The Battle for Attention
Bringing Intelligence to a New Media Ecosystem
Time to read: 12 minutes
Bringing Intelligence to a New Media Ecosystem
Time to read: 12 minutes
Originating with the dawn of society and enduring into the current age of instantaneous access, our love as a society for story and connection has proven its resilience. Attention is what our businesses are hinging on, and without deeply understanding the nuances of our audiences, capturing and keeping consumer attention becomes a herculean task. Connection and new technologies have more complexity in the way that attention is captured and monetized. Leveraging the vast amounts of data at the fingertips of media and entertainment companies – especially when used as a foundation to power a robust AI strategy – to personalize content, diversify revenue, and move faster and more efficiently than ever before is the ultimate goal.
Success today isn’t just about innovation and new ideas. It’s about defying the traditions of the media and entertainment industry for something better, constantly innovating and reinventing what you’ve never thought about changing. We’ve seen radio disrupt publishing. Television disrupt radio. Cable disrupt over-the-air broadcast. Now, the world is entrenched in the integration of new technologies: cloud computing, mobility, IoT, automation, AI, and data applications are forever changing our society in business and leisure. In the media and entertainment industry, this adds new fuel to the continuing battle for consumer attention.
Consumers have access to a seemingly endless number of platforms and channels all offering eye-catching, personalized content, and their engagement will determine the winners and losers in the media industry.
Change and innovations are coming from all angles. Increased connectivity, on-demand expectations, and an abundance of streaming options – such as TikTok, YouTube, Hulu, and many more – have increased consumer expectations. Traditional media companies feel the full weight of this new wave of disruption, causing them to re-evaluate and change their current strategies. In an era of connection, companies are being forced to build their own platforms and partner ecosystems to expand consumer engagement. With the model changing, investing in the right content and delivering it to the right audience is so important.
Traditional content production and distribution is far from going away, but there are hundreds of new attention channels we face each day. For example, social media and streaming platforms, such as YouTube, have altered how consumers find content, where they look for recommendations, and have turned audiences into content creators. Leveraging the trends, understanding the behavior, and delivering relevant content within traditional and emerging channels is mission critical to keeping attention in a world of endless options.
TV cable networks are now competing with fluid streaming models and traditional sources of monetization are fleeting.
Today, companies need to develop more complex strategies; which might include being a content platform, distributing their content on one or many platforms, or rapidly evolving both strategies simultaneously.
Streaming services like Netflix and Amazon have caught up to the establishment and secured their place as creators and go-to consumption mediums. Titans like Disney and Apple have launched their own streaming services. Streaming platforms like Netflix have also gone the traditional route, launching movies in theaters. So distribution is changing for both sides. The choice facing the industry is simple in concept: own the content, own the medium, or own both. In reality, it’s a complex decision since the real goal is to own consumer attention.
In a world of seemingly infinite ways to engage with content, the pressure to maintain audience engagement and drive profits is paramount. Providing personalized and unique experiences has never been more important as the battle for attention includes more and more fronts, from an endless supply of new content to increasing distribution channels.
Deconstructing the elements of attention
If attention is the core atomic unit of value — the foundation on which all other value is created — we must understand how attention is captured in today’s digital world. We see it as a combination of four elements:
In the not-so-distant past, companies would usually stay in a lane focusing strictly on one element. Today, we are seeing companies converge multiple elements into one business model to capture the time and attention from consumers worldwide.
From Amazon to Netflix to Comcast, the ones succeeding are turning their focus on their customer experience rather than the traditional way they’ve done business. To do this, they have to utilize intelligence derived from vast amounts of data to surface insights to truly deliver what customers want, seamlessly delivering on all of the elements from gaining their attention to delivering a satisfying experience.
And consumers are speaking with their pocketbooks. Streaming video subscription and video advertising revenues have skyrocketed from $2 billion combined in 2010 to likely surpassing the $100 billion mark by 2026. The traditional pay-TV industry, however, lost a record 2.31 million subscribers in the first quarter of 2023.
