The Indian media and entertainment industry is expected to grow at a compound annual growth rate of 13.9% to reach 37.55 billion USD by 2021, outshining the global average of 4.2%. Its success can be largely attributed to the increase in digitization and internet usage over the last decade. Although it has been raking in more moolah, it continues to face the same problems- namely, limited scope for new opportunities, accurate audience measurement, tracking ROI and attribution, managing increasing business costs, finding an effective and sustainable business model, analyzing performance and staying ahead of the competition, among others.
Artificial Intelligence (AI) is here to address these issues, while sticking to the major goals of the industry – providing timely and quality content and seeing to it that it is received well, cutting down costs and maximizing profits. Here’s how:-
For the uninitiated, Virtual Reality (VR) is the use of computer technology to create a simulated environment, whereas Augmented Reality (AR) is the use of computer technology to enhance the real environment by overlaying a new environment on top of it. Although AR and VR have a lot of potential in the gaming and entertainment industry, and also for educational and military purposes, their use is currently restricted due to high associated costs. AI is bringing a renewed energy to this space by helping with better content authoring and correlation, contextualization, improving the quality of data and accuracy of images.
AI aids in production of content in all forms – textual, audio and video. The Indian business news and online trading website, moneycontrol.com makes use of vPhrase’s data analytics solution, PHRAZOR to power live market commentary on their website and also to generate quarterly earnings analysis reports for various companies. The platform automatically produces crisp, accurate and comprehensible content within seconds, after being fed with structured data and statistics. Another example is the video of Obama delivering a speech he never gave. Such automation of content generation using AI saves a great deal of time and other resources. The 20th Century Fox recently used AI to create a horror movie trailer within 24 hours, which would have taken atleast 30 days for a manual edit.
We aren’t entirely new to the movie recommendations provided by Netflix. The system is based on AI that learns about our personal preferences over time and gives suggestions depending on the movie choices we’ve made in the past. It helps acquire audiences for new shows.
Periodic performance reports help media houses track their growth and analyze where they stand among their peers. These reports mostly contain tables, pie-charts, graphs and numbers – all of which are difficult and time-consuming to comprehend. Enter AI, specifically Natural Language Generation (NLG), and we have complementary, automated narratives that explain performance in an intelligible manner, thus providing better insights and aiding faster decision making. For instance, Viacom18 and Sony Entertainment Television have partnered with vPhrase to generate smarter reports on programs and channel performance based on the rating data provided by BARC. Here’s a snapshot:-
AI has revolutionized the healthcare, finance and banking sectors. With it now fuelling changes in how audiences consume entertainment, the media industry is growing more advanced.