Adopting an AVOD Strategy to Stay Competitive in the Film Festival Market
As the streaming industry continues to evolve, film festivals must adapt and innovate to remain competitive in the entertainment landscape. One possible approach is to adopt an Advertising Video on Demand (AVOD) strategy, which has already been embraced by streaming giants like Netflix and Disney+. In this blog post, we'll explore the potential benefits of implementing an AVOD strategy for your film festival and discuss how it can help create value for your audience and brand.
Why Film Festivals Should Consider AVOD
Explore the potential benefits of adopting an Advertising Video on Demand strategy for your film festival in a competitive streaming market.
The consensus amongst streaming industry executives is that the industry needs to come up with free or ad-supported alternatives to drive down the price for the consumer. For distribution, there is no question that digital can add significant revenues to the bottom line via both the sponsorship opportunities it provides (ads) and the audience reach that it grants, particularly amongst audiences with health conditions or impairments. Netflix and Disney+ have already jumped into the ad-supported streaming market to help lower the cost for their consumers, which would add another layer of competition to the festival circuit. Film Festivals may want to consider following suit if they wish to compete with other major streaming providers and cinemas in 2023 as audiences continue to consolidate their entertainment providers.
Setting the Right Ticket Price and Offering Unique Experiences
Learn the importance of creating value beyond the film and how to cater to diverse audience interests.
Setting the right ticket price for a film festival is a complex task that requires careful consideration of costs, target audiences, competition, funding, and the unique brand of film curation and experiences that the festival brings to its audience. When observed through the lens of entertainment, your audience has choice. Lots of it. That VENN diagram of a 30 to 55 year old cinephile can also include intersections of a culinary enthusiast, music lover, sports fan, or couch surfing aficionado
Building and Defining Your Film Festival Brand
Discover how curating experiences and fostering community can help define your festival's brand and ensure its success.
As a film festival, your price and your experience must go beyond the film, and the value must be created outside of the script. How that is done, how your audience connects with your curation, how that community is built, and how that experience is shared will be what defines your brand. It will be what determines the perceptive value your audience has in you and the price they are willing to exchange to share in that experience. But the knowledge of these elements and your ability to expand your audience and project the demand will help you determine whether or not your festival can survive and thrive from one year to the next.
Thriving in the Streaming Industry with AVOD and Unique Experiences
Adopting an AVOD strategy and offering unique experiences can provide a competitive edge, ensuring your film festival's growth and longevity.
Adopting an AVOD strategy may provide the competitive edge film festivals need to keep up with the changing landscape of the streaming industry. By offering an ad-supported alternative, festivals can create more value for their audiences, build stronger communities, and ultimately define their brand in a unique and meaningful way. As Ryan Reynolds said during his American Cinemetheque Awards speech, "Movies bring people together in ways that are figurative and literal and that togetherness feeling is what I yearn to create...the act of bringing people together for a second, a few minutes, or a few hours is a great contribution, especially as the world seeks to divide us." Embracing AVOD may just be the key to keeping the film festival experience alive and thriving in an ever-evolving entertainment market.
Interested in learning more strategies for your film festival's success in the streaming era? Download our comprehensive pricing and funding white paper now and unlock your event's full potential!