Digital transformation has impacted all industries for the better. The media industry has transformed significantly in the wake of technological advancements. User behavior is changing and the way people interact with businesses and brands is also evolving all thanks to digitization. This is why brands need to adapt the way they deliver content in order to thrive in the competitive market and grow their audience base.
AI making its way into the media and entertainment sector
In today’s digital-enabled world, media and entertainment players interact and engage with the audiences through a data-driven approach. It helps them to build a strong brand presence and create an engaging social media presence. Not only have the operations improved but through data collection and predictive models, players can understand their audience at a more granular level.
According to Grand View Research, the global AI in media and entertainment market size stood at $10.87 billion in 2021 and is expected to grow at a CAGR of 26.9% from 2022 to 2030. The report further states that the APAC region especially India is one of the emerging markets. The use of AI for key business operations is driving the growth of AI in the industry. The growing prominence of virtual creation in the media and entertainment sector along with its ability to create high-definition graphics and real-time virtual worlds are the other major factors fuelling the growth of the market.
Artificial Intelligence reshaping the media industry
Amongst the new-age technologies making their way into the media industry, AI receives a special mention. Its application is diverse, immense, and spread across processes and functions. On the surface, it is helping the media brands to enhance their services and improve their customer experiences.
Other applications of AI in the sector include predictive analytics, recommendation practices, lead scoring, audience segmentation, customer journey mapping, etc. Apps based on AI technology are helping in improvising the quality of content and delivering the same effectively to the audiences.
Personalization is the key
One of the remarkable ways in which AI is reshaping the media industry is by regulating the user pattern of the users and helping media brands offer personalized content recommendations to the users. Furthermore, cognitive AI helps increase customer engagement as well as satisfaction.
The OTT platforms today offer recommendations to watch particular shows and movies. These suggestions are enabled by AI and are based on our watch history.
Improve the services
The power of AI is also harnessed to enhance the services offered by the media players. The technology helps in the automation of editorials, reduction of manual intervention, as well as optimization of the content creation cost.
Enhance ad campaigns and marketing strategies
Leveraging the power of AI and smart algorithms, production houses and other media companies can conceptualize realistic yet effective and appealing advertising campaigns and marketing strategies including promotion, design, ads, etc. AI also possesses the capability to expedite the marketing processes using the core fundamentals of predictive analytics.
One of the major benefits of AI for the media industry is garnering digital rights for the content along with IP and royalty management. Along with this, the technology also renders a helping hand in anomaly detection in the data in the context of fan engagement and subscription-based services. It is also streamlining captioning, filtering, and distributing news and is taking over the repetitive tasks. This way, the creators are left with more time to curate innovative and engaging content.
For instance, AI-generated live footage of a sports match can help capture adrenaline-fuelled gameplay as well as the fan’s response after each score. Adding to it, the visuals from the match can be used to create an engaging story.
Filtering fake news
AI is helping the media industry in one of the remarkable ways by filtering fake news. Deep learning AI tools are now being used to source as well as fact-check a story to identify fake news. Another use case of Artificial Intelligence in the media and entertainment industry is in the form of chatbots.
Communicating with the target audience with the help of chatbots
The AI-powered conversational bots facilitate the round-the-clock presence of the brand and foster communication with the audiences at a greater scale. They offer hassle-free browsing and improve the entertainment experiences. Analyzing the user behavior, the chatbots can also send news updates, and weather alerts, as well as offer recommendations on movies, shows, events, etc.
Produce stories at a scale
Broadcasters are keen to explore ways to reduce costs and improve operational efficiency. AI enables this by automating news production along with increasing viewership. AI is used in production processes and algorithms are utilized to produce stories at scale.
Summing up!
Keeping into purview the above-mentioned points, it is needless to say that AI is transforming the media industry. It is upscaling the landscape significantly and is playing a major role in improving the efficiency of processes. The application of AI is extensive and is spread across key areas including content creation, distribution, fake story detection, plagiarism analysis, personalization of experiences, production and development, sales, etc. The technology is also being utilized for streaming in real-time, streamlining the captions as well as communicating effectively with the audience in the form of chatbots. The technology is contributing in improving operations, digitizing core functions, and boosting productivity. It is due to AI that the future of the media industry seems progressive!
The article is authored by S Gurdeep Singh, Founder, and Chairman of Jujhar Group.
