FAST Transition: Vast Upside Potential But Not Without Complications for Finance Pros (Video)
Traditional television viewing is being turned on its head, driven by cord cutting, streaming and audience demands for a broad palette of programing, with minimal commercial interruptions, at a reasonable price. Enter FAST -- Free Ad-Supported Streaming Television -- now one of the hottest trends in the broadcasting business. FAST channels offer consumers a free platform that combines curated channels and live offerings, with an emphasis on local content, especially local news. It also holds the promise of a significant shift in ad spending -- and revenue opportunities for both individual stations and networks.
Some estimates project a 20% or more increase in spending on FAST platforms in 2023. But making the decision to become a FAST channel is not without complexities, particularly for finance and accounting professionals in the media and entertainment industry. Certainly quality content is critical to a successful FAST strategy, but there are also advertising revenue collaborations, credit and collections issues and advanced data analytics to measure performance. In this "Office Hours" interview, Whip Media's Chief Strategy Officer, Mike Sid, and Vice President of Sales, Vince Muscarella, share their insights on the most important factors to consider before initiating a FAST channel and the most effective ways to deal with the advertising and performance management complications that come with this new platform.
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