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Media And Entertainment Business Review | Wednesday, September 07, 2022
In the media industry, artificial intelligence is increasingly used to make journalists' and entertainment creators' jobs easier and more efficient. Additionally, it is also used to deliver personalized news and more engaging content.
FREMONT, CA: Today media and publishing industry finds itself in a disruptive state as a result of continuous innovation and open content generation. The prime factors behind this disruption have been streaming and over-the-top (OTT) platforms, social & viral media, and smart devices. There are still a lot of legacy companies trying to adapt to this structural shift and the changing ecosystem by offering OTT content and streaming services.
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We are grappling with this change even as a bigger disruption to generate intelligent media has already reshaped the industry. Artificial Intelligence (AI) and Machine Learning (ML) are terms used to describe this change. The media industry is expected to undergo even greater changes in the future as a result of intelligent media and content.
The traditional media value chain and its challenges: The traditional media value chain consists of content creation, content aggregation, content transmission, content distribution, and content consumption.
There are three main challenges facing the industry:
• Engaging and retaining end users.
• Identifying future trends and content demands.
• Media and content monetization
In such situations, AI is helpful.
A recommendation engine powered by AI: The key to engaging audiences and retaining users:
The media industry has been transformed by digital technology. The company has shifted its focus from mass media to personalized media. Previously, print media catered to a wide range of readers, and television channels broadcast shows to reach a wide range of viewers. Today's smart digital devices have completely usurped this scenario and given the viewer complete control over selection. On Netflix or Prime Video, people can watch the media of their choice.
The role of AI in the media industry is essential in identifying and understanding the content preferences of the target audience. Rather than delivering generalized content, companies need to provide a personalized experience for a digitally-savvy audience. Personalized media consumption requires a state-of-the-art recommendation engine that takes into account individual preferences.
Predicting the future with AI: Media and publishing houses often face the challenge of predicting future trends. Moreover, audiences are increasingly demanding personalized content, making it even more challenging. At each stage of the value chain, AI driven by data and analytics can make a difference in the following ways:
The role of AI in content creation: Analysis of the consumed viral media and sentiment analysis of the consumed owned media can provide insight into future content trends.
The role of AI in content distribution: To maximize engagement, AI can suggest the right content in the right format at the right time to the audience.
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