While motion pictures and television programmes receive the most attention as artistic-related intangible assets, the broader category of video and audiovisual content has exploded in both volume and value. Educational course libraries, podcast video archives, corporate training content, user-generated content platforms, and digital-first video channels all create intangible assets that may require recognition in a business combination.
The distinction from traditional motion pictures is important: this category encompasses video content that is produced, distributed, and monetised through digital-native models rather than traditional theatrical or broadcast distribution. The economics are different, the revenue models are different, and the valuation approaches must reflect these differences.
| Category | Revenue Model | Valuation Approach |
|---|---|---|
| Educational courses (Udemy, Coursera, enterprise L&D) | Subscription + per-course fees | Income approach (per-course or portfolio) |
| Digital-first series (YouTube Originals, Roku) | Advertising + subscription | Income approach (advertising yield) |
| Corporate training libraries | Internal use or B2B licensing | Cost approach (replacement cost) |
| Podcast video content | Advertising + sponsorship | Income approach (CPM-based) |
| UGC platform content | Advertising + creator revenue share | Platform-level income approach |
| Live event recordings | Pay-per-view + catalogue licensing | Income approach (event-specific) |
Educational video content — online courses, tutorial libraries, certification programmes — represents one of the fastest-growing categories of video intangible assets. The valuation challenge is capturing the recurring value of a library that drives ongoing subscriptions.
For subscription-based educational platforms, the content library is valued based on its contribution to subscriber acquisition and retention. Key inputs:
In educational content businesses, the library and the platform are deeply intertwined. The content drives subscriptions; the platform makes the content accessible. Valuation must separate these contributions — the content library is an artistic-related intangible asset; the platform is a technology-based intangible asset.
Where income attribution is difficult, the cost approach provides a defensible floor. This estimates the cost to recreate an equivalent content library:
Catalogue all video content by type, length, production quality, and currency. Exclude obsolete content that would not be recreated.
Apply production cost estimates by quality tier. Include instructor/presenter fees, filming, editing, graphics, and quality assurance.
Discount content that is partially outdated or nearing the end of its useful life. Technology tutorials from three years ago may retain 30-50% of their original relevance.
For platforms where content is the primary asset — but where individual pieces of content are not independently valuable — a platform-level approach is necessary. This applies to:
An online education company is acquired with a library of 3,000 video courses (12,000 hours of content) generating £25 million in annual subscription revenue. Content analysis shows that 400 courses (13%) account for 65% of viewing hours. The income approach, attributing 60% of subscription value to content (vs 40% to platform, community, and certification), values the content library at approximately £85 million using a 10-year useful life and 14% discount rate.
Corporate video assets — training libraries, compliance content, product demonstrations, internal communications archives — are increasingly material in B2B acquisitions. Their value is typically assessed using the cost approach because they do not generate external revenue.
However, for businesses that licence their training content (professional development companies, industry training providers), the income approach applies. The key metrics are:
Video content ages faster than most intangible assets. Production values evolve, information becomes outdated, presenters leave, and audience expectations shift. A video training library that was cutting-edge three years ago may feel dated today. Useful life assessment must be realistic about content decay — most commercial video content has an effective life of 2-5 years before it requires significant updating or replacement.
The creator economy has complicated video content ownership and valuation. Key considerations:
Multi-platform distribution: Content published on YouTube, TikTok, Instagram, and other platforms may generate revenue across multiple channels, but the platform terms of service may grant the platform certain rights to the content.
Creator vs business ownership: When a business is built around an individual creator's content, the separation between the creator's personal brand and the business's intangible assets requires careful analysis. If the creator departs, what content rights and revenue streams remain with the business?
Compilation and curation value: Beyond individual videos, the curation, organisation, and compilation of content into courses, series, or programmes creates additional value. This compilation copyright is separate from the individual video copyrights.
In creator-led businesses, the key person risk is extreme. The content may be an intangible asset, but its value is often inseparable from the creator's ongoing participation. Valuation must account for the risk of creator departure and the impact on content value and revenue generation.
Video and audiovisual content is one of five artistic-related intangible assets under IFRS 3. For the full classification, see 35 types of intangible assets. To explore content valuation in the media sector, read our media and entertainment intangible collateral guide.
Ivan Gowan is the Founder and CEO of Opagio. He brings 25 years of experience building and scaling technology platforms in financial services. Meet the team.
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