Artificial Intelligence & Entertainment Industry
By Kapil Rajyaguru
We are living in an age of entertainment. We have gotten used to binge-watching web-series, listening to music or watching random videos on YouTube while we are travelling. So it’s safe to say Internet has become the new opium of the masses because everyone is hooked in front of their mobile, laptop, computer or TV screen at some point of their daily schedule.
Post pandemic the growth rate of entertainment industry has slowed down that’s why decision-makers of the industry are resorting to next big thing to catapult the business to new heights. Moreover, they have managed to find a very powerful ally and its name is Artificial Intelligence (AI).
AI seems like a natural choice for entertainment. Since this technology is bringing change across industries like health care and information technology, it was only a matter of time before entertainment companies adopted it.
A new tide of change is arriving with generative AI, a type of artificial intelligence that can interact with people in their native language and create new data, images, pictures, text, audio and video.
Media and entertainment industry is rooted in creativity and content creation, so let’s explore what does this new technology means for the entertainment industry.
Let us talk some stats first.
According to PwC report, the worldwide AI market in the media and entertainment industry would rise up to $8.4 billion in 2023.
AI is mainly used in media and entertainment for
- Gaming
- Plagiarism detection
- Personalization
- Production Planning
- Management
- Sales
- Marketing
- Talent Identification
Role of AI in streaming in Real-Time
The content creator and the end user both benefit from real time streaming. AI helps in personalization, packaging and transmission of audio-video content in real time, levitating the customer’s experience.
AI also aids to boost ad sales by allowing tailor made insertions. For example, live sports event ad earnings are increased with digital billboard replacement options.
User specific Content and Suggestions
Audiovisual content is customized in different ways from music apps to OTT platforms depending upon the viewer’s preferences and previous viewing patterns.
Advanced machine learning techniques and deep learning networks are used by AI to give users tailor made content.
By providing viewers a more user specific unique experience helps media and entertainment companies to grow their user based and provide more efficient experience than their competitors.
Predictive Analytics
AI based predictive analytics is enforced to help discover which content is preferred by audience by analyzing their viewing patterns. Advanced analytics skills are important to provide different content, implement marketing strategies and to offer better product.
Automated Subtitles and Transcriptions
AI-based technologies such as natural language processing using machine learning and deep learning are used to transcribe movies, music videos and television episodes into various languages.
Conclusion
The latest market research projections indicate that global sales of the Media and Entertainment business are predicted to reach around $2.6 trillion by 2024.
In the forthcoming years, AI’s immersion in media and entertainment is estimated to expand even further than we can imagine at the moment.
Media and entertainment organizations are boosting their business performance by maximizing the viewer experience by adding the entertainment value to the content with better efficiency by investing and experimenting with AI.
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