Now that we have had time to reflect and follow up on key actions post-MIPCOM 2024, Senior Acquisitions Manager Darren Asamoa shares his thoughts on his experience in sunny Cannes.
After leaving a wet and dreary London early Sunday morning, upon landing in a bright and sunny Cannes I hoped that the amazing weather would be indicative of what was to come for the week… and (spoiler alert*) I wasn’t disappointed!
Throughout this year we have heard from the wider broadcast community that traditional broadcast was getting tougher, with International TV revenues decreasing by hundreds of millions compared to the previous 12 months, driven largely by fewer commissions. So, I think it is fair to say, despite the sunny skies, this was the dark cloud that was hanging over the Croisette. Caffe Roma, Caffe Agnelli and all the usual haunts were still full, however, with many of the Studios having smaller stands and the large production groups who usually stood proud on the beach deciding to occupy more modest plots inside the Palais, it was clear there had been some belt-tightening happening. So it came as no surprise when it was announced that the ‘official’ market attendance (10.5k registered delegates) was down compared to the last two markets. As has been reported and perhaps somewhat ironically, the digital market is enthusiastically buoyant and rapidly growing so we saw a lot more digital players attending the market and this was actually the largest team of delegates that Little Dot Studios have ever sent to Mipcom!
There was a bright beacon of light peeking through the (metaphorical) dark cloud over the Croisette for all to see on day one. No doubt you may have heard of this ray of light! It is a small, multibillion-dollar company that seemingly much of the traditional TV community had been trying to ignore in past Mipcoms ... YOUTUBE! Much like when the music industry chose to see digitally delivered music as a threat, YouTube in previous years has largely been kept at a distance and a secret by many in the traditional broadcast community. This of course is shifting, with the proliferation of Connected Television, the YouTube ‘Living room’ experience is seamless and essentially indistinguishable from traditional TV watching so we have seen the landscape rapidly changing with broadcasters, distributors and producers embracing long-form on YouTube in recent years.
YouTube in particular and digital, in general, seemed to be top of everyone's agenda in the Palais. Nowhere was this embracing of long-form and digital opportunities seen more than on the ITV Studios stand. ITV Studios made one of the first press releases at the market where they announced a senior hire and their new label Zoo 55. According to the articles the aim of this label is to extend their global digital media footprint and exploit their brands on YouTube in particular as well as on FAST.
(Senior Acquisitions Manager, Darren Asamoa, at the Palais.)
Respected media analyst Evan Shapiro, kicked off one of the most talked about sessions in Cannes, by highlighting the dominance of YouTube and social video, as well as the lack of engagement in traditional broadcast television among under-35s.
He highlighted that the success of YouTube is due largely to the platform’s ability to put viewers at the centre of everything they do, which is something TV companies will have to embrace if they are to tap into that success. When I hear comments like this, I feel very lucky to be at Little Dot Studios as this is something that we have always done and continue to do.
Prior to the market, there were several reports which heralded YouTube as comfortably surpassing the likes of Netflix, Disney+ and in fact all other streaming platforms on CTVs. This stat seems to have really resonated, whereas at previous Mipcoms I would spend a large chunk of meetings explaining the penetration and success of Little Dot Studios YouTube channels and how we can monetise long-form content on the platform. This market, partners were already 'sold' on the model and keen for Little Dot Studios to start exploiting their content as quickly as possible. Producers and partners leaning into YouTube means that I was able to have much more mature conversations around new ways of collaborating, such as coproductions, symbiotic sharing of content to exploit on AVOD/FAST as well as ways partners can utilise LDS’s programmatic advertising sales team to increase revenue.
All the above being said we have rarely seen (actual) YouTube in Cannes. In Mipcom's past we've had keynotes from Snapchat and Meta in various sized auditoriums and YouTube (I think?!) may have flirted with the market when they started their ‘originals’, however, this flirtation became a full on relationship on the Wednesday in the MIP Innovation Lab. Neil Price, UK Film and TV Partnerships Lead, YouTube, was the key speaker at a discussion along with LDS’s’ very own Wayne Davison, Chief Revenue Officer, to explain to the audience ‘Why YouTube Matters’. The session was undeniably one of the most attended sessions of the market which was clear by the number of people in the room and by the sheer number of people trying to get in the room, I think its fair to say that this session was long overdue and that they already knew what Mipcom is starting to… YouTube does really matter!