Media Asset Revenue Generation with Veritone and Dalet
Summary:
- Media monetization strategies can take two forms— indirect or direct revenue streams for content owners.
- Indirect monetization repurposes existing content, leverages AI for content processing and insights, and optimizes media archives to reduce costs and enhance profitability.
- Direct monetization involves licensing or selling content directly to consumers or businesses. It is facilitated by AI-powered metadata tagging and integration between Veritone Digital Media Hub and Dalet Flex.
Creating content naturally requires a significant investment. From 2019 to 2021, spending for direct-to-consumer content rose by 79%, from $2.6 billion to $15.6 billion. Creating content is a significant investment. Historically, it had a limited lifespan because many did not have the tools available today to extend media use, increasing its long-term value. However, extracting maximum value from media requires unlocking monetization across different channels.
However, many companies lack a clear strategy for leveraging their media content to drive revenue beyond its initial use. This makes it challenging, especially when market disruptions occur. Organizations with vast media archives have two ways to drive revenue—directly and indirectly. In this blog, we’ll explore those two paths to media monetization and highlight how the recent partnership between Veritone and Dalet empowers both avenues for content owners.
Foundational Elements of Indirect Monetization
So, what does it mean to “indirectly” monetize your media assets? It simply means reimagining how you use your content to re-engage with your audiences, both consumers and businesses. This transforms your media archive into a financial asset because you’re saving and, in some cases, completely mitigating the cost of acquiring new content.
While the immediate impact on the bottom line may not happen overnight, it has the potential to increase profitability by removing the constant need to acquire stock footage or shoot new content for projects. For instance, broadcasters or news production teams can leverage their existing archives to create clips, highlights, and other story-enhancing material related to topics they are covering at that given time, forging a connection with audiences through the content they already have sitting on the shelf.
With AI-enabled tools like Veritone’s Digital Media Hub (“DMH”), once your content is ingested into your archive, your teams can instantly access insights, including the nature of each asset, to be sourced properly at a moment’s notice. Media asset management efficiency is especially critical when brands identify opportunities to license their content.
Direct Revenue Streams with Media Assets
On the other hand, direct monetization means you’re directly licensing or selling your content to interested buyers, which includes sharing finished content with consumers through traditional TV, OTT, or VOD formats or licensing content to other businesses for use in documentaries, advertisements, or other projects through a digital storefront.
With AI, all of your available media is accessible and discoverable in seconds, empowering you to create a self-service storefront where media buyers can directly purchase your valuable content. How is this done? With automated metadata tagging enabling enhanced search capabilities, each asset has associated data that helps surface it when people enter keywords for their search.
Another use case is creating portals to provide licensees with access to content for which they’ve already purchased the rights. This is extremely beneficial for brands that host live events, particularly in sports. Stakeholders can leverage that brand’s media storefront to access the content without purchasing clips in an ad hoc, piecemeal fashion and view only the content relevant to their relationship with that partner.
Through the Veritone and Dalet partnership, you can curate your most valuable assets with Veritone Digital Media Hub and Dalet Flex. This integration enables a frictionless workflow from content delivery all the way to production, curation, packaging and distribution, and monetization. Sports organizations and media brands can monetize their valuable digital assets while maintaining total control and visibility with their archive.
By harnessing Dalet Flex’s versatile workflow engine and comprehensive metadata capabilities, combined with Veritone’s DMH’s AI-powered monetization tools, businesses can obtain maximum control over their media, so nothing valuable collects dust. Brands with decades worth of content, more often than not, lack the capabilities to fully maximize the value of their archives, especially in a world where speed is key to driving revenue.
The Race to Deliver Sports Content
The sports industry is experiencing firsthand how rights to content and speed to market with media go hand in hand. Fans expect swift content delivery from the license holder, so smoothing that direction from production to delivery is key in driving revenue. To achieve this, organizations need the added efficiency that only an AI-based solution can provide.
Combining Veritone DMH and Dalet Flex enables teams to rapidly deliver proxies and metadata to your storefront, keeping your high-resolution content in your media management environment. As customers search, preview, and order content through Veritone DMH, the Dalet Flex workflow engine automatically handles the backend request, preparing and delivering content based on the buyer’s needs.
Dust Off the Media You Didn’t Know You Had
Let’s face it. Legacy solutions for media management are not doing you any favors. By not having a consolidated and well-tagged archive, you probably have a lot of media collecting dust rather than helping you drive revenue. Whether you’re a news organization, broadcaster, sports organization, or some other brand that actively produces content, a robust media asset management solution with monetization capabilities can unlock new revenue streams.
This joint technology effort removes the need to duplicate data across systems and activates the value of your media. Veritone and Dalet share a vision that your people and your content are better with AI, committing to a long-term shared roadmap and customer service to deliver on the promises AI can deliver. Reach out today to discover how to unlock revenue through this Vertione and Dalet integration.
Whether you’re an existing Dalet Flex customer eyeing new revenue opportunities or you’re in the market for a comprehensive solution that helps you manage and monetize your archives, the Dalet Flex and Veritone DMH integration is the answer.
Further Reading:
Carson Entertainment Group Increase Licensing Revenue by 23% with Veritone Digital Media Hub
PROGRESS Monetizes More than 20,000 Historic Films with Digital Media Hub
Sources:
https://variety.com/vip/content-spending-levels-at-top-media-companies-2023-forecast-1235440145/