The media industry is experiencing the transformative impact of AI and ML technologies. These innovations have revolutionised various aspects of content creation, distribution, marketing, and monetization.
AI on entertainment platforms has led to a host of benefits, including data-driven enhanced efficiency, better personalization, and more informed program and content decision-making capabilities. AI in media production and post production has enhanced light ray rendering capabilities and can even edit the production using prescribed user preferences. In sports, AI editing can go as far as making whole game highlight reels. In archive semantic AI can discover scenes with car chases or even romantic scenes. There is no longer a debate about whether AI will happen; it is here, and it is here to stay.
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Media and entertainment is a well-established industry, with a heritage to be proud of. But maintaining a pivotal role in the consumer landscape for several decades comes with a unique set of challenges. As media and broadcast has evolved from a handful of linear channels through to a multi-platform ecosystem, more content needs to be reformatted and repurposed to reach an increasingly fragmented audience.
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It is worth stating, at the very beginning, that there is nothing inherently exciting, engaging or sexy about the cloud. Or about IP media connectivity. They are, in the very best sense of the term, enabling technologies.
What they enable is a massive cultural shift in the media industry. This is the opportunity for a completely fresh look at how we do business, how we satisfy our viewers and subscribers, and how we make money.
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You don’t need to be Nostradamus to work out that linear TV will one day go the way of Monty Python’s parrot: it will cease to be. The timing, however, is less predictable. Because unlike Python’s Norwegian Blue, scheduled TV continues to provide meaningful company in our living rooms. It will inevitably fall from its perch, but with a sizeable audience still feeding it, there’s plenty of life in the old thing yet. As legacy media inches towards a digital-only world, the prolonged squawk of scheduled TV is a major complication. Companies need to deliver for today while planning for a different tomorrow.
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The media industry has evolved over the past century, from inventions to disruptions in communication and new-age technologies. In the early 1900s, radio was the crucial link to information, followed by television which by the mid-1900s became the most potent medium for news and entertainment. The late 20th century introduced the internet, and service & media providers entered a new evolution of connectivity. Websites and social media platforms flood the market, providing more choices than ever before. In the 21st century, smartphones are standard, and content consumption requires anytime, to any device, and anywhere access. The traditional television model is disrupted with streaming services like Netflix and Hulu and social media becomes a primary source of news and entertainment with Facebook, Twitter, YouTube, etc.
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Technological transformation offers a host of benefits: it streamlines workflows, reduces inefficiency, and makes life easier for media professionals. So why is such beneficial change frequently met with resistance?
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The demand for free ad-supported streaming TV (FAST) has exploded over the past few years, with virtually no sign of slowing. Variety Intelligence Platform (VIP+) Analysis predicts that FAST ad revenue will rise from between $3.5 and $4 billion in 2022 to between $5.3 and $6.1 billion in 2025. Moreover, Amagi’s most recent consumer report found that nearly one-third of American households said they would cut their TV subscriptions first in an economic downturn, with almost two-thirds of that group saying they would switch to FAST.[1] The reason is simple: When subscription rates and pay-TV services chip away at already fragile consumer budgets, consumers will simply turn to platforms that stream their favorite content free-of-charge, yet with ad support.
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[tcb-script src="https://players.brightcove.net/4229317768001/default_default/index.min.js"][/tcb-script]During the IABM TV interview, Sumit Rai, the Chief Product Officer, and Mo Volans, the SVP Product Marketing, both of Blackbird plc, discuss their journey to their current positions and provide insights into the challenges faced by video content creators. Furthermore, they elaborate on how their new platform aims to address these challenges.
As pay-TV operators and service providers look to boost their monetization, targeted TV advertising is gaining significant traction. Even Netflix has surrendered to the trend, joining the rest of the other streaming giants in the AVOD world by launching its own advertising tier.
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