We live in a world dominated by screens. With the vast amount of available screen space, streaming services are facing increased competition to produce compelling new content that not only keeps existing subscribers engaged but also attracts new viewers. In recent years, the rising demand has highlighted a valuable business opportunity for broadcasters and studios: repurposing their untapped archive content.
By delving into their archives, media organizations can recreate fresh content from old footage, edit video clips into social posts, turn audio files into podcasts or deliver 24/7 content for free, ad-supported streaming television (FAST) channels. And it doesn’t always mean rehashing the same content; often it provides brand-new perspectives to a familiar story, informs new stories or even reignites a show’s popularity for an entirely new generation. This innovative approach sets content creators apart, helping them thrive and stay ahead of the competition in a crowded market.
But before we dive in headfirst, what exactly is archiving when it comes to content?
Growing Demand for Unscripted Content
Archiving is the systematic process of collecting, organizing, preserving, and providing access to existing media content. It includes anything from video and audio recordings, to photographs and documents. Archiving has become a popular venture for media organizations since it empowers them to create new and engaging content for their audiences by using existing footage. This is especially prevalent when repurposing and creating new angles for documentaries.
Studies show the demand for this type of repurposed content increased by 44% from 2021 to 2023. This significant rise is due to several factors. Audience interest in nostalgic and authentic content, or cultural memory, dramatically increased during the pandemic as viewers were stuck at home and productions were put on hold.
This led to a significant spike in new platforms needing to deliver 24/7 content. Repurposing old content and unscripted content grew again during the 2023 Hollywood actors and writers strikes, which slowed the production of scripted TV and movies. In addition,broadcasters and studios continue to face budget cuts and financial pressures, making it necessary to manage production costs carefully. Repurposing existing content is a cost-effective alternative that allows them to deliver fresh content for new generations while also meeting the demands of today’s audiences.
Take Netflix, for example. This year has seen a surge in new documentaries made from old content. Documentaries including, Apollo 13: Survival, I Am Celine Dion, Return of the King: The Rise and Fall of Elvis Presley and Back to Black have all been created by using archived footage. These films are key examples of a growing trend of using legacy content to construct compelling stories. In the case of shows like these, archiving not only protects stories from getting lost in time, but also educates new audiences and future generations. It invites viewers to learn more about a topic for themselves while also providing them access to never-seen-before content.
Investing in the Past
Digging into the past is a significantly invaluable and underestimated concept for the media industry. It saves them time, money, and resources while letting them keep up with the production demands of the modern day.
The streaming landscape is fiercely competitive. Ninety-nine percent of U.S. households now subscribe to at least one streaming service—Netflix topping the charts with a 13% year-on-year growth rate. Content providers are constantly searching for new ways to engage and connect with their audiences. Today’s popular streaming platforms mean that archival footage is now more accessible to a global audience than ever before. With current viewer preferences in favor of raw, authentic content, it’s easy to see the business benefit of archived content.
Preserving content ensures that media organizations can protect their work for future generations, boost its longevity and relevance for new generations and create revenue opportunities.”
Now is the perfect time for media organizations to tap into their archives. It will lead them to an invaluable outcome: increased return on investment (ROI.) There are several ways in which archival content sets the stage for this result. For example, repurposing content into new programming to be distributed across multiple platforms increases audience reach and, in turn, potential revenue. In addition, the same content can be presented in different formats on different platforms to reach new audiences.
Future-Proofing Through Archiving
Preserving content ensures that media organizations can protect their work for future generations, boost its longevity and relevance for new generations and create revenue opportunities. Archived content can also be repurposed to craft engaging brand stories that highlight the company's history, values, and impact. This strategy not only enhances brand reputation but also strengthens brand loyalty and helps attract new customers.
These factors collectively make content archiving an essential business strategy for media organizations looking to maximize return on investment and future-proof their brand and business. To fully leverage the potential of archiving, media organizations should develop a comprehensive media archiving strategy, invest in a reliable system and explore partnerships with other organizations or archival institutions to share resources and expertise. By prioritizing archiving, it not only safeguards their valuable content and preserves a legacy but also unlocks new opportunities for future content creation and innovation.
The primary value for media organizations in utilizing archival content lies in the significant boost to ROI. By capitalizing on trends such as the growing demand for documentaries, organizations can repurpose existing content, saving both time and resources that can be redirected to other initiatives, all while delivering engaging content that drives viewer engagement and revenue.
However, this approach should complement, not replace, the creating of original content. Rather than a substitute, it offers a profitable alternative that allows media organizations to thrive in today’s content-driven, streaming-dominated landscape where demand is constant and ever-growing.
