Research firm Ipsos OTX on Thursday called for a meeting among the major and independent studios and their partners to discuss new and better ways to conduct pre-release film tracking.
At this meeting, OTX's Motion Picture Group plans to present a new tracking product that it describes as a "starting point" toward modernizing the process of tracking and predicting the performance of films at the box office.
Also read: Box-Office Blindsides: The Trouble with Tracking
The meeting is scheduled to take place at the London Hotel in Los Angeles on Nov. 16, 2011. OTX didn't specify about the state of the RSVP list.
Asked by TheWrap if he plans on attending, one major studio distribution president remarked that the meeting "is not on my radar."
“Research and tracking methods need to be updated dramatically to reflect the evolution of consumer behavior,” said Vincent Bruzzese, president, worldwide motion picture group. “We all recognize that today’s consumer is vastly different than they were even five years ago, yet we ask them the same questions.
"Today’s moviegoer has many choices for their media consumption, and that needs to be reflected in a film’s research and marketing. While we believe we have identified some of the major issues and some possible solutions, I believe that only by accumulating and combining the knowledge and experience of those in the industry who have used tracking regularly can we, together, finally crack this nut.”
More to come.
Here's the full press release:
IPSOS OTX’s WORLDWIDE MOTION PICTURE GROUP (MPG) ORGANIZES FILM TRACKING CONSORTIUM AND WORKSHOP
Leading Market Research Firm Calls on Studios and Other Partners to Adjust How a Film’s Pre-Weekend Box Office is Tracked and Predicted
LOS ANGELES, CA – October 20, 2011 – In an effort to explore and create new methods to provide the film industry with accurate and actionable information, Ipsos OTX’s Worldwide Motion Picture Group (MPG) today announced a meeting of leading major and independent motion picture studios, production companies and key individuals in the industry. Recognizing the need for a more modernized way to gauge the efficacy of a film’s marketing campaign, MPG has started development on a new tracking product, which will be presented to this consortium as the starting point for discussion. The company will host the collaborative workshop to further develop and refine the new film tracking offering. The meeting is scheduled to take place at The London Hotel in Los Angeles on November 16, 2011. The announcement was made by Vincent Bruzzese, President, Worldwide Motion Picture Group.
“Research and tracking methods need to be updated dramatically to reflect the evolution of consumer behavior,” said Bruzzese. “We all recognize that today’s consumer is vastly different than they were even five years ago, yet we ask them the same questions. Today’s moviegoer has many choices for their media consumption, and that needs to be reflected in a film’s research and marketing. While we believe we have identified some of the major issues and some possible solutions, I believe that only by accumulating and combining the knowledge and experience of those in the industry who have used tracking regularly can we, together, finally crack this nut.”
Invitations will be sent out shortly to potential participants, but several studio heads, major agencies, some of the industry’s most prolific producers and various marketing and research heads from many studios have already signed on.
Over the past year distributors, marketers and the media have become frustrated at the often seen instances where pre-release tracking and box office expectations are very different than the actual performance for a movie on opening weekend. These miscalculations can at times have a ripple effect on the film industry by causing distributors to adjust their strategic direction and P&A spend resources based on results that do not accurately reflect moviegoer intentions. By improving the pre-release “tracking” system, distributors will be able to better prepare for the results of a film’s opening and ultimately help the bottom line profitability for each film.