How AI is Transforming Media and Entertainment Industry?
Original Source — https://codeburst.io/how-ai-is-transforming-media-and-entertainment-industry-e40b7f72e24d
This blog will give you an insight into how AI is transforming media and entertainment industry & what are the things to expect in the future.
According to Statista, the global artificial intelligence software market is predicted to rise from 9.5 billion U.S dollars to 118.6 billion by 2025. The revenue shows the rapid growth and popularity of AI.
With the rise of artificial intelligence in this era, and its integration with different industries like banking, healthcare, e-commerce cannot be overlooked. To add on, this technology has been exploding in the media and entertainment industry as well!
AI in Media and Entertainment Industry!
According to PwC’s Entertainment & Media Outlook, the US entertainment and media industry is projected to reach $759 billion by 2021, increasing at a CAGR of 3.6 percent.
Due to innumerable sci-fi movies like The Terminator, I, Robot, and Avenger: Age of Ultron, artificial intelligence (AI) has always been a part of the entertainment industry. But what if AI can be used in composing a movie?
By creating beautiful compositions, AI has already shown its potential in the music industry. Now, the advent of AI in media and entertainment (M&E) will change how audiences experience all the TV shows, movies, sports, and videos.
However, media professionals have today realized that artificial intelligence will enhance productivity by automating repetitive tasks. AI-based automation can assist the content creators and entertainers spend more time in delivering engaging content.
Today, we are at the verge of the technological revolution that turns our lives upside down. Before moving ahead, let’s just have a glance at how AI for media and entertainment industry is continuously transforming and what are the things to expect in the nearest future
Enhanced Marketing and Advertising Landscape
AI programming will be aimed at providing assistance in designing advertisements and development of movie trailers. Also, AI in media and entertainment industry will be used for marketing aspects such as film promotion, design, and advertising.
With the help of artificial intelligence and by utilizing predictive analytics, it is quite possible to make marketing processes ten times faster using this amazing AI-based graphic tool — Alibaba Luban.
This tool can help in creating visual designs hundred times faster as compared to humans and has the potential to produce 8000 banners per second. NO living person can beat that for sure!
AI in entertainment industry has been growing at a spark rate. IBM produced a horror movie trailer called Morgan using artificial intelligence. In order to come up with the list of spectacular moments for the trailer, the research team trained the AI system on scenes from 100 horror movies, which were later analyzed on the basis of their visual and audio effects.
This led to the final product which was a 6 minutes trailer created within 24 hours. Surprising right, but it’s true! No wonder, AI in media and entertainment industry has a great role to play!
You might be even more surprised to know that how AI is being utilized by the famous Warner Bros to manage Films & their budgets. You can read about it here.
Personalized User Experience
Today, personalizing user experience is the most crucial business aspect to look for.
Let’s understand this with the help of an example. When we talk about the impact of artificial intelligence in media and entertainment industry, one can’t overlook the popularity of “Netflix”, one of the most popular platforms which has almost 100 million global members worldwide.
Predicting user’s preferences and potential choices is a vital part of their business model. All thanks to the deep learning algorithm of Machine Learning which helps in identifying users choices and preferences and accordingly show content recommendations.
Another example of AI in media and entertainment industry is IRIS. TV which mainly helps in matching up the content to users preferences based on their previous searches and choices.
Advanced analytical capabilities of AI can directly influence the marketing strategies for your product or service. It helps in identifying the content that is most accepted by the users and in turn helps in determining that which type of content can drive earnings. Thus making life easy in terms of identifying and creating business plans to drive revenue based on your customers experiences.
A Good Read only if you’re interested: AI-enabled humanoid robots can provide entertainment in events and space
Extensive Usage of VR and AR
As per the 2017 Global Entertainment and Media Outlook, virtual reality (VR) is predicted to be the fastest-growing segment in the entertainment and media space.
It further states that 68 million VR headsets will be used in the US within the next 3 years, thereby increasing the VR content revenue to $5.0 billion.
However, artificial intelligence helps in creating AR/VR interactive content. By using artificial intelligence techniques, media companies can do miracles and produce breathtaking scenes with a pair of goggles. By introducing more & more innovations, it can definitely enhance the user experience.
Indeed, the development of virtual reality content for reality shows, food shows, and live events based on Artificial Intelligence grabs user’s attention. With this advancement, it’s worth mentioning that watching movies and sports with real effects will not just be a dream but will happen in future for sure!
Facilitates Real-Time Streaming
AI driven solutions help in intelligent data streaming to deliver instant data. Artificial Intelligence assists in the customization & transmission of content in real-time. Consequently, AI in media and entertainment industry helps in improving consumer experience and enrich ad sales through targeted ad insertions.
Streaming now makes up a considerable share of all the data floating around, with video forecast to account for 82 percent of all internet traffic by 2022. By providing efficient ways to encode, distribute, and organize data, Artificial Intelligence promises to play a critical role in the streaming industry.
The Last But Not the Least: Chatbots in Media and Entertainment Industry
Chatbots in media and entertainment industry deliver various values that help in improving the entertainment experiences, enables companies to communicate with their audience at greater scale, and offers hassle free browsing. This is why,
Business Insider experts predict that by 2020, 80% of enterprises will use chatbots.
However, chatbots in media and entertainment industry can understand the user behaviour, based on which they can send news, weather alerts, give recommendations on movies, shows, and event updates.
Nevertheless, integrating AI in the media field or other businesses is not a challenge anymore. For this, all you need is to hire AI developer!
Let’s Wrap it all,
So, these are some of the advantages of AI in the media and entertainment industry. Needless to say, AI is transforming the media and entertainment space. It is for sure playing a major role in improving the efficiency of processes involved in the entertainment world.
As per the research, the spend on artificial intelligence in media and entertainment industry is expected to increase from $329 million in 2019 to US$1.86 by 2025. Undeniably, by using AI in media and entertainment industry, we will have a more fascinating future in all spheres for sure!
Read more: Is the advent of AI in eCommerce a Silver Bullet?
