Content consumption has seen a tremendous leap in the years we have been forced to spend indoors due to the pandemic. By 2021, the U.S. E&M industry is projected to reach $759 billion in revenue, with a compound annual growth rate (CAGR) of 3.6 percent. Consumption behaviors, too, have become incredibly complex with growth in volume and evolving faster than ever. Even the most traditional media channels are pivoting towards on-demand streaming as the wave of the future. This creates the need for media companies to not just build a vast catalog of content, but create content that can actually keep viewers engaged and loyal to their platforms. To achieve this objective many media companies are increasingly relying on advanced technologies like AI. IT support Joplin has extensive resources on how to implement AI technologies in media companies.
The need for companies right now is to invest in technical capacities with data science, machine learning, and AI to develop long-term capabilities and reliable solutions. Data-driven business models have proved to be the elixir of massively successful entertainment companies like Google, Amazon, and Netflix. But there is still huge potential in the media and entertainment industry for disruption for standout value creation with ultra-personalized recommendations using advanced data science and AI and discord bots.
Top 9 ways AI is transforming the Media & Entertainment industry:
- Personalized User Experience – Leading music and video streaming platforms like Spotify and Netflix owe much of their success to their commitment to offering highly personalized user experience for every individual consumer. It doesn’t matter how outré your tastes are, Netflix and Spotify will ensure there is at least a portion of their catalog dedicated to serving your exclusive taste. That’s the power of personalization they are leveraging with AI and machine learning algorithms to gauge the behaviors of individual users. This caters to the exact likings of users and ensures customer loyalty. But customer experience personalization has a knack for becoming more complicated over time and companies must keep investing in fine-tuning AI algorithms to keep personalized services relevant for billions of users. Immersive experiences created with a mix of AR, VR, and mixed reality are also starting to pick up pace and companies must be prepared with the right augmented intelligence for consumer experience.
- Subtitle Creation – Content consumption is now increasingly global. Companies need to keep their large databases of international content relevant and fit for local consumption in far reaches of the globe. This requires accurate and highly nuanced multilingual subtitling for video content. This is a ginormous task to handle with manual translation that’s not just slow, but also prone to errors. To manage this rising challenge, media companies are using AI-based technologies, such as, natural language processing and natural language generation for subtitle creation. Managed IT Services Columbus has great AI tools available for local media companies here.
- Metadata tagging – Classifying the ginormous amount of content being created each passing minute is a highly challenging task for media companies. Yet, this is an indispensible part of keeping content easy to search and find. AI-based video intelligence tools make it easier to analyze video content on a massive scale. These tools help companies study videos frame by frame for object identification and adding appropriate tags. This enables large media companies to keep their enormous database of content organized in a highly structured manner. This keeps media asset easily discoverable, regardless of volume of content on the platform.
- Real-time Streaming – Entertainment businesses also rely heavily on Artificial Intelligence for customization & transmission of content in real-time. This results in both better user experience and ad sales through targeted strategy. Live streaming, that uses these techniques, has been hugely successful, and is expected to take up 82 percent of all internet traffic by 2022. Artificial Intelligence will continue to play a growing role in streaming with developing more efficient ways to encode, distribute, and organize data.
- New Frontiers of EntertainmentUse of AR and VR – Use of AR and VR is on the rise with a marked uptick in virtual content for reality shows and live events. Global Entertainment and Media Outlook shows that virtual reality (VR) is slated to be the fastest-growing division in entertainment. In the next three years, 68 million VR headsets are likely to be in circulation in the US taking the predicted VR market growth to almost $5 billion. Media companies need to leverage this opportunity for some truly captivating content creation using artificial intelligence techniques with AR/VR. Making an indelible mark on user experience of AR & VR in content early enough can help companies create lasting legacy and user loyalty.
- Better Recommendation Engines – As content platforms get increasingly crowded, building better recommendation engines can now prove to be a differentiating factor in enhanced user experience for media companies. To improve content relevance and efficiency of content distribution, companies need to employ machine learning methods and combine structured and unstructured data. With simpler content recommendation systems struggling to keep up with volume and diversity of content on platforms, an AI-driven personalized content experience is likely to take over.
- Hyper-Targeted Advertising – With the increasing combination of data sources, companies can use AI and ML to build complete customer profiles and deliver hyper-targeted ads. This is now achievable through the possibility of customer interaction and what their choices reveal about their likes and interests. This can enable companies to predict churn rates more accurately, make for more accurate advertising placement, and improve conversion through hyper personalized offers.
- Accessibility – Entertainment companies are able to make content increasingly accessible with AI tools. One example of this would be flawless automatic subtitle generation that leverages neural networks within AI to analyze speech and dialogue patterns and create accurate subtitles. Other uses include better classification capabilities and flagging potentially harmful or problematic content with sentiment recognition technologies. Content curating, on the whole, has seen remarkable improvements with AI tools that scan and locate content at astonishing speeds, and greater efficiency.
- Custom Chatbot Development for Virtual Assistance – Chatbots enable media companies to communicate with consumers at scale and offer a seamless browsing experience. Advanced chatbots also employ elements of the recommendation engine to offer recommendations based on specific user history and usage patterns. IT support Joplin has fantastic plug-and-play solutions for chatbot and other AI technologies for local media companies.
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James Richards is a serial jelly bean eater with over 30 years of experience in the Information Technology industry. Growing up around the first generation of home computers, he always had a strong interest in technology and is continually grateful to be in a profession that he honestly enjoys. James is a problem solver who’s vision to provide quality is the foundation of Stronghold Data. His goal is to deliver solutions for customers that truly impress them with the outcome. His authenticity and compassion for his team and clients extends into the community with his active leadership roles.