Last week at SXSWi I had the opportunity to listen in on two different panels talking about social television and transmedia – the art of telling stories across multiple devices, often known as the “second screen”. The first panel featured representatives from Nielsen, ESPN, Oxygen Media and MTV with the subject “integrating brands into social television.”
During this discussion, the broadcasters unilaterally agreed that social opened up new revenue streams giving brands additional avenues for sponsorship and advertising. They also agreed that broadcasters are leading the way in social television. This point is hard to argue – broadcasters are finding clever ways to maximize fan engagement during live broadcasts; ESPN greatly benefits from live event programming, while MTV succinctly said “we know what happens next” and therefore match online content to fulfill the needs of their fan base.
And, where broadcasters are treating their shows as brands themselves, they’re winning – reaping the benefits financially, and creating fan advocacy/loyalty too. Take, for example, Bravo TV where also at SXSW, Lisa Hsia, EVP of Digital Media of Bravo gave impressive stats surrounding “Last Chance Kitchen” (the online competition allowed fans to vote back eliminated contestants). Hsia proclaimed that 26% of the audience who watched “Top Chef: Texas” were actively involved in “Last Chance Kitchen,” and the reveal episode (where Bev won) was the season’s highest rated episode. Further, she said that social engagement shattered all kinds of records for NBC Universal, and left me with one of the more memorable quotes of the day regarding content: “if it doesn’t spread, it’s dead.”
Two terrific panels, overall. In fact, a great Time Magazine article was written last week about the Bravo case study, saying that broadcasters stand to reap the most rewards if they continue to drive fan engagement, increased ratings…and lucrative sponsorships.
So, this keeps me wondering: why aren’t brands rising to this level too? Today’s consumer brand has every opportunity to become broadcasters themselves – creating relevant content and [ultimately] driving social commerce to reap the rewards. Through clever content and fan engagement, brands can become their own media channels. In fact, one brand that’s clearly risen to this challenge is Red Bull, as illustrated by a recent Fast Company article. They’ve completely immersed themselves in content its customers crave – and they’re reaping the benefits, financially.
Through advanced analytics, brands have more insightful knowledge about their customers than ever before, but even better – direct access to their fans is only a few keystrokes away. What an enormous opportunity. So while it may be true that broadcasters are leading the charge right now, it seems to me it’s only a matter of time before brands rise up and move from looking at social as another sponsorship/integration opportunity and shift their attention to creating or co-creating transmedia content that builds real advocacy and brand loyalty which will turn into real commerce, too.
Aside from Red Bull, what other brands do you think are doing a great job of rising to the challenge? Would love to know your thoughts on other examples.