The DICM 2024 July webinar brought together industry experts to discuss the dynamic landscape of streaming platforms, with a particular focus on global expansion and the critical role of localization in streaming services. Here’s a summary of the key insights shared by the speakers.
Introduction
With the streaming industry on track to reach a $1 trillion valuation by 2024, platforms are faced with a pressing question: how to tailor their services for diverse global audiences. This year’s DICM 2024 webinar, led by Maria Rua Aguete, Senior Research Director at Omdia, centered on this challenge, emphasizing the essential role of streaming platforms localization in unlocking new markets. As the panelists discussed, understanding local preferences, adopting localization strategies, and leveraging advertising models like FAST will be key to sustaining growth in an increasingly competitive environment. The future of streaming platforms lies in how well they can localize and cater to regional audiences while embracing AI-driven tools to enhance content creation and delivery.
Key Insights from the Panelists:
Maria Rua Aguete – Senior Research Director, Omdia
- Streaming Industry Growth: Maria highlighted that the media and entertainment industry is projected to reach $1 trillion by 2024, with video content accounting for 70% of this revenue.
- Shift to Advertising: She emphasized the growing role of advertising in streaming platforms, predicting that 62% of streaming revenues will come from ads, signaling a shift from subscription-only models.
- Emergence of FAST: Maria discussed the rise of Free Ad-Supported Streaming Television (FAST), particularly in the MENA region, where localized streaming platforms are increasingly reliant on video advertising.
- Consumer Preferences: She noted that platforms like YouTube are dominating viewership, with social video services becoming increasingly popular, indicating a need for traditional streaming platforms to adapt their localization strategies.
- AI’s Role: Maria pointed out that AI is a transformative tool for streaming platforms localization, with 63% of organizations already using AI to enhance efficiencies in content creation, translation, and delivery.
- Partnerships for Growth: She stressed the necessity of partnerships between telecom operators and streaming platforms, predicting that by 2028, 25% of all streaming subscriptions will result from such collaborations, particularly in regions that benefit from localized content.
Aqeel Ahmed – Head of Marketing, Tabii
- Evolution of Streaming: Aqeel discussed the shift from cable to streaming platforms, stressing the importance of localizing streaming platforms to resonate with regional audiences.
- Turkish Content Popularity: He highlighted the success of Turkish dramas, which resonate with local audiences due to relatable themes and effective localization strategies.
- Challenges in FAST Adoption: Aqeel noted that although the FAST model has not yet gained significant traction in the MENA region, localized streaming platforms can overcome this by addressing the unique consumption habits of local viewers.
Stefan Niesen – Sales Vice President, Amagi
- FAST Market Trends: Stefan provided insights into the growing FAST market in MENA, noting the potential for significant revenue growth as more streaming platforms leverage localization strategies.
- Regional Advantages: He emphasized the uniform language landscape in MENA as a key advantage for localizing streaming platforms, allowing content owners to reach broader audiences with localized streaming content.
- Consumer Preferences: Stefan pointed out that localized content, particularly in the entertainment and lifestyle categories, dominates viewership in MENA. With sports content gaining traction, the demand for localized streaming services will continue to grow.
Udai Nasser – Business Development Manager, Noon Language Solutions
- Localization Importance: Udai stressed the critical role of localization in the success of streaming platforms, particularly in regions like MENA, where local preferences and languages must be carefully addressed.
- Success of Turkish Content: He pointed out that Turkish content is performing exceptionally well in MENA due to streaming platforms’ localization strategies, which effectively translate cultural nuances into regional contexts.
- Future of FAST: Udai predicted rapid growth in the adoption of the FAST model within the MENA region as more localized streaming platforms offer affordable alternatives to traditional cable TV.
Key Themes and Trends
The Role of AI in Streaming Platforms Localization
Throughout the discussion, the speakers agreed that AI will play a crucial role in the future of streaming platforms localization. AI-powered tools are already enhancing the efficiency of the localization process, allowing platforms to deliver content in multiple languages faster than ever. However, human expertise remains vital in ensuring that localized content captures cultural nuances and resonates with local audiences.
The Rise of FAST
The speakers noted that the FAST model is gaining traction as more streaming platforms seek to offer localized services that cater to regional audiences. As subscription fatigue sets in, the FAST model provides a cost-effective, ad-supported alternative that is particularly appealing in markets like MENA, where localized content plays a critical role in viewer retention.
Importance of Partnerships
A recurring theme was the necessity of partnerships in localizing streaming platforms. The speakers emphasized that collaboration between telecom operators and streaming platforms is essential for growth. These partnerships allow for more seamless delivery of localized content to regional audiences, while also enabling platforms to expand their reach and improve user experiences.
Conclusion
As the streaming landscape continues to evolve, streaming platforms localization will be crucial for success in global markets. The insights shared during the DICM 2024 July webinar make it clear that platforms must invest in localization strategies and adapt to regional preferences. As the industry embraces AI-driven tools and the FAST model, the future holds exciting opportunities for content creators and distributors alike. Platforms that prioritize localization will not only enhance viewer experiences but also position themselves for sustained growth in the competitive global market.
Click on the Image Below for a YouTube recording of the session:
