The amount of money that broadcasters and media and sports organizations spend on producing and acquiring content is massive. According to Industry Research, the size of the video production services market was valued at around $30 billion in 2021, and is expected to reach almost $50 billion by 2027.
Given the high cost of acquiring content rights, media companies need to repurpose their content as best they can to drive a return on investment, meet the growing consumer demand for content, and reduce unnecessary costs. The majority of broadcasters are sitting on a treasure trove of existing content that has the potential to be monetized.
