Most every media and entertainment company — most every connected company in general — understands the value proposition of artificial intelligence- (AI) and machine learning- (ML) driven analytics for business.
Recent surveys show 90% of companies plan on investing more in their data capabilities, and 85% view AI as a strategic priority, according to Shiv Sehgal, chief product officer for RSG Media, who shared the stats during a May 27 presentation at the Hollywood Innovation and Transformation Summit (HITS) Live event.
His presentation — “I Know What You’re Going To Watch Next Summer: 5 New Ways Media Companies Use Machine Learning to Massively Grow Revenues by Decoding & Influencing Viewer Behavior” — saw Shawn Brennan, information architectures sales leader for IBM join in with a message that your AI- and ML-driven analytics plan may have its heart in the right place … but, chances are, it needs some work.
“Imagine a world where you can just jump to the ‘getting insights’ part,” Brennan said. “Imagine how much time could be saved.” Yet only 13% of data-centered AI projects turn out successful, he said, proving that you need to put platform first to accomplish the overriding goal “of AI everywhere.”
But the modern approach to cloud architectures involving AI and ML are pretty much one-size-fits-all, when it comes to technology, the data, and the companies looking to tie it all together. That’s the hurdle RSG Media and IBM have combined on to overcome, with the creation of a modern cloud data architecture, a fast data platform for ML and AI, with integrated data governance and orchestration, and democratization of data.
The two companies have identified five ways media and entertainment players can use AI and ML to grow revenues: performance tracking, audience insights, audience profiles, audience migration, and viewer retention and acquisition strategies.
Everyone has the same data in hand, but the right platform approach to interpreting — and acting on — that data can make all the difference. Behavioral audience insights can show you how to steal a competitors’ viewers (and lock them in); how to drive tune-in by throwing away long-established rule-books; and to even divert advertising dollars to your own shows.
“It’s crucial to sweat the small stuff when it comes to machine learning and AI,” Sehgal said. “Aligning your cloud strategy and your data strategy seems boring, until you put it all together, and there’s immediate value recognized.”
The May 27 HITS Live event tackled the quickly shifting IT needs of studios, networks and media service providers, along with how M&E vendors are stepping up to meet those needs. The all-live, virtual, global conference allowed for real-time Q&A, one-on-one chats with other attendees, and more.
HITS Live was presented by Microsoft Azure, with sponsorship by RSG Media, Signiant, Tape Ark, Whip Media Group, Zendesk, Eluvio, Sony, Avanade, 5th Kind, Tamr, EIDR and the Trusted Partner Network (TPN). The event is produced by the Media & Entertainment Services Alliance (MESA) and the Hollywood IT Society (HITS), in association with the Content Delivery & Security Association (CDSA) and the Smart Content Council.
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