What is intelligence exactly?
Intelligence helps companies make better decisions at scale. Media companies have the ability to collect vast amounts of different types of data, such as viewer demographics, viewing habits, and content preferences. Processing it all to glean actionable insights allows companies to make better decisions, many of which will still be made by humans but increasingly are being augmented by AI. This drives higher quality engagement, which produces more data. The more we understand about our audiences, the better we can connect with them. But it’s not as simple as it sounds.
Dominant players in music streaming hinge their business models on intelligence. They use AI technology for collaborative filtering, natural language processing, audio patterns, device sensors, and biometric data. They use algorithms to create features where each user gets a playlist customized to their own taste. Not to mention, these streaming services are often free (with ads) or charge a minor monthly fee for an ad-free experience. Creating a low barrier for entry for new users to allow them to explore and fall in love with your platform first is key. Then, using intelligence to create a brand experience custom to them is the integral, but challenging next step.
Intelligence is leveraged in the battle for attention in four primary lenses. Let’s take a look at each and then discuss them in more detail.
Personalization
Understanding the customer
We must weave together a holistic, personalized experience across moments and brands. At Salesforce, we’ve defined two dimensions to understanding the customer:
Before the explosion of the internet, our media attention was concentrated in the morning and evening, and companies used to fight for limited time slots. People turned on their televisions and consumed content when they woke up in the morning, as well as when they got home from work. Now, content is available almost everywhere at any time throughout the day.
Though the attention 30 years ago was more focused, we didn’t have nearly as much data as we do now. As we live our digital lives, each moment of attention creates a wealth of information brands can potentially use. Often, critical data isn’t even shared between departments in the same organization. That means that the growing data and information we have is often siloed.
While data fragmentation is the reality today, it makes us ask: what if you could connect these data points across the attention ecosystem? Could you be even more hyper-relevant and truly personal to the individual you are serving? By understanding all of the components of data as it relates to all the ways in which to grab someone’s attention, we will have a better chance of knowing our audiences in a more complete way. Having a unified source of secured data becomes even more important as AI and automation become more prevalent in the industry.
Monetization
Monetizing the attention
Growing a successful business requires monetization and the opportunity of applying intelligence to an entire array of businesses in an enterprise is massive. Think Disney. Walt had this figured out back in 1954. Today, the main sources of their revenue aren’t amusement park visits, but revenue from their various TV networks and subscription streaming services, followed by parks, content licensing and merchandise. Can you imagine all of this bundled together as a monthly subscription? The possibility now exists.
Amazon keeps finding lucrative new ways to connect e-commerce, online video, subscription services, digital assets, and content. Amazon isn’t trying to just occupy the consumption of media, but all discretionary time and income. Whether it’s purchasing goods or consuming media and music, Amazon Prime members unlock the ecosystem that this economic giant owns.
Facebook, Google, and YouTube have pioneered digitizing their advertising strategy and opening it to a much wider audience and companies of different sizes. Small businesses are able to advertise for as little as $1. That wasn’t possible with traditional publishers. This digital advertising model is not going away, but there is an opportunity for another approach. What if we could engage ads and brands as part of our viewing experience? The viewers could interact with products directly within a scene. From simply wanting to learn more to purchasing the product, this type of advertising gives viewers the ability to interact more personally with brands.
With AI technology, you can analyze and understand customer preferences, behaviors, and demographics. This information will help you target advertising more effectively to reach the right audience, augmented by generative AI’s ability to create the right personalized ad message and the right audience segments. It’s a highly efficient and effective way to deliver personalized ads, increase engagement, and conversion rates. AI technology can automatically identify the most effective ad placements (such as video or banner, for example). It can also draw from your customer data in real time, making necessary adjustments as things change to make sure ads are relevant and timely for the best performance.
Agility
Create a more dynamic enterprise
To truly be agile, you must understand your business from every angle. We’ve all heard of operational and cross-functional agility, but creating a dynamic enterprise is a new level integral to the future.
