AI has been around for a while now when it comes to creating blockbuster movies and immersive video games, but this industry will continue to explode in 2021 and beyond. With total AI spend within the entertainment industry topping $329 million a year, says Business Wire, these technological advancements are helping professionals in all kinds of fields, from filmmaking and marketing to game development and advertising.
AI is the go-to technology that not only offers amazing life-like quality to anything from video games to movies, it’s designed to grab the audience’s attention in unprecedented ways. Disney…Google…Intel…Microsoft…these are just some of the industry giants who are harnessing the power of AI to bring in more viewership, sell more tickets and dominate their industry.
Let’s take a look at how artificial intelligence is revolutionizing the media and entertainment industries.
1. Personalized Experiences for the End User
Professionals in the media and entertainment space are tripping over themselves to pack the one-two punch: incredible graphics, to be sure, but also the ability to personalize the user experience. Predictive intelligence is leading the charge. Take Netflix, for example, which gives us the greatest example of this in action.
If you’ve ever finished a series on Netflix, then the next time you logged on, you saw something to this effect: “Hey, if you liked that series, we think you’ll love this one too,” then you have witnessed the genius of predictive programming. Not only does this keep you hooked in and engaged, it ensures you’ll hang onto your membership month after month.
By predicting user preferences and potential show and movie choices is what forms the foundation of their business model. Deep learning algorithms can display content recommendations and pinpoint user preferences – all without the user having to initiate any contact.
2. Advertising and Marketing Based on Predictive Analysis
AI lends itself to improving multiple marketing elements, from advertising to design to film promotion. Using smart algorithms based on predictive analytics, an AI-fueled marketing plan not only helps to create effective campaign strategies, it also helps to target appropriate audiences and offer personalized customer solutions. Whether you’re developing a movie trailer or ads for a subscription TV service, AI can contribute to your advertising marketing efforts in big ways.
3. Advancements in VR and AR
From VR-powered headsets to simulated video games, AI will continue to propel augmented reality (AR) and virtual reality (VR) to new heights. According to GlobeNewswire, these markets were expected to generate revenue of more than 22 billion last year alone, projected to reach more than 162 billion by 2025.
With the ability to immerse gamers in a virtual environment, AI makes it possible for users to feel like they are actually participating in the gaming experience. Not only can it make characters more intelligent and responsive, it can ensure users and characters react as if they were immersed in real-life scenarios requiring split-second decisions. The gaming domain is certainly a big winner in the AI space.
4. Building Trust in the Gambling Sector
Gambling industry professionals have also started to harness the power of AI, particularly benefitting Internet gambling platforms and sports betting companies. They are using AI-driven solutions in order to optimize their effort in fostering trust with their customer bases, i.e., sports fans.
Using AI, they can predict customer churn, or turnover, and help retain newcomers to the platform who want assurances of stable business. This is where intelligent churn prediction models can come in handy in assisting gambling industry experts. AI can also utilize customer profile data, including preferences and activities, coupled with historical data, in order to come up with the most accurate predictions. These customized AI solutions allow them to boost their retention rates by half or more.
There’s little doubt that artificial intelligence in the media and entertainment space is reshaping the landscape, paving the way for augmented intelligence, immersive experiences and interactive games to become more and more prevalent.