As we finish MipTV and move to the LA Screenings, there is one thing on everyone’s radar – FAST! This format is changing the game in the industry and with the US market forecast to exceed US$ 4bn in ad revenues by the end of 2023, it’s no surprise FAST is gaining attention globally as other markets look to catch up.
Having been in this segment of TV since its beginnings, my perspective is more forward looking than watching the current hype surrounding FAST. My take away from MipTV is that there is still a lot of focus on getting channels out there and only a handful of ‘veterans’ paying attention to the three key areas that drive its success today and will shape it going forward: Original Content, Distribution, and Data (ODD).
Original Content. This has quickly become a hot topic within FAST and there is a new era for unscripted programming on the horizon. By creating content that is unique, compelling, and resonates with audiences, companies have the potential to not only stand out from the crowd, but also to take advantage of multiple revenue streams for years to come. When you own the rights to your content, there are plenty of commercial benefits with multiple ways to monetise: sponsorship, ad-supported, subscription-based, and transactional It also allows FAST channels, like ours, to have more control, generating more value over time, hence the launch of Insight TV FAST Originals, with the first of titles being, Streetball with Kenny Dobbs and The Next Crypto Gem.
Distribution. Another key area driving the success of FAST channels is the ‘real estate’. With hundreds of channels now available, the ability to stand out from the crowd is more important than ever. This means not only having great content, but also making sure it is distributed effectively. FAST channels need to be available on as many platforms and devices as possible, and they need to be easy to find and navigate. This is where partnerships with distribution platforms can be invaluable, as they can help to amplify your reach and increase your visibility in the marketplace.
Data. One of the biggest advantages of FAST channels is the wealth of data that can be viewed about consumption habits, channel performance, and advertising potential. This allows channel providers to make rapid, data driven decisions. This data can be used to improve the accuracy and attribution potential of advertising and promo delivery, and as well as to inform our content development and programming decisions. We recently used our data to capitalize on our new Millennial food programming such as Paradise Kitchen: Bali, and WILD Food with Khanh Ong
So as we continue to see extraordinary growth within FAST, we see ODD as the key areas to stay ahead of the market and continue to attract advertisers, sponsors, and partners looking to connect with global audiences for years to come.
