Conceptual background of Artificial intelligence , humans and cyber-business on programming … [+]
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With the advent and unprecedented success in the utilization of AI and machine learning across social media, delivering bespoke video and image content to their users, the question is quickly arising on when it will be further placed within the film and TV environment for broadcasters, streamers, studios and the like to better serve audiences tastes.
Currently AI in media and entertainment is a sector that is worth $13 billion with a compound annual growth rate of 26 per cent. By 2030, the industry is set to be worth a staggering $99.3 billion with all of that worth coming from the entertainment arenas. The thought process behind the immense growth being the need for production companies, studios, streaming platforms, broadcasters, distributors, and exhibitors needing to understand their audiences better to sharpen and narrow in on what their bottom line will be.
Since the dawn of cinema and TV a winning formula for content has been hard to come by. With every entity consistently struggling to recognize what their viewers actually want and what will be a hit. Even throwing top-of-the-line A-list actors and a $200 million budget has not always been a formula for success and is synonymous with a big risk and a lot of pressure for investors, platforms, and studios. The advent of AI and machine learning is set to change the guessing game that the media and entertainment industry have grown scarily accustomed to with – a lot of the time – hundreds of millions of dollars on the line.
At the 4th Milken Institute Middle East and Africa Summit held in Abu Dhabi, UAEUAE
, a panel titled “The Future Of Entertainment” had an industry renowned group discussing new trends to look for. The group included Aryeh B. Bourkoff – the founder and CEO of LionTree, Jay Brown – the co-founder and vice chairman of Roc Nation, and the managing director of Marcy Ventures, Kevin Mayer – the co-CEO of Candle Media, former chairman of direct-to-consumer and international at Disney and the current chairman of DAZN group, and Penni Thow – the founder and CEO of Copper.
ABU DHABI, UNITED ARAB EMIRATES – NOVEMBER 27: Competitors race in the Abu Dhabi Grand Prix on day … [+]
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Mayer brought up the future of AI and machine learning.
“I think one of the things that is going to determine the future of entertainment is AI in a big way. A technology that can be used to determine what to make.”
“We already see streaming platforms using data, not for the creative per se, but to say ah this audience loves this kind of programming with these stars, you know, delivered at this time and this format. So AI, and machine learning really help you there.”
Mayer then continued to opine on how social media has taken low budget unprofessional content, utilized …….