The new reality: why media companies need to act like content creators

Content creators have paved the way for a new means for media companies to view their rich libraries of video content and learn how to monetise it, Ezechiel Ritchie writes.

Do you recognise any of these names: How Ridiculous, JoshDub or Vincenzo’s Plate?

Probably not – but to their Australian and international communities they are rock stars. These Australian content creators have larger audiences than all our local media owners – and in an era defined by fragmented audiences, it’s time for media companies to take note.

How Ridiculous – a trio of Perth mates who love doing fun stuff – have an 11 million combined local and international subscriber base on YouTube. Vincenzo’s Plate, a guy who loves making delicious Italian recipes, has almost a million subscribers, while gamer JoshDub has 9.45 million subscribers.

This group of YouTube creators also have their own merchandise and community memberships – and advertisers are lining up to be part of the action.

Content creators have paved the way for a new means for media companies, such as TV networks, production companies, radio networks, sports leagues, and publishers, to view their rich libraries of video content and learn how to monetise it.

It comes as no surprise that video is king, especially among Gen Z and Millennials.

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Content creators and media companies share two key things in common – extensive video libraries and established audiences and communities. Where they differ is media companies have not fully embraced multi-platform to engage with fragmented audiences. By doing so it allows them to diversify their content, build and engage new audiences, and monetise them – all with existing libraries of content.

It also allows media companies to build sustainable business models for the future and become less vulnerable to platform changes and audience shifts.

That content can be used in two ways: edited across social platforms under the media company’s pages and channels to appeal to new audiences or licensed to existing social channels generating billions of views every single month across Facebook and YouTube.

Global media companies such as Paramount, MGM, and Sony Universal are licensing clips of their content and generating incremental audiences and revenue out of their existing video library.

The global content creator economy is estimated to be worth $133 billion – and is growing at pace. The content creator economy in Australia is in its infancy but already our famous YouTubers are reaping the financial rewards – allowing them to make content creation their career, buying their own houses and cars, and linking themselves to causes they can help make a difference to. Ad revenue is following with video advertising reaching $2.9bn in 2021 CY, up 48% on 2020[2].

With the right partner, media companies can put their existing content to good use and tapping into monetisation on multiple platforms will supercharge their audience growth, engagement, and revenue. It should become an important revenue stream and it reinforces the power of the creator economy, something individual creators are already exploiting.

If you own and operate video content in any shape of form and you are not putting those videos to work on social media platforms, you’re leaving money on the table, and falling behind. Creators have been leading the way in the space and media companies need to catch-up. Fast.

[1] Source Statistica, Hootsuite, market research agency Lucid

[2] PwC and IAB Australia

Ezechiel Ritchie

Ezechiel Ritchie, ANZ country manager, Jellysmack

Learn more about Why Sports & Entertainment Brands Should Act Like Content Creators


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