Digital transformation has had a positive impact on all industries. The media industry has changed dramatically as a result of technological advancements. User behavior is changing and the way people interact with businesses and brands is also changing thanks to digitalization. That’s why brands need to adapt the way they deliver content in order to thrive in the competitive market and grow their audience.
AI is making its way into the media and entertainment industry
In today’s digital world, media and entertainment players engage and engage with audiences through a data-driven approach. This helps them establish a strong brand presence and create an engaging social media presence. Not only have operations improved, but through data collection and predictive models, players can understand their audience on a more granular level.
According to Grand View Research, the global AI in media and entertainment market size was $10.87 billion in 2021 and is expected to grow at a CAGR of 26.9% from 2022 to 2030. The report further indicates 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 importance 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 fueling the growth of the market.
Artificial intelligence is reshaping the media industry
Among the new era technologies that are 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, this helps media brands improve their services and improve their customer experiences.
Other applications of AI in the industry include predictive analytics, recommendation practices, lead scoring, audience segmentation, customer journey mapping, and more. Applications based on AI technology help improve the quality of content and deliver it efficiently to the audience.
Personalization is key
One of the remarkable ways AI is reshaping the media industry is by regulating the usage pattern of users and helping media brands deliver personalized content recommendations to users. Additionally, cognitive AI helps increase customer engagement and satisfaction.
OTT platforms today offer recommendations for watching particular shows and movies. These suggestions are enabled by AI and are based on our monitoring history.
Improve services
The power of AI is also being harnessed to improve the services offered by media players. The technology helps in automating editorials, reducing manual intervention, as well as optimizing the cost of content creation.
Improve advertising campaigns and marketing strategies
Leveraging the power of AI and smart algorithms, production houses and other media companies can conceptualize realistic yet effective and engaging advertising campaigns and marketing strategies, including promotion, design, advertisements, etc. AI also has the ability to speed up marketing processes using the basic fundamentals of predictive analytics.
One of the main benefits of AI for the media industry is securing digital rights for content as well as managing intellectual property and royalties. Along with this, the technology is also helping to detect anomalies in data in the context of fan engagement and subscription services. It also streamlines captioning, filtering and news distribution and takes care of repetitive tasks. This way, creators have more time to curate innovative and engaging content.
For example, AI-generated live footage of a sports match can help capture adrenaline-fueled gameplay as well as fan response after each score. Additionally, visuals from the match can be used to create an engaging story.
Filter fake news
AI helps the media industry in one of the remarkable ways by filtering out fake news. Deep learning AI tools are now being used to source and fact-check a story to identify fake news. Another use case of artificial intelligence in the media and entertainment industry comes in the form of chatbots.
Communicate with the target audience using chatbots
AI-powered chatbots facilitate around-the-clock brand presence and foster communication with audiences on a larger scale. They provide hassle-free browsing and enhance entertainment experiences. By analyzing user behavior, chatbots can also send news updates and weather alerts, as well as offer recommendations on movies, shows, events, and more.
Produce stories at scale
Broadcasters are eager to explore ways to reduce costs and improve operational efficiency. AI enables this by automating news production while increasing viewership. AI is used in production processes and algorithms are used to produce stories at scale.
In summary !
Keeping the above mentioned points in mind, it is needless to say that AI is transforming the media industry. It significantly improves the landscape and plays a major role in improving process efficiency. Application of AI is extensive and spread across key areas including content creation, distribution, fake story detection, plagiarism analysis, experience personalization, production and development, sales , etc. The technology is also used for real-time streaming, streamlining captions, and effectively communicating with audiences in the form of chatbots. Technology helps improve operations, digitize critical functions and increase productivity. It is thanks to AI that the future of the media industry looks progressive!
The article is authored by S Gurdeep Singh, Founder and Chairman of Jujhar Group.
