AI in Media & Entertainment: The Next Big Thing!
Media Entertainment Tech Outlook | Monday, August 12, 2019
AI is transforming the media and entertainment space and is increasingly playing a significant role in improving efficiencies, contributing to growth.
FREMONT, CA: The media and entertainment industry is at the cusp of accelerated transformation as the digital media is taking the main stage across all sub-sectors. The digital media has developed as a core income generation engine. Media and entertainment businesses are embracing digital strategies. The economic and business models need succeeding in the digital landscape, which is challenging and entails a significant shift in the approach due to the aggressive nature of competition and a vibrant market place. The media and entertainment industry is focused on the customers, by understanding hat happy customers are bonuses for the industrial efforts. Customers know the fact that businesses wish to sustain and grow, and they are at the forefront of each decision making.
Areas affected by AI automation are Deep Learning (DL), Cognitive AI, AR/VR, real-time streaming, and predictive analytics. Deep learning deals with unstructured data, making it ideal for video, image, speech, and text analytics. Cognitive technologies facilitate turning the insignificant, unregulated piece of user information into regulated, correlated, and meaningful data putting them into various categorized databases for the benefit of the companies providing different insights for better customer engagements. AI helps develop AR/VR interactive content based on the storyline, gaming, and events. Real-time streaming is beneficial for the transmitter and the consumer. AI helps in real-time personalization, packaging, and delivery of content, enhancing the viewers’ experience. Analytics of viral media content can be used to manage the preferred content by audiences.
Digital transformation is driving businesses towards becoming customer-centric, and now, consumer AI in e-commerce, mobile, retail, social, and other areas is primarily focused on driving better consumer experience. Customer analytics is accelerating the transformation of consumer data into advance analytical insights. It helps in designing customer-focused initiatives that accelerate customer recognition, cross-upselling, new acquisition, and targeted marketing operations. According to a report, the media and entertainment market is projected to expand at 14 percent till 2021 with advertising revenue expected to grow at a CAGR of 15.3 percent during the same period. The accelerated surge in digital consumption is driving the to relook at their business models.