By the speedy economic progress of the internet and information system, digital makeover is becoming a burning matter for businesses across the globe. Improved customer awareness and widespread education accomplishments have increased the use of digital technologies in enterprises. Digitization focuses on creating, controlling and integrating a well-structured operating model with different processes so as to re-envision the goals and redefine the way different functions interact.
The 21st century is a service-driven economy which is marked by different information and communication technologies, such as mobile commerce, social media, cloud computing, knowledge management, Artificial Intelligence, E-commerce, digital organization and, big data analytics. Organizations are increasingly transforming themselves by changing customer relationship dynamics and internal processes, which in turn is helping them to turn out to be globally responsive so as to respond to the environmental changes in real-time.
AI is impacting everything from the formation of content to the user experience. Artificial Intelligence is a brainwave to all divisions of the media value chain, it is helping a content writer to be innovative, content editors to be artistic and content consumers to find the content according to their interest and present situation. AI is assisting human imagination and human interest by taking a lot of the leg work out of finding linked content, piloting hefty amounts of content, and re-formatting and repurposing content.
Media companies can influence Artificial Intelligence through their content source chains to mechanize operations, drive decision-making and mark the consumer experience. Through techniques such as image recognition and speech-to-text transcription, metadata tagging is the most prevalent application of AI so far. Media companies can also use AI to maintain their analytical expertise. For example, AI tools can be used to forecast demand to bend resources or to foresee probable disruptions in the content supply. These use cases could bring extensive savings to media companies.
The transformation that AI brings in the media and entertainment can be bifurcated into three categories.
- Marketing and Advertising: This segment encompasses media hype, promotion of movies, visual design, etc. With the introduction of Artificial Intelligence, the scope of marketing and advertising can be perked up to boost effectiveness. AI enhances the productivity & work efficiency of humans. IBM creates a trailer for the horror movie “Morgan” by using their AI system Watson. Watson only took 24 hours to produce a six-minute movie trailer for which a human being can take several weeks.
- Personalization of User Experience: In this VUCA world (volatile, uncertain, complex and ambiguous) there is only one boss i.e. customer. User experience personalization is becoming a key area for any business. With the help of Artificial Intelligence, companies are generating personalized services for the masses. These comprise the recommendation according to the customer taste, preferences, last browsing history and fluency of usage.
- Search Optimization: Not every user seeks for the same thing so Artificial Intelligence offers customer centric search. AI is helping users to optimize the precision of search results. The Internet possesses a humongous amount of unstructured data. AI assist in shaping voluminous data to provide customer centric.
The potential of AI in the media and entertainment industry is enormous. Different organizations across the globe have accepted AI in the media and entertainment industry to accomplish different tasks to create content and present it. Perennial improvement in technology has made Artificial Intelligence such a strong tech-base that has overturned the media & entertainment industry and rocketed it to the next height. With the development of AI applications in the entertainment and media industry, its importance has come into existence, even more, giving rise to different business verticals such as marketing, content development, and advertisements.