Here’s a stat for ya.
Digital revenues increase their share of total revenues on media businesses year over year: by 2023, they are expected to account for 62% of total revenues for media companies.
Another stat: during the first year of the pandemic (2020), the media and entertainment industry has seen a 6% drop in revenue.
Print advertising has also struggled through the pandemic, while the digital field has never been stronger.
Get the idea?
It's digital transformation time! And we have something that will help you get the most out of it.
What is digital transformation?
Digital transformation refers to the integration of digital technology into all or several aspects of any given organization. It is meant to optimize business processes.
Think going paperless, implementing some sort of digital task or performance tracking systems, digital cloud/on-site storage, and so on — such implementations can be considered as a digital transformation of business.
It’s more efficient, everybody has access to it, it helps save time and resources, keeps everything you need neat and in one place. Nobody loses the paper with design sketches, there are no clunky fax machines to fiddle with, no endless corridors of tapes with old movies on them.
Major benefits of digital transformation in media and entertainment industry
Let’s swift through some of the things that you and your media company can do with digital goodies to optimize the workflows in every aspect of the business:
- Ad booking in real time. A software system can facilitate the collaboration between media businesses and advertisers: advertisers can see available slots in a more convenient way and easily apply for the slots they want;
- Broader collaborations with brands. Brands and media companies can use a variety of digital tools to help them work better together — from digital conference software to analytics tools and project management solutions;
- Experience personalization. Here, the media business can track the behavior of their audience to cater to their interested with relevant ads, content recommendations, etc;
- Real-time analytics. The data on users’ behavior ties in with the previous point in terms of helping media businesses figure out how to do their thing more efficiently.
Those are just to name a few.
We'd love to hear your media automation ideas!
But, if we are talking about digital transformation in the media and entertainment industry, we need to address the largest elephant in the room.
Media business automation
Media and entertainment industry involves a lot of moving parts, many of which center around creating the content that captures audiences and brings in advertisers hunting for the audiences’ attention.
Inside that content production, we got two major types of work that people do.
The first one is the creative part of the production. It includes producers coming up with the ideas for the content, writers compiling the scripts, prop artists and designers figuring out the sets, the colors, the costumes and what not.
There are also directors overseeing the shooting or broadcasting process, color-correction, scene composition, and so on.
But you also got a ton of routine tasks. The content production doesn’t end with something that the team produces, whether it is an ad video, a TV series, or a sports broadcast.
You also need a way to catalog, manage, promote, and create even more content based on the content you already created.
That means a lot of routine work, like tagging the clips for cataloging, cutting trailers for promotion, cropping clips so that they look better on TikTok and Instagram.
But there is a better way to do that — with the help of media business automation. And AI.
Essentially, by undergoing digital transformation in your media and entertainment business you can have AI helping you automate the routine work involved in content production.
Let’s review our media automation options.
Tell us what you think!
The game highlights
It’s almost the NFL season, right?
Soon you will have a ton of work covering all of the events that come: broadcasting games, holding press-conferences, producing pre-/post-game shows, and all kinds of content to draw as many viewers in as possible.
As any particular event unfolds, you have the whole crew recording everything that happens on the field and around it. That footage has a ton of content beyond the game itself: you got fan reactions, mascot shenanigans, cats running out on the field, people using hot dogs as straws for their beers — the goldmine of entertainment!
So it would make sense for you to get those clips, and put them on your social media pages to get some hype going. People see those clips, they may get interested in following the games through your platform.
But it does take a lot of time for a human editor to go through the entire game recording and cut those clips, and then put them together into the compilation.
AI automation can help with that.
You just get the digital transformation software set up that can analyze the footage, find the best moments of the game, and compile them into a single video. That’s pretty much the same stuff the human editor does, but around 50x times faster with none of the mistakes a said human could make.
Why no mistakes? Well, implementing cognitive computing algorithms, like we do with CognitiveReelz™, enables the software to understand the context of the footage. It does not just recognize the ball going into the goal area — it will know the difference between a penalty, last-second goal, or a missed shot.
Also, the digital transformation software allows you some customization to get different outputs. You can tell it what to look for: whether those are the home runs, the judge quarrels, or funniest kiss cam moments.
And one more thing — you can do the same with esports events as well.
Another great media business automation use-case: having the software analyze the movie and come up with a trailer for it.
Here, the process goes the same way as with the highlights: the Cognitive Computing tech analyzes the footage and understands the plot structure, which allows it to accurately choose the right scenes for an automated trailer.
And just like that, digital transformation gets you more content to put out for your audience and promote the stuff you do.
Keep the tension up for your latest movie release, or release a whole new trailer to re-run some of the classics. Make trailers featuring different cast members to cater to the larger audience.
Safe opening/end credits skip
Let’s be honest: there is no intro in the world that somebody has watched more than a 1 or 2 times.
You just want to get to the episode quicker, right?
Share your media automation experience!
So, AI automation tech allows your viewers to safely skip the intro sequence or closing credits. Here’s how it is so great:
- The platform perspective. The digital transformation software automatically detects the beginning and the end of opening and closing credits, which means you don’t have to tag every episode of every show yourself;
- The viewers’ perspective. The audience gets the chance to skip right to the content they came to enjoy in the first place. The software is smart enough to know whether the closing credits have any story-related content, so the viewers won’t miss post-credits scenes.
There is content that serves different audiences, but sometimes it may not line up with the platform’s core values. So, you may get the show with a good story, but it may feature some inappropriate content — like nudity.
But if a big chunk of your audience is underaged teens, you most definitely want to do something about it.
Here’s where media business automation software comes in. Instead of getting a bunch of people to spend their precious time on it, you can implement a cognitive cloud platform that analyzes the footage, finds that unwanted content, and then cuts or blurs it out.
The perks persist: get into the digital transformation and get consistent results in seconds.
Targeted ad insertion
That’s something for your advertising partners: by knowing the context of a certain piece of content, you can insert advertisement blocks that are actually relevant to the content.
And you guessed it: that involves an automatic analysis of the video content by a Cognitive Computing system. Digital transformation in media and entertainment delivers yet again.
Essentially, you provide your viewers with ads they’re less likely to hate, and the advertisers are more likely to get leads from those ads.
Media business automation streamlines your workflows
Advanced AI automation technology has a huge potential in terms of making the media business’ job easier.
You can benefit from task managers, streamlined digital databases and other digital transformation goodness, but also revamp the way you create video content: have the software cut your highlights, mark opening and closing credits, filter out inappropriate content, and crop the frame completely automatically. Heck, you can even gather cast data — that’s you content, do whatever you want.