How Pond5 Navigates the Content Paradox of High Video Demand and Low Budgets
Is the context paradox a passing fad or our new reality? Pond5 shared their answer to this question at #SMWNYC.
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As demand for a product increases, so does the budget to create it, right?
Not always. That is what the video stock company Pond5 seeks to remedy for video producers across all industries.
The Content Paradox in Video Production
Although video has proven to be the number one way people consume content and what drives the most engagement, it is a costly and time-consuming thing to create. Some companies just do not have the resources to keep up with the demand.
“That’s the reason we exist,” says Jason Teichman, Pond5’s CEO and moderator for Tuesday’s panel on this “content paradox.”
As content directors and heads from The Economist, the Tribeca Film Institute, PwC and Ogilvy talked about the paradox that is the value of video going up, but the time to create it coming down, they also showcased the array of industries that are facing this issue.
But Media organizations, filmmakers, and marketers alike have found ways to incorporate Pond5’s creations to their video production strategy.
“Speed is a big thing. Relevance is really big. Even though there’s this commoditization and paradox, it allows us to create stuff for different audience segments,” says Jon Finkelstein, Executive Creative Director of the multinational professional services firm PwC.
Stock Video Still Allows for Personalization
While there is a concern for artistic and creative aspects to go by the wayside in working with a company like Pond5, most collaborators are actually using it as a starting point for bigger ideas and personalization.
Amy Hobby, an academy award nominated documentarian and currently the Executive Director of the Tribeca Film Institute, talked about using Pond5’s stock videos as place holders in film.
“We’ve been able to structure something before we go out and do something very expensive,” she said.
Finkelstein spoke to the benefits of taking something that is “80 percent there” and personalizing the other 20%, which has allowed his company to save on travel expenses and the like.
Optimization is Key
The panelists agreed that while “complete views” or watching a video all the way through, would be nice, what they really care about is their audience relating to their video.
Robert Davis, Head of Digital at Ogilvy, said his focus centers around the core question “Why are you telling the story and how are you going to get somebody to care about it?”
And Teresa Palagano, The Economist‘s Global Director of Branded Content, posed other important questions when considering optimization: “What are people coming back to? What’s resonating with people?”
With the need to increase the volume of video on a budget that has not increased at the same rate, companies are using Pond5 to help meet that demand or simply to spark ideas that cater to the essence of their audience and their own brand image.
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