With the great advances in Artificial Intelligence that are taking place, companies can take advantage to create new data monetization strategies and gain a competitive advantage thanks to understanding user behavior to monetize video service businesses.
For JUMP, a business data management platform designed specifically for video service players, it is important to be able to offer its clients AI services to monetize their audiovisual production.
What is artificial intelligence, and how can it help you monetize your video services business?
Artificial intelligence or AI is used to perform tasks more efficiently than if they were done manually. Among them, we find such as communications with customers, identifying patterns, solving problems or understanding user behavior and content performance to boost the monetization of AVOD or SVOD services, among others.
Companies that apply and develop AI tools should start training in mathematics and algorithms, since what they will have to achieve are data monetization strategies to gain a competitive advantage.
Precisely from the video services business, with AI, transactional and demographic data of potential or future customers will be accessed.
In this way, you can predict how many users will spend in the course of their relationship with a company. This, for example, has been applied by the well-known Netflix platform.
In addition, another advantage is price optimization based on customer behavior and preferences, through knowledge of user data.
Statistical data on the consumption of video platforms
The impact that online video has is enormous. In 2019, 80% of total internet traffic was in the form of video consumption. But, in addition, in 2022, it is estimated that this percentage grew to almost 85%.
This means that one minute of viewing a video generates a commercial impact equal to that achieved by 1.800.000 words. Likewise, today, visual data will be processed 60,000 times faster than text.
Examples of how understanding user behavior can help you improve the monetization of your video services
It is estimated that by 2024 in dollars, the AI market with augmented and virtual reality will reach a price of 72.8 billion dollars, according to Globaldata in a study published in Statista.
Therefore, it is essential to start acquiring AI tools for video services.
You have to understand that the use of video continues to increase, for example, the consumption of Netflix in the world, or live broadcasts (streaming) that have migrated to mobile devices.
Understanding who is watching those videos and being able to predict their commercial behavior will help video companies understand what to produce and how to reach more customers.
As user-generated content drives engagement, more and more conversions are generated, increasing the audience of Instagram or TikTok.
It is known that in the US, thanks to the consumption of videos generated a profit of 11.240 million dollars in recent years. Proving once again that videos continue to drive conversions.
Monetize your video playback service thanks to JUMP Personalizer
JUMP Data-Driven helps you fuel your growth by using JUMP Personalizer. Through our AI technology you will be able to exhaustively analyze the behavior of your users like no human eye can. A service that will provide you with personalized recommendations for each user as well as indicating which users are most likely to become paying customers. A TOP service to reach the top and offer an unimaginable customer experience.