5 Bold Predictions for the Future of Video Technology in Sports

Past the summer solstice and well into the year 2022, we have seen some remarkable technological innovations and major AI breakthroughs being made that have an impact on our everyday lives. The field of sports is no different. With the rapid evolution of video technology in sports, we expect a huge acceleration in digital fan engagement in the coming year with the help of smart innovations; our big 5  to watch out for would be: 

1. The future of fan engagement lies in the metaverse

Experiencing the world of sports from the comfort of the living room is the very definition of ‘Metaverse’. With an immersive 360° viewing experience, brands, broadcasters, and streaming platforms will not only use metaverse to redefine the viewing experience but also leverage the platform to create unprecedented marketing campaigns using real-time moments in a virtual environment. For instance, Nike in collaboration with Roblox created a virtual world, called Nikeland, where fans in Nike apparel are provided with tools to create games, socialize and have an exhilarating brand experience. 

2. Instant gratification will drive consumer loyalty

To attract and engage the new generation of viewers, sports teams and broadcasters will feel the need to share all live content, including the game and pre-and-post-match events, on multiple channels in real-time. The ability to lure and reward the users through instant gratification on social media channels will go a long way in complementing the existing outreach of the broadcasting platform. In addition, the ability to customize video content to consumer preferences using analytics in real-time will act as the magic sauce for increased subscription and retention rates for these digital platforms.

3. College Sports will operate on a whole new playing field

Tides have been shifting as more and more college teams have been kicking off in a bigger way after a transformative season. Technology will continue to revamp playing fields from little leagues to majors as teams embrace upgraded digital infrastructure. The focus will be on AI-powered performance analytics and innovative content distributive avenues for an enriched fan experience.

4. Sports Betting at crossroads, exciting times ahead

Sports betting is in a transitional phase as it emerges from the periphery to the mainstream. The global marketplace has created a niche for online sports betting with continuous innovation and technological advancements, such as AR and VR, and the industry is expected to soar to $218 billion by the year 2023.

5. E-sports is expected to surpass the revenues of traditional sporting leagues

We are in the sports renaissance and there has been a steep rise in e-sports engaging the new generation that believes in ‘equality, togetherness, and technology’. According to the Global E-sport market report, global e-sports is likely to generate nearly $2 billion in revenue in the current year. With e-gamers poised to reach 3 billion in the year 2022, there has been an accelerated sponsorship in the world of E-sports as well, with big sponsors like Amazon, NASCAR, and Discord moving into this space. In the future, global brands would catalyse growth by securing media distribution deals.

The creator economy is on the rise and we at Magnifi believe that technology has to be the conduit that links the gap between what is possible today and what the audience wants next. We would love to hear your thoughts on the next big 5 predictions you foresee in the year 2023.

Seize Monetization Opportunities to Create New Value for Your Video Content

The rapid growth in the demand and consumption of video content for enterprise, sports, media, entertainment, and gaming has created fresh opportunities for organizations to attract new customers, deliver personalized content, and garner high engagement. Business leaders tasked with content delivery need to seize these opportunities to create new value for an increasing number of viewers of live and on-demand videos. 

Let’s look at a phased approach that brings out the unique attributes of video content to take advantage of the increased viewership:

Leveraging metadata as the foundation of content monetization

The latest research from Juniper shows that the total market value of digital content will reach $432 billion by 2026, representing a growth of 105% over the next 5 years. Moreover, content owners are increasingly looking for ways to modernize both existing and new video content to attract new users to their platforms.

To make sense of this mountain of video data, metadata becomes incredibly important. A strong metadata foundation can power centralized searches, helping find relevant content across multiple streams. If an asset can be easily found, it can be reused and repurposed in different ways to deliver tailored content for end customers. In addition, metadata provides a structured reference that allows for the right placement of ad content in your video streams, thereby increasing the visibility and ROI of the sponsor.

Increasing revenue streams with more personalized content

With an increasing focus on content personalization, the industry leaders are grappling with questions such as “How do I maximize engagement from long-form video content?” or “How do I publish in real-time or faster than others to attract new users?” 

For any sports or media platform, the ability to create a 360° fan engagement, using more tailored or theme-based content and channels, can be a key differentiation to create new value. AI-led personalization works on all these factors and helps in reducing the costs of customer acquisition, offering customized recommendations of relevant content, and increasing average user content consumption, thereby increasing engagement and LTV. The ability to personalize new and old content and share it across all platforms in real-time using AI generates a far higher ROI than doing it manually.     

Analysing which key moments garner maximum attention

In the current era of exploding video content, understanding the user experience and being able to capitalize on that understanding will be key to creating new value. Using certain parameters, organizations can create short-form video content from any perspective and test which key moments garner maximum viewership. This analysis helps content owners evaluate and refine the messaging and storytelling to support new subscriber growth and retention. 

It’s time to get more out of your content, stay tuned for our next blog post!

How AI elevates video editing and delivers a superior customer experience?

The surge seen in the viewership of video content in the past decade, driven by evolving viewing options, has further intensified during the pandemic. Globally, video traffic comprised 80% of all consumer internet traffic in 2021, according to Cisco. Moreover, by 2023, the spend on video content is expected to grow to more than $100 billion, as per a recent Forrester report.

Now the key question: since videos now play such an integral part in every aspect of our lives, how does AI influence the equation?

Artificial intelligence and machine learning-based algorithms have redefined the video creation process into an effortless and viable one and have a far wider impact than just technical support. Based on pre-defined parameters, AI can tag and create content around specific events and characters with great precision. Curated content – engaging your target audience, is the cutting edge advantage needed to lead the race.

For instance, Netflix has been employing AI to create and personalise trailers based on demographics in an effort to increase reach and reduce marketing costs.

One of the most popular applications of AI is to create short-form videos that drive higher customer engagement. Most sports broadcasters have been creating key moments for major sporting events such as the Wimbledon, IPL, and FIFA to name a few, with neural algorithms in real-time to garner viewership. AI-empowered high-value content allows rights holders to have a broader consumer reach while making it shareable in a shorter time span.

The landscape is fast-changing – AI innovations have changed the way one has ever imagined video content, setting new benchmarks in the users’ Quality of experience (QoE). The algorithm helps create hyer-personalised content and increases the potential for synthesising dynamic ads embedded within an active scene without any alteration. It also gives insights into viewer patterns and trends and makes predictions to optimise the business processes, thus offering improved relevancy and increased revenue options.

Recent research had marketers reveal that 93% of viewers actioned a purchase after watching a video or a contextual advertisement. According to GQ, the classic aviators from Ray-Ban RB3025 took a steep jump in sales on all platforms by almost 40%  after Tom Cruise was seen sporting his timeless look from 1986 in Top Guns: Maverick.

Conclusion

Artificial intelligence is redefining the video editing orbit, where numerous brands are capturing and capitalising on the opportunities at hand. Media channels, OTT/streaming providers, and CSPs (communication service providers) managing broadcast assets must modernize and shift to an AI-led approach to compete in the current environment. By leveraging innovation and tools provided by system integrators and managed services providers, the industry can harness the full potential of the video to drive subscriber growth and manage churn.

It may be worth resharing what Jeff Bezos, founder of Amazon said at a conference for AI, “We are at the beginning of a golden age of AI. Recent  advancements have already led to inventions that previously lived in the realm of science fiction -and we have just scratched the surface of what’s possible.”