New technologies always come to market with almost as much uncertainty as hype. Generative artificial intelligence (AI) is the latest example. Make no mistake, Gen AI will be a game-changer. It can generate diverse forms of media content, from articles and videos to graphics and interactive experiences, and is proving to be an invaluable tool in the media and communications industry. By harnessing the power of advanced algorithms and machine learning techniques, this technology streamlines the process of content optimization, enables efficient content creation and opens new avenues for monetization.
But how can media and communications companies effectively harness that power? Which areas hold the most promise for balancing user experience with return on investment? And above all, where should those companies begin their Gen AI journey?
Five Strategies to Begin Using Generative AI
In the rapidly evolving media and communications landscape, generative AI is a transformative force. This technology can optimize processes, deliver personalized experiences and unlock new revenue streams. These five strategies using generative AI can help media and communications companies achieve quick results.
- Automating transcription and translation: Real-time speech-to-text transcription and language translation capabilities enable faster content localization and multilingual accessibility. Companies can monetize these services by offering transcription and translation as value-added features or by licensing the technology to other organizations needing language solutions. The language processing capabilities of generative AI are also well suited for translating content into different languages.
- Dynamic advertising campaigns: Generative AI can assist media and communication businesses by creating dynamic and targeted advertising campaigns. The algorithms analyze audience data, including demographics, interests, and behavior, and generate optimized ad creatives that resonate with specific target segments. This analysis helps maximize the effectiveness of their advertising efforts, leading to higher click-through rates, more conversions, and ultimately, increased revenue from ad placements. Algorithms can also be very effective in creating personalized content by analyzing user preferences and consumption patterns to provide personalized news and content recommendations. Companies can utilize this capability to deliver customized news experiences, tailoring content to individual interests that enhance user engagement, increases click-through rates and provide targeted advertising and sponsored content.
- Automating the content creation process: Media and communication companies can leverage generative AI to generate vast amounts of content. Automatically generated content includes news articles, social media posts, or even video summaries of events. Companies can produce content at scale, ensuring timely and relevant updates for specific audiences while reducing manual efforts and costs by creating content marketing assets and improving SEO. In journalism, automating certain aspects such as data analysis, fact-checking, and summarization helps media organizations reduce manual efforts, speed up news delivery, and improve accuracy. Automating the content-creation process allows journalists to focus on more in-depth reporting and investigation, ultimately enhancing the quality and value of journalistic content.
- Optimize layouts and formatting: Companies creating printed publications can use generative AI to optimize layout and formatting, assisting human production designers. Working with templates and learning from previous publications, the technology can quickly provide layout options to make ideation and production faster, leaving teams more time to refine concepts while paving the way for faster turnarounds.
- Interactive storytelling and immersive media: Generative AI opens possibilities for interactive storytelling and immersive media experiences. Companies can leverage the technology to create interactive narratives, augmented reality (AR) experiences, or virtual reality (VR) simulations. These engaging and immersive experiences provide opportunities for monetization through premium subscriptions, pay-per-view models, or branded content partnerships.
These priority opportunities address the key challenges faced by the media and communication industry and have significant potential for driving audience engagement, monetization, and staying competitive in the rapidly evolving digital landscape.
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System Integrators Help Deliver Generative AI Benefits
Adding generative AI to its suite of tools will transform the media and communication industry. Integrating this new technology with established systems will require the assistance of an experienced technology consultant like Wipro, recognized by The Everest Group as a Leader in AI. Such integration partners can address industry-specific challenges and uncover new opportunities to help media and communication organizations unlock their full potential, achieve operational efficiency and harness the power of generative AI.