Three Ways Media Leaders Can Leverage Generative AI

The digital era turned the traditional formula for media and entertainment success on its head, ushering in new technologies that have changed how content is produced, distributed, experienced, and monetized. Audiences have more choice, flexibility, and power over what they consume, and today’s media companies have to embrace ongoing transformation or risk falling behind – or becoming irrelevant. 

A new wave of transformation is arriving with generative AI, a type of artificial intelligence that can interact with users in natural language and create novel data, ranging from story outlines, reports, and other text outputs to multimodal content like images, videos, and audio. Media and entertainment are inherently about content creation and creativity—so what does this new technology mean for the industry? 

At Google Cloud, we see tremendous opportunity for creative industries, from more efficient creation methods to improved user experiences. Let’s explore.

AI for media with Google Cloud

Google Cloud has a long history with large language models (LLMs) and other generative AI technologies—from their influence over the years on products like Document AI, to recent announcements like Generative AI support in Vertex AI, which lets businesses access and tune generative AI foundation models, and Generative AI App Builder, which lets developers build chatbots and other generative apps in minutes.  

Build, tune and deploy foundation models with Vertex AI

We’ve helped our global media and entertainment customers with AI for personalization, search and recommendations, predictive analytics, and much more — and with generative AI now on the rise, we have some ideas to help media leaders, technologists, and creators think about and prepare to utilize powerful AI in their work. 

Three lenses on innovation in media

The media and entertainment industry is increasingly diverse and complex, with companies spanning over-the-top (OTT) subscription streaming services, 24-hour linear channels, live broadcasts of sporting events, digital journalism, traditional publishing, short-form user-generated social video, and more. More and more, the boundaries between these segments of the media industry are blurring — but common to them all is the focus on providing compelling content in an engaging audience experience that can be directly or indirectly monetized.

With this in mind, we suggest media and entertainment companies look at the application of innovative technologies like generative AI through the following three lenses:

  1. Improving content creation, production, and management
  2. Enhancing and personalizing audience experiences
  3. Improving monetization

Improving content creation, production, and management

Generative AI democratizes many aspects of content creation, opening new ways to create written material, illustrations, sound effects, special effects, and more. Its recent maturation has been so rapid, some in the media industry have expressed concern that generative AI implies the end of creative professions. We think the opposite is more likely: just as photography, audio recordings, and computer generated images have enabled new modes of creativity, rather than making old ones obsolete, generative AI has the potential to both enable new forms of expression and enhance familiar ones. 

For example, journalists could use generative AI to speed up research by helping them synthesize and analyze large volumes of information, or to help them create initial drafts or summaries of editorial content. Film and television producers could leverage the technology to accelerate the post-production editing process, with new AI-enabled interfaces for rapidly adjusting or enhancing scene details such as lighting and color. Broadcasters could use generative AI to make vast libraries of video footage searchable and accessible for use in telling more compelling stories. The potential use cases go on and on.

Far from undermining incredible creative professions, generative AI is poised to free writers, artists, editors, and many others from the tedious and mundane aspects of their work, empowering them to focus more of their time on creativity.

Enhancing and personalizing audience experiences

Every media organization in the world today faces the reality that for most consumers, switching costs are extremely low. This puts incredible pressure on these companies to invest in delivering low-friction and compelling audience experiences that help mitigate subscribers from churning and viewers from abandoning content experiences for competitive platforms. 

Generative AI can help media companies engage and retain viewers, such as by enabling more powerful search and recommendations on their digital content platforms. With its increasingly multimodal capabilities extending from natural language to both audio and video content, generative AI is well-positioned to power more personalized audience experiences. 

Consumers often complain about “the paradox of choice” or their inability to find something interesting to watch on streaming platforms that have incredibly vast libraries of content available on demand. Imagine a not-too-distant future wherein a consumer can simply ask the content platform they’re using to help them find a specific show to watch based on mood, specific types of scenes, combinations of actors, award nominations, or practically anything they can think to ask. And that’s just the tip of the iceberg — imagine generative AI’s potential to curate, assemble, and even create personalized content for a viewer to consume!

Improving monetization

As consumers’ content consumption further expands from traditional theatrical and linear television programming to include digital offerings across an array of platforms, devices, and content types, media companies face the challenge of maintaining and improving monetization. The conventional economics and approaches to advertising and subscription models are proving, in many cases, not to deliver sufficient ROI. 

Generative AI has the potential to help media companies improve their monetization of audience experiences. As mentioned previously, enhanced personalization can play a role in mitigating churn, which in turn can help sustain and grow subscription and advertising revenues. Going beyond this, generative AI can be leveraged to drive even greater advertising revenues via more targeted, contextual, and personalized advertisements. Imagine both display and video advertisements that are generated on the fly to personalize product specifics, messaging, style, colors, and innumerable other characteristics to drive greater engagement and higher click-through rates (CTR), and thus higher advertising CPMs (cost per thousand impressions).

By: Anil Jain (Global Managing Director, Strategic Consumer Industries, Google Cloud) and Lluis Canet (Solutions Lead, Media Analytics and AI, Google Cloud)
Originally published at: Google Cloud Blog

Source: Cyberpogo



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