With the unprecedented success and emerging success in the use of artificial intelligence and machine learning across social media providing bespoke video and image content to its users, the question of when it will be more embedded in the film and TV landscape for broadcasters and streamers is quickly emerging. , studios and the like better serve the tastes of the audience.
Currently, AI in media and entertainment is a $13 billion industry with a 26 percent compound annual growth rate. By 2030, the industry will be worth a staggering $99.3 billion, with all the value coming from entertainment arenas. The thought process behind the tremendous growth is that production companies, studios, streaming platforms, publishers, distributors and exhibitors need to better understand their audiences to clarify and narrow down what their profitability will be.
Since the dawn of cinema and TV, it has been difficult to find a winning formula for content. Each entity is constantly struggling to understand what their audience really wants and what will become a hit. Even putting together top-notch A-list actors and a $200 million budget hasn’t always been a formula for success, and it’s synonymous with huge risk and a lot of pressure for investors, platforms and studios. The advent of artificial intelligence and machine learning will change the guessing game that the media and entertainment industries are used to – often for hundreds of millions of dollars – even eerily.
At the 4th Milken Institute Middle East and Africa Summit held in Abu Dhabi, UAE
Mayer brought up the future of AI and machine learning.
“I think one of the things that will determine the future of entertainment is largely artificial intelligence. It’s a technology that can be used to determine what to do.”
“We’re already seeing streaming platforms use data, not for advertising per se, but this audience loves this kind of programming with these stars, you know, delivered at this time and in this format. So AI and machine learning really help you with that.”
Mayer then went on to reflect on how social media takes low-budget, non-professional content, leverages artificial intelligence and machine learning, and uses technology to seamlessly personalize and create massive engagement to match users’ experiences with what they want to see.
“You can get things like Tiktok that can be pretty unusually bad programming. If you shoot any individual tiktok videos, they’re mostly pretty bad and you know that UGC (user-generated content) isn’t working, etc., but combine them with AI that understands any individual’s preferences. You bring them in and you present them exactly what they are. They’re interested and they take the exact order they want to see it and it suddenly comes to life and so this low production value content impresses people a lot and it’s all done by artificial intelligence and customization, so I think it’s part of the great future part of our industry.”
Malik Kurdi, founder of Exemplary Marketing, echoed Mayer’s thoughts. Kurdi’s company specializes in robust web application development and mobile application development, including automation and machine learning. They work with customers to bring bespoke solutions to the fore. Malik has produced 145 solutions so far.
On the future of entertainment in terms of technology, Kurdi said, “Machine learning and artificial intelligence will definitely come. From a production and UI/user experience perspective, we’ve grown by leaps and bounds, but understanding audiences and learning about them more efficiently is a huge hurdle to growth. Platforms are unnecessarily gambling on content with the growing problem of content and app overload.”
“There is so much content and so much apps that AI and machine learning can be used to make life much easier for audiences and app users. From an enterprise perspective, the barrier to entry and revenue growth capacity changes completely. “It’s great for us, we can develop applications that are constantly evolving with the consumer experience. It’s something we’re used to seeing.”
He continued: “The AI market as a whole is expected to be worth $1.5 trillion by 2030 across all industries. There is a reason for this and we intend to continue to be a part of the industry in order to continue our growth.”
With demand for technology growing rapidly in the region, the scope and use of AI is poised to become much more embedded in society for business growth and consumer productivity.