The media and entertainment industry is at the cusp of rapid transformation with digital media taking center stage across all sub-sectors - TV, print, films, advertising, animation & VFX, gaming, OOH, radio and music. Digital media is not just an additional distribution platform but has emerged as a core revenue generation engine. M&E organizations are adopting digital strategies. The economic and business models requiring to succeed in the digital landscape are challenging and require a significant shift in the mindset and approach due to the fierce nature of competition and a dynamic market place.
The media industry is centered around the customer as the customer has become more powerful than ever before. Globally, organizations are acknowledging that customer is indeed king and cannot be ignored. They know that if they wish to sustain & grow, they have to keep the customers' needs at the forefront of any decision making. Digital transformation is pushing businesses to be customer-centric and today, consumer AI in e-commerce, retail, mobile, social and other areas is largely focused on driving a better customer experience.
Customer analytics is driving the transformation of customer data into advance analytical insights, which help in designing customer-focused programs, and initiatives that drive customer retention, new acquisition, cross-selling/upselling, and targeted marketing campaigns.
The Indian M&E industry is projected to grow at 14% yoy till 2021 with advertising revenue expected to increase at a CAGR of 15.3% during the same period. The rapid surge in digital consumption is forcing the media industry to relook their business models[i].
AI-powered AR/VR helps in:
- Live 360° video streaming with AR enhanced & enriched user experience
- Personalized experience of live events anywhere using mobile screen and 360° videos
- Enriching advertisements and engaging users for personalized VR e-commerce
- Connecting with users and running campaigns using user information
- Gamification and VR Interaction which provides better merchandise options with products and services
- Augmenting experience with map-based services and real-time triggers’ notifications to users
- Instant assistance and quick response by the use of chatbots
- Insights into user information, social media behavior and usage pattern with the help of Predictive analytics for better segmentation and targeting
- Engaging customers with Royalty and Loyalty Programs for increased referrals
- Capturing and engaging customers on trigger-based live events, KBC-style, ball to ball, pitch, weather predictions for cricket events
- Predictive analysis which facilitates right viewing content, based on audience preferences, and identifies best content with maximum earning potential.
Areas impacted by AI and automation
Deep learning deals with unstructured data, making it ideal for image, video, speech, and text analytics. Media houses rely on advance analytics using various parameters from the customer data like demographics, current trends, market scenarios etc. and incorporate the AI-based content improvements with dynamic ad insertions into their offerings to enhance the contextualization customer experience through trigger, context, intention, and insight enriching customer experience through AI.
Cognitive technologies (AI, ML and NLP) facilitate turning insignificant, unstructured piece of user information into structured, correlated and meaningful data putting them into multiple categorized databases for the advantage of the companies providing unique insights for better customer engagements, improved and attractive targeted content and higher monetization.
AI helps develop AR/VR interactive content based on the storyline and themes for content, gaming and events. The 360° view of the live event is captured and enhanced using AI techniques to give viewers the feel of the “live” event. AI enhances personalized shopping experience. It also facilitates creation of VR sports events, fantasy leagues, and proactive engagement of viewers resulting in predictive merchandise options for the organizers. AI provides predictive analysis (pitch report, weather report, team report, crowd report) to organizers.
AI is applied to movies to conduct visual analysis that tracks emotions alongside audio analysis of music and tone of voice.
The AI-based AR/VR kiosks at malls, airports and other prominent places are drawing customers to ‘feel’ the products and services. Development of VR content for live events, reality shows, food shows based on AI garners more eyeballs.
Real-time streaming is useful for the broadcaster/transmitter and the customer. AI helps in real-time customisation, packaging and transmission of content, enriching the viewers’ experience. It also facilitates improved Ad sales through targeted ad insertions. The digital billboard replacement solutions maximize ad revenues from live sports events.
Analytics of viral media content can be used to determine the preferred content by audiences. Advanced analytics capabilities are critical in altering content, marketing plans, offerings and distribution windows. It can also be used to deliver the right content to viewers and identify which content drives earnings.
There is no industry that has not benefitted from the invasion of AI and automation. The media and all its sub-verticals are seeing a resurgence in growth, thanks to valuable insights and solutions enabled by AI and automation.