The challenge of developing in-house media properties was a major focus during a panel featuring representatives from individual teams and leagues during the Monetizing Media Assets Series, an add-on to the '14 NeuLion Sports Media & Technology Conference. The panel was comprised of PGA Tour VP/Digital Media Luis Goicouria, Nets Senior VP/Global Marketing Elisa Padilla, Penguins Senior VP/Sales & Services David Peart and NASCAR Managing Dir Colin Smith. Here are some quick hits from the discussion:
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Goicouria said it was not an easy decision for the Tour to
go in-house |
* On the choice to go in-house, Goicouria said, “It certainly wasn’t an easy endeavor or a decision that we made lightly. ... We’re not a development organization, so we’ve made deals with about 25-30 different vendors. Getting those vendor relationships locked down, getting those contracts negotiated, figuring out how they would all work together was very daunting.” Smith noted Turner "didn’t do anything wrong," but NASCAR "just realized that it was just too important of an asset to have in the hands of a third party moving forward knowing that the next generation of fan engagement is going to be about creating content and not necessarily monetizing those assets.”
* On monetizing social media: Peart said, “What every property in the country is sort of wrestling with is, How do you monetize social media? There is that arm-wrestling match that’s going on between the content creator within your organization and the pristine nature of social media versus the wolf who wants to make money off of it.” Smith: “For the amount of time we all spend on social, you’d think there would be more monetization there, and I think there will be, in time. Right now there’s no real social standard currency of what is acceptable and what is a success.” Goicouria: “Social is also used for us to drive people to platforms that we do monetize better. ... It’s a good place for referrals.”
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Padilla said the Nets have sent a social person on the road
to deliver exclusive content |
* On effective strategies so far, Padilla noted fans want "more exclusive content, stuff that they cannot get at ESPN, stuff that only we can deliver." Padilla: "This season we are literally sending a social person on the road with the team because if they can deliver exclusive content. ... No one else is going to be able to provide that, and that’s key for us.” Smith: “We have a fan council of about 15,000 people. ... It’s a very coveted group inside NASCAR that we communicate with every Monday after a race. That data that comes back from them it is real time and that’s very relevant to us. ... We use a lot of that information to make some of our decisions on.”
