One way that AMC Networks engages with the consumer is to use different social media platforms in advance of, during, and after content is launched to get the viewer’s perspective and feedback on a real-time basis. Chris believes this type of interaction is critical to drive engagement and to better understand evolving audience preferences.
Creating new revenue streams
The data that is gathered from these interactions will not only drive consumer relationships, but create new revenue streams for media companies as they evolve their content strategy and distribution channels to meet increasing customer demands.
Chris says AMC Networks has refined its business strategy by looking outside the business’s traditional relationships to an increasing number of partners: "When I think of our revenue streams, we have our historical revenue streams and relationships with legacy distributors. We also have our advertising revenues. However, there are new revenue streams that are being generated through companies that are leveraging internet technology to go direct to the consumer. That creates new relationships and the opportunity to expand our revenue base."
Looking to the future, Chris is quick to point out that companies need to place their bets strategically and not just "chase any shiny object."
However, with technology evolving at an unprecedented pace, there are many unknowns, and staying on top of the latest developments will always be a challenge. Chris comments, "I think one of the clear knowns is that the viewer will have much more control over how they consume content. That's a given, and will continue to evolve. How that content is distributed, and across what medium, is the real question. And, through what devices – the big screen, phone, virtual reality or next-generation technology? I think that's another key question – where does it go from here?"