SANTA MONICA, Calif. – The growth in video streaming is pushing media companies to not only establish one-to-one relationships with consumers, but also how to parlay their growing troves of consumer data into revenue streams. Data collaboration is becoming more important even as newer privacy regulations give consumer greater control over how their data are collected and shared.
“Chief privacy officers, once they start to understand the technology that’s protecting the data and the consumer information, are starting to now lean into how the collaboration works because we’re overcoming the hurdle of privacy,” Bill Stratton, head of media, entertainment and advertising vertical at Snowflake, said in this interview at the Beet Retreat Santa Monica.
The biggest media companies have made tremendous strides in gathering first-party data from consumers with the expansion of streaming. They generally require customers to set up an individual account with an email address to log in and a payment method.
“Because they’ve had to adapt to having all of a sudden 100 million subscribers on Disney or on NBCU or Warner Brothers Discovery,” Stratton said. “Where they were wholesalers before, they’re now direct relationships.”
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As technology companies like Google and Apple take steps to ask consumers to opt into online tracking, there is a greater need for privacy-safe audience identifiers that give advertisers a better idea of how people spend their time with electronic media.
“It starts with identity and it starts with either a media company, a publisher or an advertiser having data about their customer, but they need to expand the view and the understanding of that customer relationship,” Stratton said. “That unlocks the use cases. Collaborative data for marketing purposes is just now emerging.”
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