement and monetization
Dallas, November 18, 2022 /PRNewswire/ — Recent consumer research by Parks Associates found that 83% of US Internet households now subscribe to at least one OTT service, while 45% still subscribe to the traditional linear pay-TV service model. The company’s new white paper, Engaging next generation video viewers: leveraging AI and MLdeveloped in partnership with FPT Software, addresses the growing use of video services, content preferences, discovery challenges and the role of bundles.
“The most successful video services of the future will be dominated by innovative technologies, including AI and ML, that drive sustained high levels of consumer engagement through advanced content moderation and curation,” said Sarah LeeResearch Analyst, Parks Associates.
AI and ML can create a personal experience by using data to understand patterns and relationships at a very granular level, beyond the recommendations that “normal” big data-based systems offer.
“There are a multitude of AI and ML use cases in media and entertainment – companies are just scratching the surface. These can range from generating richer metadata that can be used to drive experiences, to reducing the time it takes to prepare content, to deepening ad engagement,” said Ira Dvorkin, Managing Director of Communications, Media and Entertainment, FPT Software. “Leveraging and extending the data that already exists for many M&E companies to create tailored AI/ML models can help generate new insights, ultimately reducing churn and improving subscriber loyalty.”
Parks Associates research found that 30% of Internet homes in the US are “service hoppers” or subscribers to streaming video, frequently switching services and re-subscribing multiple times. Companies that use AI can develop more effective and efficient strategies to stop these viewers from “hopping”.
“By understanding the viewer on a deeper, more personal level, companies can deliver a more positive, personalized experience that drives acquisition, satisfaction, and retention,” Lee said. “AI and ML models can provide this understanding and identify factors that lead to higher customer acquisition and long-term subscriptions.”
To request data or an interview, please contact Rosey Sera at [email protected]972.996.0233.
About Parks Associates
Parks Associates, an internationally recognized women-owned and led market research and consulting firm, specializes in emerging technology solutions for consumer markets and small to medium-sized businesses (SMEs). Celebrating his 35thth In 2021, Parks Associates partners with companies navigating the changing consumer technology landscape through data-driven market insights, deep consumer and industry intelligence, customized marketing services and executive networking experiences and conferences.
The company’s expertise spans home automation, control systems and security, digital media and platforms, entertainment and gaming, home networking, internet and video services, connected health and independent living solutions, mobile applications and services, support services, consumer electronics and energy management solutions. http://www.parksassociates.com
About FPT software
FPT is a global technology and IT service provider headquartered in Vietnamwith almost $1.6 billion Turnover, 37,000 employees and development centers worldwide. Leading media and entertainment companies trust FPT Software to accelerate their roadmaps. With over 20 years of industry experience, FPT Software is equipped with experience in delivering solutions spanning media supply chains, metadata, OTT and connected TV apps, end-to-end content delivery and more. We also offer services focused on cloud technologies, data and analytics, AI and machine learning, and testing and test automation. We focus on delivering outstanding customer experiences with a boutique corporate feel.
SOURCE Parks Associates