The entertainment and media industry is at the edge of a rapid mutation as the digital media takes the centre stage across sectors like TV, films, print, animation, advertising, radio, music and gaming. Digital media isn’t an added platform for distribution but it has cropped up as the key engine for generating revenue. Media and entertainment organizations are eventually taking resort to all sorts of digital strategies. The business models that are striving for success in the digital industry are in dire need of this noteworthy shift in mindset.
The entertainment and media industry is entirely dependent on customers and in the present scenario; customers have become way more powerful than ever before. Increasing numbers of organisations are acknowledging the fact that customer is king and they can’t be ignored. With the help of artificial intelligence in media and entertainment industry, businesses are becoming customer-centric.
Business areas influenced by Artificial Intelligence
The cutting-edge entertainment and media companies are using machine learning and AI mainly in the following areas:
1. Hyper-targeted advertising
Companies can look at their customers as a whole only when there is an open chance of amalgamating data from various sources. This helps companies deliver hyper-targeted and unique offers. Thanks to AI in communications and media industry that the companies can foretell churn rates, place ads at the right place and at the right time and also have customized offers for boosting conversion.
2. Programmatic Ad Buying
Conventionally, advertisement slot buys are entirely based on the analysis of the data of the audience but that doesn’t account for the fluidity of viewership. Actually, the process of ad buying is cumbersome and a daunting task. With the help of programmatic ad buying, it leverages data analysis real-time and automation to buy ads across different media platforms.
3. Optimized Media Scheduling
Data-driven and AI solutions are all about collecting data not only from a single source but from different sources. They derive appropriate predictions about the actions of the users that too real time. In case of optimized scheduling, unpredicted external data sources can also be of great use.
4. Avoidance of churn
This might not be specific to the entertainment and media industry but nevertheless it is worth mentioning. Thanks to artificial intelligence in digital media that you can predict the customers that will churn and also target them specifically. Businesses can target those consumers who will most likely come back with different offers. Tailored promotion is the ultimate key to achieving success.
5. Personalized content
The media industry has widely used recommendation engines to understand and analyse the kind of content that customers are keen to read. Nowadays companies are able to combine unstructured and structured data along with machine learning methods to match content with people, thereby enhancing the relevance of content recommendations. Leading media tech players like Netflix are also venturing into smart content based on Artificial Intelligence.
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So, if you have to be the best in the industry, embrace machine learning and AI to stay ahead of the competition. Keep yourself updated on the latest trends in the M&E industry.
