AnalytixLive, a leader in ticket pricing and revenue management, has launched a video streaming analytics service for arts organisations.
Amid a rise in the popularity and demand for virtual live events, Analytix Stream has been developed to allow clients to access all their ticketing analytics and digital streaming analytics in one platform.
In the wake of the pandemic, the firm said the performing arts will require a hybrid strategy of digital streaming and live event ticketing. However, it notes that video streaming platforms, including Facebook, Instagram, Vimeo, YouTube, and Brightcove, all use different data structures for reporting, making analysis “both time consuming and prone to errors.”
AnalytixLive co-founder and President, Anil Malhotra, said: “Analytix Stream normalises the data from all those disparate platforms so our clients can analyse the data accurately and efficiently and have the flexibility to explore the data on their own terms. This will increase viewer engagement and ultimately revenue.”
Analytix Stream automates the import of all streaming video data, unifies the data features, and customises user interactions with that data, allowing marketing teams to accurately compare the minute-by-minute performance of video streams across different platforms.
Malhotra continued: “Streaming video is an investment decision for the long-term health of the organisation and shouldn’t be looked at solely as a short-term financial decision. Early results indicate that, when done well, digital streaming of artistic events has an audience that is willing to engage regularly and willing to pay for it.”
The company explains that for many organisations, the addition of video streaming has created another “on-ramp” for acquiring new audiences, while also becoming an “off ramp” for existing customers who are unable to attend live performances.
When live events return, the firm states that with Analytix Core (ticket pricing analytics) combined with Analytix Stream (video analytics), clients running hybrid events will have access to a platform that combines ticket revenue, ticket forecasts and video engagement data into a single collaborative, data-driven decision hub.
“We are focused on delivering tools and insights that directly impact the decisions clients are making as they build their digital streaming businesses,” said Malhotra. “We are taking care of the time-consuming back-end analysis, which liberates our clients to spend time on more important initiatives. They don’t have to be buried in spreadsheets all day trying to figure out how their video streams are performing.”