Welcome to the second edition of Zenith’s new Business Intelligence reports, which focus on the advertising, business and consumer behaviour trends shaping particular industries.
For this edition we look at video entertainment, which covers all forms of television and online video. Unlike most industries, demand for video entertainment has increased this year as consumers have been confined at home, but video brands have also face more competition than ever before. Television companies are launching new video-on-demand platforms to capture for themselves some of the value of the fastest-growing revenue stream – online video subscriptions – but video brands are also competing with social networks, video games, and even fitness and mindfulness apps, usage of which has surged during lockdowns.
The current abundance of video entertainment is not sustainable. Video-on-demand platforms are collectively spending a lot more on content than they are generating in revenue, while television revenues are in long-term decline. Brands are striving to recruit loyal audiences while the opportunity is still available. A shake-out is coming: in fact, with the closure of Quibi in October, it has already started. Their long-term survival depends on cementing a reputation for providing unmissable content that viewers find personally interesting with the minimum of fuss.
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