My colleague Dave Fisch talks about the “leaky bucket” effect at concerts, festivals and other in-real-life gatherings. “Everything ends when the crowd heads home,” he says. “All of the business potential leaks out of reach – nothing’s left in the bucket.”
He’s right. For most venues, talent and sponsors, the show is over when it’s over. There’s no good way to reconnect with those cheering, engaged fans once they leave the show. They’re gone, and unless they do something about it (go to a band’s fan page, add their name to a subscription list) any future interaction is happenstance. What’s more, it’s happenstance without any sort of context about them as fans, content consumers, or customers.
Turns out this experience isn’t limited to the physical world. As Variety’s Andrew Wallenstein shares in his recent “TV’s Ratings ‘Blindspot’,“ Nielson’s tracking – along with all other reporting we can think of – also loses the plot once the show is over.
This show, though, is TV. Recent research, Wallenstein says, illuminates “how big a portion of the audience goes unmonetized across platforms beyond the initial airdate.”
Unmeasurable and unmonetizable. How can that be in today’s digital environment?
The breakdown happens even in the short tail, with accuracy denigrating as early as a week after broadcast. For a sense of scope, this chart doesn’t even show what happens (read: “what’s lost”) after 22 days.
Leaky bucket indeed. There has to be a better way.
Overlay that insight with AdAge’s report that emerging digital marketing will zero in on interests and passion rather than demographics like age brackets and the message is clear: time for a new bucket.
Brands, fans, talent, venues and others: all need a new way to capture and make sense of of what’s really happening at live events and across digital content. We need a way to learn from the real information marketers (and many others) want to know about the things people do, enjoy and engage with, and a way to make it easier for those people to find and connect with the things they enjoy.
You can’t get that out of the old paradigms. You can’t even understand what’s happening through the old paradigms. Today’s audiences, devices, viewing habits, and fuller consumer behaviors: most of the data related to these leaks right out of the old buckets.
Connecting people with content across all of the devices, patterns and viewing experiences that matter today: that’s why we’re here. We see a way that holds water, so to speak, by rethinking that bucket. Looking at today’s video and digital reality, it’s time for a redesign. Audiences’ interests and preferences, whether they’re in-venue or watching what they want when and where they want it, define the future we’re building for.
Making content relevant and monetizable across all of the devices, patterns, and viewing experiences today’s audiences seek: that’s why we’re here.
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