The results are in: digital streaming is here to stay. As a filmmaker, how will you adapt to these changing times?
Before the COVID-19 pandemic hit the market, movie studios relied on the box office for the bulk of their revenue. 46% of the studios’ revenue came from the box office or theaters, a double-digit percentage lead over the next two income sources like VOD (Video-On-Demand) platforms and the television.
However, VOD platforms have been gaining traction in the last few years, and the impact from the pandemic even accelerated their advancement. According to Statista, VOD expects an annual growth rate of 9.71%, along with a projected $230.9-billion revenue by 2027.
While it’s true that these numbers are just projections and we won’t know for sure until we get there, the fact is that the ball is already rolling when it comes to movie distribution. The advent of these VOD platforms and subscription-based pricing models has forced filmmakers and marketers to rethink their movie distribution strategies.
So, how do these VOD platforms affect the landscape of film distribution? How do filmmakers promote their movies across multiple channels? Let’s find out below.
The Shrinking of the Theatrical Window
It’s actually great for consumers to have all these channels where they can watch new films. But for filmmakers and marketers, this new age presents a huge challenge. How could you effectively promote a film across all these distribution platforms without largely compromising the revenue you’re getting from each channel?
Traditionally, a movie will exclusively stay at theaters for the first three months before it gets distributed to VOD platforms and TV networks, but that’s not the rule of thumb nowadays. You have the 2021 superhero movie Black Widow, which Marvel Studios distributed simultaneously in theaters and the streaming service Disney Plus. It was an unprecedented distribution strategy, yet Black Widow still raked in $379 million in revenue worldwide, including $67 million in Disney Plus during its opening weekend.
This tells us that there is an opportunity for the silver screen and digital streaming to co-exist, that is if you get creative with your distribution strategy.
Using Technology to Optimize Movie Promotional Campaigns
Digitalization has had a huge impact on both movie distribution and promotion. On one hand, technology allows movies to be distributed to these streaming platforms; on the other, you can use it to streamline your promotional campaigns. There are digital tools that can help you monitor your movie marketing efforts, including Google Analytics for websites and Hootsuite for social media.
With these digital tools at your disposal, you can optimize your movie marketing campaigns as you see fit. There’s no more one-off approach in distributing films, so you might encounter tons of trial-and-error phases. If you want to learn more about how to use these digital tools, go through the guide on movie marketing in the digital era. Theaters aren’t the only viable channel to rake in revenue, paving the way for technology and innovation to maximize a film’s true potential.
Digital Distribution As a Means To Understand Your Audience
Streaming platforms don’t just pose a challenge for filmmakers and studios; they also present a means to understand your target audience and develop a better product in the long run. As much as consumers have easy access to movies via digital streams, filmmakers can also find it easier to identify the demands and trends in their niche market.
For example, you can dive into targeted marketing, which you can easily do on social media platforms and search engines. This strategy allows you to analyze how your target audience behave, providing you with data-driven reports about their interests and tendencies. This way, you can develop content that is more consumer-centric, which would then attract more niche audience or even diversify your reach.
People would still want to go to theaters to get their movie fix, but a portion, if not most, of these moviegoers also consume content on streaming platforms. Consumer diversity in the movie industry might be at an all-time high nowadays, and this trend presents tons of avenues for filmmakers to penetrate the market.
Conclusion
It’s still a hot topic right now, but the reality is that there’s an avenue for the silver screen and digital streams to work together in harmony. You can’t stop people from indulging in easy, casual viewing through streaming platforms, and moviegoers will always relish the experience of watching major films in theaters.
There’s an abundance of creative minds in the movie industry, and it’s without a doubt that they will figure out how to balance the tightrope in film distribution.
