How Data & AI is Transforming the Media & Entertainment Industry

How Data & AI is Transforming the Media & Entertainment Industry

8 Feb 2022 | Team Wavelabs

From enhancing user experiences, creating better content & building a strong brand presence – media and entertainment companies can benefit immensely by leveraging Data and AI.

Introduction

The media & entertainment industry is in the front line of the digital revolution. Digital transformation has been driven by changing user behavior and the way people interact with businesses and consume their products and services. Subsequently, brands have had to adapt the way they deliver content in order to retain and grow their audiences.

One way media and entertainment brands can connect with their audiences is through data-driven insights that help the organization build a strong brand and create an engaging social media presence.

The media and entertainment industry can benefit from predictive analytics, recommendation engines, lead scoring, audience segmentation, and customer journey mapping.

The use of Artificial Intelligence in the media and entertainment industry is already helping media companies improve their services and enhance their customer experience.

AI technology-based applications can help companies deliver quality media content efficiently and strategically and attract consumers to drive higher business value.

AI in media and entertainment represents huge opportunities for companies who are prepared to invest in long-term, viable solutions.

According to reports, 98% of Fortune 500 companies use data to improve the customer experience. Moreover, the global AI in the media and entertainment market is expected to reach US$8.4 billion by 2023.

To better understand user behavior and buying patterns – We built a multi-tenant solution for one of the largest OTT provider in the US on Azure full stack with an end-to-end pipeline. This can analyze more than 250 million events each day to generate reports based on quantitative, real-time data analytics.
This gave the business the insights they need to make better, more informed decisions and improve their services and offer a superior product.

Benefits of a Data-Driven approach for M&E brands:

Increased Revenue:
Monitoring their KPIs in real- time allows brands to make informed budget decisions. Thus, if one strategy isn’t performing well enough, adjustments can be made before moving forward with another one.

Efficient Processes:
Work can get done more quickly by having everything centralized in a single location rather than logging into multiple platforms at once.

Real-time Marketing Intelligence:
Having access to data in real-time allows brands to better understand what type of content is being shared most, helping them tailor their campaign strategies for future initiatives, saving both money and valuable resources.

Enhanced Budget Allocation Capabilities: 
Using tools allows organizations to monitor KPIs throughout each strategy so teams know where to spend resources and enables companies more flexibility when working within tight budgets while still seeing results. 

Increased Marketing Agility:
Data tools allow marketers to centralize and track all channels, making it easier for them to adapt their strategies accordingly when things shift in the digital landscape.

Benefits of AI for M&E brands:

Improved Customer Experience & Personalization:
AI systems or applications can monitor search patterns of the users and help media companies offer more personalized content recommendations to specific users. In addition, cognitive AI can help increase customer engagement and satisfaction.

Enhanced Advertisement & Marketing Landscape:
Through smart algorithms, production companies can come up with realistic and effective advertising and marketing solutions. AI also enables companies to speed up their marketing processes using the fundamentals of predictive analytics.

Content Security & Privacy Management: 
In addition to helping in digital rights, IP and royalty management, AI also aids in anomaly detection in fan engagement and subscription-based services.

Improved Processes:
AI/ ML-based process automation improves financial business processes and reconciliations. AI also enables hyper-automation in quality assurance and system maintenance and support.

Enhanced Services:
In the digital media space, AI can help in automated editorials, reducing manual interventions, and optimizing the cost of content creation.

Conclusion:

With Wavelabs, you can utilize data and AI to revolutionize user experiences, reduce costs, and reach your full market potential.

We create solutions across the entire value chain using industry leading tools and technologies. We also build and automate smart data pipelines for enterprises that provide easier access to actionable data and drive deeper insights to support critical business decisions.

We help companies leverage Artificial Intelligence – right from the process of training data preparation, building and designing the model, training and optimizing, deploying and scaling, and retraining the models with real time feedback.