Efficiency: In the ever-evolving media and entertainment industry, delivering value to consumers remains paramount. AI’s ability to enhance the efficiency of content creators and operators positions it as a necessary tool rather than a threat. The media sector seeks ways to streamline processes, and AI can play a pivotal role in achieving this goal.
Personalization: The world is rapidly moving toward a personalized and curated AI-driven experience, evident in personalized Google search results, content recommendations on platforms like Netflix and Spotify, and tailored email newsletters. Meeting these audience expectations for personalized content experiences is a strategic imperative for media companies to capture audience mindshare.
Time: AI may appear as a challenge today, much like data and video were in the past. However, data and video have become integral to the modern media landscape. Early adopters who harnessed the power of these technologies gained a competitive edge. Similarly, AI is poised to follow suit as forward-thinking media organizations leverage its potential to stay ahead.
How media leaders will harness AI in 2024
While many media organizations have experimented with AI, few have fully harnessed its potential. Jonathan Hunt outlines three critical strategies media leaders should employ to make AI work effectively for their businesses in 2024.
Rejecting laziness: AI cannot be reduced to a superficial, top-down solution for boosting stock prices or compensating for declining traffic and revenue. This approach raises ethical concerns and fails to maximize AI’s potential. Successful media leaders in 2024 will invest in behind-the-scenes work to ensure AI truly benefits their organizations.
Building robust systems: media leaders should identify pain points in existing processes and develop responsible AI systems when collaborating with journalists and content creators. These systems can assist in tasks such as collecting extensive datasets efficiently, generating initial drafts of translated stories, and providing fresh perspectives on story ideas. Additionally, governance frameworks must be established to maintain transparency, accountability, and fairness, prioritizing both the users of AI and the audiences they serve.
Addressing AI’s brand problem: The negative perception of AI, often portrayed as a menacing force, hinders its acceptance. Media leaders should actively address AI-related mistakes and strive to create a narrative where AI enhances the creative process instead of dominating it. Collaboration with content and product teams to develop this approach, rather than imposing it from the top down, is key.
The growing AI landscape in media
AI adoption in the media and entertainment industry has been on the rise, significantly impacting various sectors, from newsrooms to film studios. The market size of AI use in media and entertainment reached $19.8 billion in 2023, with projections suggesting it could quintuple by 2030. This rapid expansion underscores the industry’s recognition of AI’s potential to reshape its landscape.
In 2024, media leaders are poised to transition from experimental AI adoption to its integration as a necessity in their operations. Efficiency gains, personalized experiences, and the evolving media landscape drive this shift. To harness AI’s potential successfully, media leaders must avoid superficial deployments, build robust AI systems, and address AI’s negative image. As AI evolves, media organizations that embrace it wisely are poised to thrive in the changing media landscape.