NPAW, a specialist in video business intelligence and predictive analytics, has released the findings of its State of Video Product Analytics 2023 global B2B survey which reveals that, while the use of product analytics is widespread in the video streaming industry, 92 per cent of respondents (employees at streaming providers at the director level and above) are not fully satisfied with the third-party tools they use to measure product success.

The main reasons for this dissatisfaction stem from the tools’ inability to track across all the devices in the providers’ offering (a concern for 32 per cent of respondents) and a lack of video content monitoring capabilities (40 per cent).

Product analytics software solutions have evolved to help product owners, business and operations, and content and marketing departments measure and improve the performance of digital products. However, the video streaming industry presents a unique set of measurement needs and challenges that a broad-purpose tool might not cover.

NPAW’s latest survey aims to understand the streaming industry’s approach to product analytics, from methods of measurement and key areas tracked to the shortcomings of existing tools and organisations.

The surveys key findings include:

• 50 per cent of respondents prefer third-party product analytics tools for tracking video product performance and user behavior, while 26 per cent leverage in-house tools or experts, and 24 per cent use a combination of both
• Only 8 per cent of respondents are highly satisfied with the third-party product analytics tool they use to track video product performance, with the rest expressing some level of dissatisfaction
• The dissatisfaction with third-party product analytics tools is mainly due to their inability to track end-user insights across all offered devices (48 per cent), and a lack of video content monitoring capabilities (40 per cent)
• The top metrics for video product performance are user engagement (32 per cent), user experience (31 per cent), and customer acquisition (28 per cent), followed by feature usage (27 per cent). Tracking priorities vary across departments
• Three-fourths of respondents use analytics tools to track users at risk of churn based on user behavior. Of these, 50 per cent employ a third-party analytics tool, while 25 per cent have developed one in-house
• The biggest blockers to using video product data effectively are managing data security and protection (48 per cent) and processing vast amounts of data into actionable insights (44 per cent). Perceived challenges vary across regions

“In today’s fiercely competitive streaming market, the success of video products largely depends on a business’s ability to make decisions rooted in fact and driven by audience interests and behaviour,” said Jordi Bartomeu, NPAW’s Chief Strategy Officer and Head of Product Analytics. “To do so, they need an analytics tool that can capture all the complexities of online video and track users across the entire customer lifecycle, helping them design user journeys that deliver increased engagement and stable growth.”

Categories: Articles, Equipment, Research

Tags: NPAW, streaming