To wrap up the second day of the INMA World Congress, a panel composed media executives from The Washington Post, ISTV/Sanoma Media, and Bloomberg spoke about online video, its future and how each implement it in their prospective companies.
“We’ve failed a lot in video,” said Micah Gelman, director of video at The Washington Post. “What we’ve tried to do is learn from those mistakes.”
Trying to recreate television in digital video is one of the key mistakes the company made when they first started using video.
Most users will not visit The Washington Post to watch a mini-documentary. Most users will be balancing their coffee in one hand and watching video on their smartphone in the other. Where and how their audience watches video affects how The Washington Post creates it, so they decided to create short, relevant videos that can be watched without audio.
”We’re not expecting everyone to watch with sound,” he said.
When it comes to video, one size does not fit all. Video that works for smartphones may not work for desktops because users act differently depending on the platform they use. Mobile users are not going to switch their phone sideways to watch a video, so the Washington Post began producing graphic extensive vertical video.
The media company also uses 360-video as a way of storytelling to take viewers to places they can’t necessarily go. However, this type of video does not work for every story.
“When it’s done well, it’s absolutely gorgeous,” he said.
Hanna Kouri, channel director, ISTV/Sanoma Media continued the video conversation by opening with a fast-paced video produced by the company.
She believes the best way to implement video is by live broadcasting, however that’s not always an option for every media company: “Nowadays anyone can do mobile video.”
Paid content works, but people must be willing to pay for the content created. Pre-roll ads is where most revenue comes in, and commercial content is another way to monetise video.
Josh Rucci, general manager and global head of Bloomberg content service, wrapped up the day by discussing how the company tackles video.
“We at Bloomberg Media believe we’re designed to make global business leaders smarter, faster,” Rucci said.
Globally, the company has 2,500 journalists who produce over 5,000 stories every day and 3,500 video streams every minute reaching an audience of 1.23 billion viewers across their platforms. This reach is critical for the company, he said, and the footprint becomes a source for digital video.
Bloomberg follows a four-step strategy approach to creating successful video:
- Leverage traditional media for production, execution, quality, talent and technology.
- Build talented native digital teams.
- Focus on premium content that lies between sponsors and editorial.
- Embrace distribution platforms.
In 2012, video was a zero dollar business for Bloomberg. Today, it is one of their most important components to the business: “It’s front and center and really has an impact throughout our platforms.”