By using intelligent data, we can share different content formats and drive different types of revenue that reinforce each other. This creates multiple paths to attention and adds value. It’s a multi-pronged approach that maximizes audience reach and monetization models. After advertising, the top revenue streams at media companies include subscriptions, licensing/rights management, live experiences and commerce, with extensive diversification planned.
Trust
Secure your data, oversee technology
Recently trust — something that’s always been critical to business — has been challenged by a number of seismic shifts at play around the world. Security breaches. Biases in AI. Customers will not open your app, use your service, or stream your content if they don’t feel safe interacting with your brand. Trust is a key component in the battle for attention. Trust directly impacts the top and bottom line.
Rules and safeguards such as data masking — the process of replacing sensitive information with anonymized data for protection and privacy compliance — need to be built into all AI technology being implemented. You can also use masking to ensure all personal data is eliminated when writing AI prompts or training an AI model. Transparency around how customers’ data is used and the safeguards in place to protect it will also go a long way toward building trust.
Consumers are inundated with information that goes beyond the curated 24/7 news cycle and traditional content on television, in theaters, and print. People are more than willing to turn over their personal data to social networks, media outlets, and the places they shop in return for a personalized experience. Yet that willingness to share, post, or be tracked puts them at risk when there is a breach or exposes them to an echochamber full of singular viewpoints.
Companies also need to ensure they have a set of policies, best practices, and regulations that guide the use of their AI technologies, such as ethical guidelines, transparency around how decisions are made around AI systems, and fairness and bias mitigation.
AI can help us do our jobs better and faster, but it still needs us. Learning how to work alongside this technology will be beneficial for our businesses and our lives in the future.
The ethics and how we work and interact with AI will be one of the most important issues around trust in the coming years. Why? Because AI is no longer in the hands of a few people. It’s in the hands of billions of people. We are already a human-machine society.Companies also need to ensure they have a set of policies, best practices, and regulations that guide the use of their AI technologies, such as ethical guidelines, transparency around how decisions are made around AI systems, and fairness and bias mitigation.
“The world must be given good reasons to trust these models at every level, from trusting the content they create to trusting the things they say to trusting the platforms on which they run. If we can deliver that, without compromise, there’s no doubt in my mind this technology will change the world for the better.”
Silvio Savarese
Salesforce AI Research chief scientist>
It’s an exciting time for the industry but it’s up to us to take on the responsibility of building trust. Government regulations provide consumer protections, but they don’t protect our systems and relationships. Salesforce is using five guidelines — accuracy, safety, honesty, empowerment, and sustainability — in the development of trusted generative AI. Consumers trust us with their data, and it’s up to us to use it for the greater good, keep it safe, and deliver immense value back to them to win the battle for attention.
So now what?
While a few players in the media industry have enacted innovative strategies for winning the battle for attention, many brands are fighting to stay relevant. For a media company, rethinking the type of experience they provide can be a daunting task. Whether brands are looking to reestablish their dominance, or to emerge as an up-and-coming experience, there are some tactical next steps media companies can take.
Learn
While a few players in the media industry have enacted innovative strategies for winning the battle for attention, many brands are fighting to stay relevant. For a media company, rethinking the type of experience they provide can be a daunting task. Whether brands are looking to reestablish their dominance, or to emerge as an up-and-coming experience, there are some tactical next steps media companies can take.
Partner
Media brands need to seek out partnerships with innovative perspectives to view your world with a fresh set of eyes. Partnership opportunities exist for media brands across all facets of their experience — infrastructure, distribution, content, and interface.
Plan
Media brands need to establish an adaptive strategy to win the battle for attention. Understanding who their audience is, knowing what type of experience they expect, and building the technical ecosystem centered around AI to deliver that experience is how the battle is won.
Practice
Winning requires discipline. Recognize that the strategy will take time to play out. There will always be opportunities to iterate on aspects of the strategy, but sticking to the vision and executing it with excellence, are core to winning. Discover more ways to use data to drive intelligent decision-making and tailor every customer experience.