Tuesday, April 23, 2024

Media AI-First Approach Sparks Content Revolution – GlobalData

From elevating content creation to optimising distribution strategies and personalising user experiences to enhancing monetisation efforts, the impact of generative artificial intelligence (genAI) in the media industry is bound to reshape how we consume and engage with media content. Amidst the enthusiasm around the power and possibilities of genAI and its new application paradigms, media companies remain at the forefront in the changing face of media and entertainment in an AI-first world, according to GlobalData, a leading data and analytics company.

Shagun Sachdeva, Project Manager of Disruptive Tech at GlobalData, comments: “In an era where personalisation is paramount, genAI has become the driving force to liberate media companies from the traditional one-size-fits-all engagement approaches and propel them to deliver exceptional customer experiences, foster higher engagement, elevate customer satisfaction, and nurture long-term customer loyalty in the dynamic realm of journalism.”

GlobalData’s latest Innovation Radar report, “Content Redefined: Generative AI Meets Media,” assesses the transformative potential of the genAI backed by real-world innovations across key media application categories.

Shagun adds: “With the ability to generate image, text, audio, video, 3D designs and even entire sports commentary, programmatic advertising, and campaign creation, genAI will enable media companies to stay ahead of the curve and achieve greater agility to resonate with modern consumers’ expectations, ultimately driving growth and unlocking new revenue streams.”

AI applications in media include:

  • Image – GenAI-powered image applications transform media, entertainment, and advertising by revolutionising image generation, editing, translation, enhancement, and segmentation, fostering creativity and visual impact. For instance, in June, Omnicom MediaGroup collaborated with Google to integrate Google’s genAI tools to be utilised across different scenarios in the realms of creativity, condensing information, enhancing visibility, and streamlining processes.
  • Text – GenAI-powered text applications can automate content generation, personalise content marketing, strengthen content moderation, and enhance translation and summarise capabilities. In April, Hearst Newspapers embraced ChatGPT to enhance its journalism and reporting practices.
  • Audio – GenAI-augmented audio applications can improve audio quality, enable accurate speech transcription, create new content, generate realistic speech, and replicate voices with fidelity. In June, YouTube claims to test AI-powered dubbing tool, in collaboration with Aloud, an AI-powered dubbing service from Google’s Area 120 incubator, for multilingual videos. Last year, iHeartmedia implemented a synthetic voice tool to translate and produce podcasts.
  • Video – GenAI-powered video applications can enhance visual quality, enable video synthesis, generate realistic clones, automate video processing tasks, and create personalised video content. Georgia-based TV broadcaster Gray Television partnered with Waymark, a genAI video production platform, to implement Waymark’s technology across all of Gray’s TV stations in May. Last year, The Walt Disney Company developed GAN-powered facial re-aging tool.

Sachdeva concludes: “While the enthusiasm and optimism around genAI is justified, exercising prudence is imperative. Media companies need to be mindful of the ethical considerations, accuracy, data privacy, and security in their transformative journey of embracing genAI. It will be crucial for them to strike the right balance between innovation and responsible implementation and push for capabilities and legislation that can reinforce greater trust, stronger intellectual property rights management, and robust legal protections.”

Visit https://www.globaldata.com/store/report/generative-ai-in-media-trend-analysis/

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