At the recent NAB Streaming Summit in Las Vegas, 24i Head of Product Stuart Hoke sat down with Damian Pelliccione, CEO and co-founder of Revry, the world's largest LGBTQ+ free streaming platform, for an insightful fireside chat. The conversation, brimming with passion and expertise, delved into the power of partnership, the crucial role of data, and the exciting future of LGBTQ+ streaming.
Here are some key takeaways from their engaging discussion.
A meeting of missions and values
Stuart kicked off the session by highlighting 24i's core values: "being brave, being loyal, open-minded, and driven," noting that Revry perfectly embodies these principles.
Damian echoed this sentiment, stating, "You know, we can't be more excited to be aligning with 24i, and that mission totally speaks to our mission at Revry."
Revry: Championing diversity and challenging the "niche" label
Damian passionately described Revry's journey from a living room startup to a platform reaching 8 million monthly active viewers. He firmly pushed back against the notion of the LGBTQ+ community as a niche market, emphasizing its significant economic power.
"I don't like to use the word niche because I do believe that LGBTQ is not a niche. In the United States alone, the LGBTQ disposable income is $1.7 trillion a year, and we're the third largest consumer group," he said. This understanding of their audience as a powerful consumer base informs every aspect of Revry's strategy.
Data: The fuel for personalization and growth
A significant portion of the discussion revolved around the critical role of data. Stuart, a self-proclaimed data enthusiast, steered the conversation towards the ways in which data intelligence drives personalization and discoverability, and Damian wholeheartedly agreed.
"Data is really important,” Damian commented. “I mean, data basically tells us everything that we're going to do in our next steps, as well as informing what we're currently working on."
Damian recounted a specific instance when mining viewer data led to a beneficial change in programming. "An example I'll use is the show Absolutely Fabulous. We licensed it for a very short run and put it up on the network. It saw insane viewership, and we realized this is something that we should always have on. So let's renew that license and extend it out for another year."
Overcoming hurdles: The importance of granular data and attribution
Damian candidly shared the challenges Revry faced before partnering with 24i, particularly in accessing detailed data. "Believe it or not, we worked with about 4 or 5 different platforms prior to this, and a lot of them didn't have that granular data that we needed."
He emphasized the transformative impact of 24i in providing attribution capabilities, stating that "... one of our major, major deciding factors for coming on board with you guys was the ability to be able to track attribution." This ability to understand the ROI of marketing spend is crucial for Revry's continued growth. "Every dollar we put out, we want to make sure that we're understanding where that is going."
Revry's unique approach: Curating experiences, not just playlists
Damian highlighted Revry's proactive approach to content, going beyond simply offering a library. "We're not just playlisting content; we're not just taking a catalog and trying to figure out a way for it to live on VOD,” he explained. “We're editorializing it; we're really thinking through how we are marketing it, how we are messaging it."
This curated approach, tailored to specific events and heritage months, demonstrates a deep understanding of their audience and helps foster a strong sense of community.
Looking ahead: Innovation and the power of queer joy
The conversation concluded with an optimistic look towards the future. Stuart expressed 24i's excitement in innovating within the AVOD space, while Damian shared Revry's upcoming initiatives, emphasizing their commitment to "queer joy" and their role in amplifying LGBTQ+ voices. He teased new seasons of original shows and their participation in WorldPride, underscoring Revry's dedication to being "as loud as possible."
The discussion highlighted the power of mission-aligned partnerships, the indispensable role of data in driving growth and personalization, and the unique approach Revry brings to serving its vibrant community. With a focus on innovation and a deep understanding of their audience, both 24i and Revry are poised for an exciting future in the evolving streaming landscape.
Watch the full session for key insights on the future of streaming below.
