Every year at consumer electronics events around the world, media and entertainment technology manufacturers put the future on display. In the past, it would take two or three years for a new version of a product to appear on the market. Today, consumers expect the release of a new version within a year.
Consumers now expect to be able to access content anytime, anywhere, and from any device at their disposal. For those who can keep up in the media and entertainment (M&E) industry, opportunities are flourishing.
According to “Wired Magazine”,Digital monetization is the process of converting existing traffic being sent to a particular website into revenue. The most popular ways of monetizing a website are by implementing Pay per click (PPC) and Cost per impression (CPI/CPM) advertising.
Terrence Coles,head of ad products at Victorious Inc. is at the forefront of this industry. Most recently he was the keynote speaker at the Digital Hollywood seminar in Marina Del Ray California.
The seminar is a trade conference covering the fields of film, television, music, home video, cable, telecommunications and computer industries. Coles stresses the importance of digital monetization and connecting your digital media footprint to a cash register.
Coles said, “A digital footprint is the data that is left behind by users on digital services.There are two main classifications for digital footprints passive and active. A passive digital footprint is created when data is collected without the owner knowing. An active digital footprint is created when personal data is released deliberately by a user for the purpose of sharing information about oneself by means of websites or social media.”
This graph shows data for social media users that share pictures though various platforms. Most of these users are in the category of an active digital footprint
At Coles presentation at the Digital Hollywood seminar, he moderated a panel of special guests that included Jon Katzman the executive director of Columbia College Chicago, Richard Grant who is a notable Hollywood actor and Tommy Alastra who is a producer for 13 Sign Pictures.
Katzman said,“Most people have disjointed digital footprints, where you have several social media accounts but they all are set for different purposes and have different information. You have to be able to connect your digital footprint to a cash register in order to be successful in this business nowadays.”
Coles said, “While popularity in social media is important it all comes down to data and analytics.”
The data and analytics Coles is referring to is better known as a system called Key Performance Indicators (KPI).According to the Advanced Performance Institute, KPI’s are measures that provide business with the most important performance information to enable them to understand the performance level of the organization. They will differ depending on the organization.
A business may have as one of its KPI’s be the percentage of its income that comes from return customers.A school may focus its KPI’s on graduation rates of its students.
“If you don’t have KPI’s you cant measure your effectiveness, you cant know if you’re doing good or doing bad without them,” Grant said.
Tommy Alastra is living proof of Digital monetization, KPI and the M&E industry working for the benefit of your personal cash resister. Alastra produced the film “Sunset Strip” starring Johnny Depp,Keanu Reeves, Mickey Rourke and Ozzy Osbourne.
Alastra said “After the recession hit I had to go to the internet and figure out how to get money using various social media outlets and that’s how the Sunset Strip project got funded.”
Using sites like YouTube, Facebook and Twitter Alastra was able to market his movie for $14.99 to buy and $4.99 to rent. All of his money was made off having people click his links to purchase his movie.
Below is a video of Terrance Coles explaining KPI and Tommy Alastra explaining the motivation behind “Sunset Strip” the documentary.