How AI and Blockchain are Revivifying the Entertainment Sector
By Media Entertainment Tech Outlook | Monday, November 04, 2019
Novel technologies such as AI and blockchain are on the verge of revolutionizing the entertainment industry with the new norms in the industry.
FREMONT, CA: Technology has always been affecting the entertainment industry. Nevertheless, the viability of technological associations is often viewed through a filter of consumer behaviors in terms of content expenditure. Entertainment firms must understand the fact that the technologies affect the audience as much as the audience influences technology. Here, there is a massive potential for technologies to be unleashed.
The entertainment industry is continually evolving, with the consumers moving toward pay-for-service providers to experience their favorite TV series and movies. The increase of mobile phones among the masses has increased the smartphone subscription and viewership significantly in the past few years. Here are a few of the AI and blockchain applications making strides in the entertainment industry.
AI-driven personalization is a trend that's getting popularity. The aim is to enhance the user experience by providing them with personalized content according to their likes. AI-based recommendation algorithms are the key establishment in this context. The algorithms recommend movies or serials to an individual based on his/her content usage in the past. Personalization is a highly practical aspect that is demonstrating its mettle in terms of consumer engagement and response. The practice is emerging as the algorithms are getting more beneficial with time.
Since personalized content is becoming the standard, conventional cable and satellite channel businesses are already under an obligation to compete with subscription-based companies. With the current proceedings, the trend is assumed to strengthen the subscription-based companies. Thus, telecom organizations have to probe new ways to manage their customer base.
• AI's Predictive Abilities
AI is a valuable tool when it comes to establishing predictive capabilities. Media organizations can save notable amounts by probing into the AI-based insights to restructure their resources and to predict potential disruptions in the media industry. AI technologies can be practiced in a way to make it easier to gain metadata from the video that incorporates time-coded transcripts, objects, actions, speakers, keywords, and sentiments. AI can aid in obtaining user interactions regarding online media, which in turn can be used to power customization, recommendation engines, ad targeting, and better decision making concerning content investments.
• Identity Security with Blockchain
When it comes to the content creator's course, it's not simple. Traditionally, it was almost impracticable for a performer to monetize work without relying on a label that recorded, distributed, and monetized the music. The same was accurate for television and film, where the studio and production organizations hold the reign. But now, the internet has evaporated such barriers for imaginative minds as they don't fundamentally need to depend on the production giants.
YouTube and Netflix are accountable for the collection of ad revenues as well as paying the performers. Once again, the monetary benefits of the artists conflict with the distribution giants. Blockchain has answers that can direct such conflicts.
The incorporation of blockchain-facilitated payments removes all the external sources from the content creation and consumption cycle. Apart from this, blockchain addresses copyright issues by providing digital rights facilities. It can also give a unique identity to each unit of tangible products concerned in the entertainment industry.
Thus, M&E companies need to think about offering adjustable deals using AI while the content creators are expected to utilize the blockchain to gain preferential rights and monetary benefits over their content. Both technologies hold the passkey to transform entertainment standards. It's time for traditional firms to realize the potential impact of the forthcoming disruptions and align their processes, respectively.
Check Out : Top Media and Entertainment Tech Companies
Check Out : Top Most Promosing Blockchain Startups
Check Out : CIOReview | Medium